Optimism reigns in the crypto market following the recent Federal Open Market Committee (FOMC) meeting, which concluded without altering interest rates. Bitcoin (BTC) experienced a slight dip, settling around $105,000, while major altcoins like Ethereum (ETH), Solana (SOL), and XRP enjoyed upward momentum. Onyxcoin (XCN) notably distinguished itself as the standout performer of the day, witnessing a remarkable spike of up to 30%.
What Decision Did the Fed Make on Interest Rates?
The U.S. Federal Reserve opted to maintain interest rates between 4.25% and 4.5%. Fed Chairman Jerome Powell emphasized that banks could engage with the crypto sector, provided they effectively manage associated risks.
Which Cryptocurrencies Are Gaining Ground?
Today, Bitcoin’s price surged by approximately 3%, reaching $105,176, while Ethereum and XRP saw increases of 2% and 1%, respectively. The overall crypto market capital rose by 2.5% to $3.55 trillion, with trading volume climbing 9% to $125.99 billion.
– Onyxcoin (XCN) soared by 30%, the most significant gain.
– Hyperliquid (HYPE) grew by 18%, followed by Fartcoin (FARTCOIN) at 16%, and Jito (JTO) at 13%.
– Ethereum’s MVRV ratio dropped below the 160-day moving average, signaling a potential 40% correction, according to analyst Ali Martinez.
– BTC could hit an all-time high in February if it surpasses $105,000, as suggested by Michaël van de Poppe.
Overall, the recent interest rate decision has invigorated the crypto market, prompting participants to assess future price behavior and potential impacts on various cryptocurrencies.
