© Provided by Business Today Cryptocurrency Price Today: Bitcoin approaches $24,000; Avalanche, Solana Polygon increased by up to 14%Bitcoin and other major digital currencies rose on Thursday, posting double-digit gains on the back of interest rate hikes by the US Federal Reserve and dovish comments from Federal Reserve Chairman Jerome Powell. He admitted that the rise in gold prices has eased slightly.
Investors were more interested in Powell's comments that the Fed's fight against inflation is far from over than they thought. The Fed is still trying to bring inflation down to 2% from 6.5% in December.
Bitcoin extended its gains and rose again to $24,000 thanks to some momentum. Major peer Ethereum broke $1,600 and eyed $1,700 for a strong rally. However, some altcoins outperformed premium cryptocurrencies such as Optimism Synthetix and Loopring, both of which gained 18-22%.
The cryptocurrency market was higher today. ZebPay trade desk said this could be because the 0.25% Fed rate hike broke above the key $24,000 level and fell slightly.
“Regarding the Indian economy, whose balance sheet was presented today, Finance Minister Nirmala Sitharaman made no mention of cryptocurrencies, virtual or digital assets, blockchain or central bank digital currencies,” he added. India has resisted cryptocurrency legislation since early last year, stating that cryptocurrency regulation cannot succeed without global coordination, which is a priority in terms of its ability to lead the G20.
All major cryptocurrencies traded significantly higher on Thursday, which encouraged the less dovish Federal Reserve. Avalanche is up about 14%, while Polygon is up 11%. Solana and Ethereum are both up 6% in the early trade.
The global cryptocurrency market capitalization traded at $1.09 trillion, up about 4% over the past 24 hours. However, the total transaction volume increased by 32% to approximately $61.61 billion.
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Meta Platforms continued to lose significant amounts of money in its new Facebook Reality Labs division, which includes augmented and virtual reality operations, according to its earnings release.
Binance's own blockchain network, BNB Chain, released its white paper on Wednesday morning for BNB Greenfield, a new decentralized data storage system that will complement Binance's existing decentralized network.
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dYdX is a leading decentralized exchange that currently supports perpetual trading. dYdX works with smart contracts on the Ethereum blockchain and allows users to trade without intermediaries. dYdX is a 94th-ranked small cryptocurrency project with a half billion market capitalization.
DYDX is up over 100% over the past seven days versus Bitcoin which is up over 2% over the same period. According to the chart, DYDX is currently trading above the 21-week moving average and has also broken the flat consolidation pattern with good volumes on the weekly time frame. This is an indication of a possible trend reversal from a downtrend to an uptrend.
(The opinions and recommendations expressed in this section are those of analysts and do not represent the opinions and recommendations of Business Today. Please consult your financial advisor before taking any position in the said asset(s).)
Also Read: Crypto Price Today: Bitcoin Falls Below $23,000; Solana, a ribbed tank up to 6%; Dogecoin up 4%
Also Read: Budget 2023-24: India’s crypto ecosystem calls for urgent action
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