The recent Federal Open Market Committee meeting, which concluded without any changes to interest rates, has sparked optimism in the crypto market.
Fed's Interest Rate Decision
The U.S. Federal Reserve decided to maintain interest rates between 4.25% and 4.5%. Fed Chairman Jerome Powell emphasized that banks can engage with the crypto sector if they effectively manage associated risks.
Cryptocurrency Gains
Today, Bitcoin's price surged by approximately 3%, reaching $105,176, while Ethereum and XRP saw increases of 2% and 1%, respectively. The overall crypto market capitalization rose by 2.5% to $3.55 trillion, and trading volume climbed 9% to $125.99 billion.
Overall Market Analysis
Onyxcoin (XCN) notably distinguished itself with a 30% increase, becoming the day's standout performer. Hyperliquid rose by 18%, Fartcoin by 16%, and Jito by 13%. BTC could hit an all-time high in February if it surpasses $105,000, as suggested by Michaël van de Poppe.
The recent interest rate decision has invigorated the crypto market, prompting participants to assess future price behavior and potential impacts on various cryptocurrencies.
