Sunday, December 3, 2023

Market Watch March 17: Crypto market leverages on Fed’s rate increase, bitcoin rallies

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%.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

Most Popular