The Federal Open Market Committee's decision to keep interest rates unchanged has led to optimism among crypto market participants, boosting the prices of major cryptocurrencies.
Fed’s Interest Rate Decision
The U.S. Federal Reserve decided to maintain interest rates within the range of 4.25% - 4.5%. Fed Chair Jerome Powell noted that banks could serve the crypto sector with proper risk management.
Bitcoin and Leading Altcoins Surge
Bitcoin price increased by about 3% during the day, reaching $105,176. ETH and XRP also gained value by 2% and 1% respectively. The global crypto market capitalization rose by 2.5% to $3.55 trillion, while market volume increased by 9% to $125.99 billion.
Onyxcoin’s Rapid Ascent
Onyxcoin (XCN) became the top-performing cryptocurrency of the day with a 30% increase. Other notable gainers included Hyperliquid (HYPE) at 18%, Fartcoin (FARTCOIN) at 16%, and Jito (JTO) at 13%.
This activity in the crypto market allows participants to evaluate the impact of the interest rate decision and form expectations regarding future price movements.
