The global market cap has gone up by 3.78% to $2.28 trillion today, quite a significant rise that comes after the Fed’s report on Wednesday.
The total crypto market volume has also gone up by about 22% to $116.40 billion in the last 24 hours
Bitcoin had fallen below $47,000 before the Fed's rates breathed life to it and sent it up by more than $3,000. At the time of writing, bitcoin was trading at $49,169.22 after a 1.22% rise in the last 24 hours.
Besides Bitcoin, Ethereum and the majority of the altcoins are also in the green today with most registering more than a 5% rise in the last 24 hours. Ethereum, which had slid below $3,800 is now back above $4K as we head into the festive season.
Bitcoin Nears $50K after US Fed news
After failing to overcome $49,000 Bitcoin (BTC) had slipped for three consecutive days to trade below $47,000.
However, after yesterday’s FOMC meeting in the US where the Federal Reserve was expected to announce in regards to its monetary policy and plans on it shall tackle the increasing inflation, Bitcoin has gotten the momentum it needed to take another stab at $50K.
The Federal Reserve said that it is not going to change the interest rates causing an immediate reaction within the cryptocurrency and other financial markets. Bitcoin for example spiked by over $3,000 after the news as other cryptocurrencies follows in its footsteps.
As of now, Bitcoin is only about $800 shy of $50K, raising speculation among investors that it could be headed for a bull run as we head into the Christmas festivals.
Ethereum above $4K as altcoins rally
Besides Ethereum (ETH), the majority of the altcoins are rallying today.
In a rare occurrence, apart from EOS and Near Protocol, all the other top sixty cryptocurrencies by market cap are all bullish.
The Top 10 gainers among the 100 largest cryptocurrencies by market cap include Kadena (KDA) that is up by 29.14%, XDC Network (XDC) that is up by 23.79%, Helium (HNT) that is up by 20.88%, Arweave (AR) that is up by 20.52%, BORA (BORA) that is up by 20.27%, Avalanche (AVAX) that is up by 18.12%, Stacks (STX) that is up by 16.84%, Elrond (EGLD) that is up by 16.58%, THORChain (RUNE) that is up by 13.99%, and Fantom (FTM) that is up by 13.97%.