Bitcoin and other crypto assets recovered slightly today, which helped the market cap of the entire crypto market increase by 2.1% over the past 24 hours.
According to the latest tracking from Koingeco. Its competitor, Ethereum, is up more than 3% over the past day and is trading at $1,211.
All altcoins (excluding stablecoins) in the top 10 list based on market capitalization have increased on their own, with Litecoin (LTC) leading the way with a price increase of 35.4% over the past seven days.
Solana, which was hit the hardest by the collapse of the FTX cryptocurrency exchange, also registered gains, climbing 10.5% in the last 24 hours to trade at $14.55.
Together, Bitcoin and altcoins have helped the cryptocurrency market move forward. overall score to $874 billion, although this is still well below the market capitalization at the end of October and the first days of November.
Fed reserve to slow rate hikes; Bitcoin responds positively
Although the threat of a recession continues to grow and is not far off, Federal Reserve officials have announced their plans reduce your interest rateWith.
It may be recalled that since March of this year, the US central bank has been aggressively raising interest rates to combat inflation. In just a few months, the near-zero rate rose to a 15-year high of 3.75% to 4%.
This was just the tip of the iceberg, as the agency publicly announced its plans to continue raising the inflation rate until the rate of change in inflation reaches the 2% target.
The slowdown plan is to give the Federal Reserve enough time to assess the impact of the previous interest rate hike on the country’s economy.
Shortly after this development became public, Bitcoin answered positively as it surged over 2.5% to break the psychological $16,700 mark.
Still Uphill for Bitcoin and Crypto Assets
While Bitcoin and Ethereum, as well as some of the more popular altcoins, have managed to turn their time charts green, they are still far from where they were when the crypto market went bullish at the end of October.
BTC continues to struggle to hit the $17,000 mark again and is now steps away from Territory for 21 thousand dollars it was restored earlier this month. In the same passion, Ethereum is also far from the performance it had when it rallied to break the $1,700 barrier.
However, if these digital currencies are able to keep the ship afloat over the next few days, there is a good chance that the crypto market will end 2022 in better shape as it prepares to start 2023 on a positive note.
BTC total market cap at $317 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com