Bitcoin and other cryptocurrencies rose ahead of the US Federal Reserve System’s announcement. However, Bitcoin’s price still remained below $40,000, according to coindesk.
“The global crypto market and trading volume rose a day before the U.S Central Bank announces its take on hiking the interest rates. Bitcoin, Ethereum and other top cryptos have also witnessed a spike in the past 24 hours,” Edul Patel, CEO and Co-founder, Mudrex said.
Bitcoin price rose 0.91 per cent to $39,099.43. It seems that the downward movement of China’s stocks did have an impact on Bitcoin’s price. However, trading of Bitcoin was in light mode as investors still assessed the volatile situation.
ETHER, OTHER CRYPTO
Etheruem, the world’s second largest cryptocurrency by market capitalization, was up by 3 per cent to $2,622.18.
Other major cryptocurrencies were trading green. XRP was trading up by 0.34 per cent to $0.759214, Solana was up by 2.70 per cent to $81.80, Avalanche was up by 2.14 per cent to $68.18, Cardano was up by 0.23 per cent to $0.795638, Polkadot was up 4.34 per cent to $18.05, Stellar gained 1.59 per cent to $0.1810, Dogecoin extended 0.25 per cent to $0.1124.
Polygon was up by 0.56 per cent $1.36, and Shiba Inu gained 0.46 per cent to $0.000022.
“BTC and ETH are currently trading above US$39,000 and US$2,600 levels. BTC is very close to reaching its resistance at US$40,000, which can reverse the downward trend. Cryptos like The Graph, Elrond, Waves, Fantom gained more than decent growth. A similar upward trend is likely to continue this week,” Patel said.