Bitcoin and its other crypto assets made a small rally today, causing the market capitalization of the entire crypto market to increase by 2.1% in the past 24 hours.
BTC peaked at $16,769 before settling at $16,702 at the time of this writing, according to the latest tracking from Quinceko. Its rival, Ethereum, is up more than 3% for a day and is trading at $1,211.
All altcoins (excluding stablecoins) belonging to the top 10 list based on market cap saw increases on their own, with Litecoin (LTC) leading with its price pump of 35.4% over the past seven days. .
Solana, which was hardest hit by the collapse of crypto exchange FTX, also saw an increase, rising 10.5% in the past 24 hours to trade at 14, $55.
Collectively, Bitcoin and altcoins have helped the crypto market push its overall valuation at $874 billion, although it was still well below its market capitalization towards the end of October and the first days of November.
Federal Reserve to slow rate hikes; Bitcoin responds positively
Although the threat of recession continues to grow and looms just around the corner, Federal Reserve officials have announced their intention to lower your interest rates.
One may recall that since March of this year, the US central bank has been aggressively raising interest rates to fight inflation. In just a few months, the near-zero rate reached a 15-year high of 3.75 to 4%.
This was just the tip of the iceberg, as the bureau publicly expressed its intention to continue implementing hikes until the rate of change in inflation reached the 2% target.
The slowdown plan is for the Federal Reserve to have enough time to assess the effects of previous interest rate increases on the nation’s economy.
Shortly after this development became public, Bitcoin responded positively as it rose more than 2.5% and broke above the psychological marker of $16,700.
Still a tough climb for Bitcoin, Crypto Assets
Even though Bitcoin and Ethereum and some of the more popular altcoins managed to paint their immediate calendar charts green, they are still far from where they were when the crypto market made a bull run in late October.
BTC continues to struggle to reach the $17,000 region again and is now several steps away from it. Territory of $21,000 he recovered earlier this month. In the same passion, Ethereum is also miles away from the kind of performance it had when it rallied to reverse the $1,700 barrier region.
Still, if these digital currencies are able to keep the ship afloat over the next few days, chances are the crypto market will end 2022 in better shape as it prepares to kick off 2023 on a good note.
BTC total market cap at $317 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com