Cryptocurrency Market: The Crypto Market is trading in green today soaring over 3% in the last 24 hours after the US Fed kept the interest rate unchanged for the second consecutive time. The domestic equity market has welcomed the US-fed decision as well, as Sensex and Nifty zoomed over 0.5% in early trade.
At the time of writing crypto market cap was at $2.81T, surging 3.23% over the last day, tracking rallies in heavyweights like Bitcoin and Ethereum. Bitcoin was trading close to the $86,000 mark while Ethereum surpassed the $2,000 threshold. Meanwhile, the total crypto market volume over the last 24 hours was $105.01B, registering a significant rise of 47.24% increase.
The total volume in DeFi was around $7.22B, contributing 6.88% of the total 24-hour crypto market trading volume. Whereas, the volume of all stablecoins stood at $98.45B, contributing 93.75% of the total crypto market 24-hour volume.
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"Bitcoin has rallied past $85,000 today after positive statements from the US Fed. While the Fed kept interest rates unchanged, it hinted at two rate cuts in 2025 along with an end to quantitative tightening. Top US stock indices, S&P 500 and Nasdaq, have also rallied today indicating a wider change in sentiment," said Vikram Subburaj, CEO, of Giottus Crypto Platform.
Bitcoin, Ethereum And Other Cryptocurrencies Price Update
At around 12:44 pm (IST), Bitcoin was trading at $85,960..81, registering a gain of 3.39% over a day. Ethereum surpassed the $2,000 mark, it was trading 4.10% higher at $2,014.94. Solana was up 8.82% at $134.60 and Dogecoin was trading a $0.1747, surging nearly 4% in the past 24 hours. BNB and XRP jumped up to 10% in the time frame.
Shivam Thakral, CEO of BuyUcoin, a digital asset exchange said " Bitcoin is surging toward the $86,000 mark following the Federal Reserve's decision to maintain interest rates steady while projecting two rate cuts in 2025. This move aligns with market expectations and has sparked optimism among traders."
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