Table of Contents
Before the predicted FOMC meeting, where the Fed might hike interest rates by 75 basis points, bitcoin has increased in value by several hundred dollars.
After falling below $21,000 yesterday, bitcoin’s price found some momentum and rebounded that mark. The majority of alternative currencies have also moved into the green today, with MATIC and Ethereum Classic seeing the most notable performances.
Before the FOMC meeting, Bitcoin is at $21,000
The main cryptocurrency began to decline after reaching a multi-month high of over $24,000 last week after learning that Tesla had liquidated the majority of its Bitcoin holdings in Q2.
Although the asset initially gained some ground and entered the weekend at about $23,000, the bears remained in charge and pushed the asset down once again. On Monday morning, bitcoin had its first significant price decline, falling to $22,000.
On Tuesday, when the price of the Bitcoin dropped under $21,000 to signify a weekly low, the same situation occurred. For the time being at least, BTC responded nicely to this decline and is presently trading a few hundred dollars above that level.
Although the Fed is anticipated to raise interest rates once again later today, with some speculating a more pronounced hike, the market is likely to see increased volatility.
MATIC, ETC, Set the Example
The alternative coins also made significant retracements during the previous several days, but most of them are already starting to rebound.
In two days, the price of Ethereum fell from above $1,600 to under $1,400. But after a daily gain of 4%, the second-largest cryptocurrency now hovers around $1,500.
By rising with a comparable proportion, BNB has recovered $250. Ripple, Cardano, Solana, Dogecoin, and Polkadot are also in the black on a 24-hour basis, but more modestly.
The larger-cap alternative games have seen the most dramatic gains, according to Polygon. In one day, MATIC has increased by 9% and is now trading above $0.8.
The top-performing mid-cap altcoin is Ethereum Classic, on the other hand. ETC has increased by 15%, reaching $27.
Although the market valuation of cryptocurrencies has increased by nearly $30 billion in a day, it is still below the coveted $1 trillion threshold.
