Bitcoin’s price has experienced a turbulent ride in recent days following the latest interest rate hike by the Federal Reserve, but has now stabilized at around $28,000.
Most other cryptocurrencies have seen minor losses on a daily basis, with the exception of Litecoin which continues to show impressive gains.
BTC above $28K Again
Bitcoin experienced a surge of more than $8,000 within a week amid the global banking crisis, reaching $28,000 earlier this week and remaining there for several days. However, the asset was set for more volatile trading hours and days mid-week, with the US Federal Reserve announcing changes to its interest rate policy.
Although expectations varied, the central bank increased key rates by 25 basis points on Wednesday, prompting more price fluctuations for BTC. The asset dropped in price by $2,000 to under $27,000 before shooting back up by a grand.
In the past 24 hours, Bitcoin spiked to just shy of $29,000. Despite being rejected there, it still has minor daily gains and trades above $28,000.
Its market capitalization has returned to over $540 billion, while its dominance over altcoins is still above 46%.
Litecoin Continues to Climb
Other cryptocurrencies, which are more volatile by nature, have also experienced massive fluctuations in the past few days. Currently, most of the landscape is slightly in the red.
Binance Coin, Dogecoin, MATIC, Solana, Polkadot, and Shiba Inu have all recorded insignificant losses. Cardano and Ripple have both fallen by over 3% in a day. However, XRP has been one of the best performers over the past seven days, surging by over 16%.
Litecoin is another notable winner on a weekly scale, with a growth of 15%. In the past 24 hours alone, LTC saw a 5% increase.
TONCOIN, LDO, UNI, XLM, and ALGO have all posted deep losses, with drops of up to 6% in a day.
Despite this, the total crypto market cap has remained relatively stable and is still above $1.150 trillion.