Bitcoin Reclaims $29K After Fed’s Latest Interest Rate Hike: Market Watch

Although BTC remained relatively flat after yesterday’s FOMC meeting, the asset rose in the following hours and reclaimed $29,000.

Altcoins have also turned green with slight daily increases. The FTM has jumped more than average rates.

BTC is bouncing back above $29K

As the month of April came to a close, bitcoin started a rally that pushed it up to $30,000. However, the Bears intercepted the movement and forcefully pushed the assets south. As such, BTC found itself plummeting to $27,600 after just a few days.

Despite regaining some of its gains on Wednesday, the cryptocurrency is still unable to decisively reclaim $28,000. More volatility was to be expected later when the US Federal Reserve was ready to meet and announce possibly another rate hike.

Such an increase has already occurred, and the central bank’s new rates are now at 5%. Interestingly, bitcoin did not react in the usual way and was stuck at just over $28,000. However, the trend started to change hours later, and Bitcoin pumped out by almost as much.

As of now, the asset is trading inches above $29,000, and its market capitalization is north of $560 billion. Its dominance over alternatives also rose slightly to 47.1% on CMC.

SUI’s Rollercoaster

Altcoins, while inherently more volatile, have also remained relatively quiet after the Fed’s recent interest rate hike. Ethereum is among the most significant gainers out of the top ten, jumping 2%. As a result, the price of ETH is now at $1,900.

Binance Coin, Cardano, Dogecoin, Polygon, Solana, Polkadot, Shiba Inu, and Avalanche also appear slightly green on a daily scale.

The FTM Index is up over 6% over the past 24 hours, making it the best performer among the top 50 companies. The long-awaited SUI token also began trading yesterday with the mainnet launch, pumping to $3.5 before dropping below $1.5 hours later.

Overall, the total cryptocurrency market cap is close to $1.2 trillion after earning about $15 billion daily.