The cryptocurrency market has moved into the green over the last 24-hours after the US Federal Reserve announced a rate hike of 0.25%. The market’s initial reaction was negative but has leveraged and is now riding high. Investors were divided on the rate change’s impact on the crypto market.
Bitcoin has had a bumpy week. BTC has gained more than 5% in the last 24-hours, as per data on CoinMarketCap, and is changing hands at $41,061. There has been a steady consolidation in bitcoin price action over the past week. It faced resistance at the $39,000 – $40,000 mark but managed to breach it. Analysts highlighted that Monday’s spike sent signals that the market is breaking lower. As such, the week was full of downsides. But then a return to the previous consolidation shows it was a false breakout.
With the popular crypto now at $41,000, price analysis is bearish. The market saw exhaustion from buying pressure over the last 24-hours. Ethereum, the world’s second most popular cryptocurrency, has gained 5.83% in the last 24-hours. It is trading at $2,766. Ether has gained 4.79% in the past seven days. The next 48-hours are crucial as ethereum enthusiasts await it to cross the $3,000 mark.
The altcoins are flying. Avalanche is the biggest gainer as it has spiked 11.35% in the last 24-hours. Solana, Cardano, Polygon, and Polkadot are up by more than 6%. NEAR Protocol is up nearly 10%.