The cryptocurrency market is currently enjoying a very powerful rise. The price of bitcoin has officially surpassed $20K and is continuing rising. Over the previous 24 hours, BTC has increased over 5%, and over 1% in the last hour. The price is presently $20,215.
The cryptocurrency market is currently enjoying a very powerful rise. The price of bitcoin has officially surpassed $20K and is continuing rising. Over the previous 24 hours, BTC has increased over 5%, and over 1% in the last hour. The price is presently $20,215.
Ethereum, on the other hand, is surpassing Bitcoin and displaying a strong optimistic feeling. ETH has increased 12% over the past 24 hours and more than 15% over the past week. With ETH up 1.24% in the last day, the Ethereum rise is still going strong.
What Is The Status Of Altcoins In The Crypto Rally?
Recent Bitcoin performance has been very consistent, fluctuating between $18,000 and $19,000. Some of the alternative currencies, too, displayed considerable volatility and continued to perform poorly. Investors in cryptocurrencies will be ecstatic that altcoins are powering today's surge.
BNB Coin's price has risen 5% in the previous day to $285. Cardano (ADA) is still performing incredibly well in today's surge. ADA is currently trading at $0.4127, up 12% over the past day.
Solana reversed the past week's downward trend and displayed resilience. In the previous day, $SOL increased by 11%. This increases its weekly gain to 6% overall. The strongest bull action is being displayed by Litecoin and Polkadot, which have both increased 4%.
The Bottom Is In
Due to negative macroeconomic conditions, the crypto market was performing poorly. The Federal Reserve used quantitative tightening and interest rate increases to address the high inflation rate. The crypto market was also falling as a result of the dollar's sustained gain.
However, the crypto market experienced a significant rally when the dollar index declined today.
But experts caution that the crypto bottom could not be in yet. The Federal Reserve is expected to raise interest rates by another 75 basis points while maintaining its highly hawkish stance.
The Russian-Ukrainian war's potential for greater inflation also poses a risk of collapsing the cryptocurrency market.
