Despite remaining relatively flat after the FOMC meeting on Wednesday, BTC experienced a surge in value in the following hours and was able to reclaim $29,000.
The altcoins also saw minor daily increases, with FTM experiencing the largest jump among mid-cap alts.
BTC Sees Relief Rally Above $29K
At the end of April, bitcoin experienced an uptrend that saw it reach $30,000. However, this increase was short-lived as bears pushed the asset’s value down to $27,600 a few days later.
While the cryptocurrency was able to recover some value on Wednesday, it was still unable to reclaim $28,000 decisively. More volatility was expected later in the day when the US Federal Reserve was set to meet and potentially announce an interest rate hike.
An interest rate hike was indeed announced, with the central bank’s new rates reaching 5%. Despite this news, bitcoin did not respond as usual and remained stuck just above $28,000. However, the trend changed a few hours later, and BTC experienced a $1,000 pump.
As of now, bitcoin is trading just above $29,000, with a market capitalization of just over $560 billion. Its dominance over the altcoins has also risen slightly to 47.1% on CMC.
SUI Token Experiences Rollercoaster Ride
Despite their natural volatility, alternative coins remain relatively calm following the Fed’s latest interest rate hike. Ethereum saw the most significant increase among the top ten, jumping by 2% to reach $1,900.
Binance Coin, Cardano, Dogecoin, Polygon, Solana, Polkadot, Shiba Inu, and Avalanche also saw slight daily increases.
FTM experienced a 6% increase in value in the past 24 hours, making it the best performer among the top 50. The highly anticipated SUI token began trading yesterday on the mainnet, with its value surging to $3.5 before plummeting to under $1.5 a few hours later.
The total cryptocurrency market cap has gained around $15 billion daily and has reached the $1.2 trillion mark.