After several days of gloomy days for the crypto market, the price of Bitcoin is again trying to skyrocket by making an increase of two thousand dollars after the Fed's decision not to raise interest rates.
Altcoins are in much better shape today, with impressive gains from Solana, Ripple, Polkadot, ICP, PEPE, and others.
It was only a few days ago that the major cryptocurrency was trading solidly above $60,000 and was on the verge of challenging the $65,000 level. It happened at the beginning of the Asian trading day on April 30.
However, BTC failed to break through that level and started to lose value gradually amid a massive outflow of US ETFs and a disappointing performance from Hong Kong-based ones. The landscape grew bleaker on Wednesday as bitcoin fell further to a two-month low of $56,500, leaving more than $500 million in liquidity.
Attention at that time was focused on the US Federal Reserve with its expected decision on interest rates. But when the US central bank stated that there would be no increase, the price of BTC jumped by two thousand dollars and almost reached $60,000.
However, the recovery did not last long and went back down to the $57k-$58k level. Currently, BTC is trading at $58,000, with a market cap of up to $1.140 trillion. However, its dominance over altcoins has taken a hit and is down to 50%.
Altcoins were initially hit hard, but most have responded better with more impressive gains now. Solana is among the best performers on the daily scale. SOL rose by 11.5% and traded above $130. PEPE has skyrocketed by 16%, while SHIB, DOT, ADA, XRP, AVAX, MATIC, and ICP follow with increases of between 6% and 12%.
The overall crypto market cap managed to recover about $50 billion from yesterday's lows. Therefore, the metric is close to $2.3 trillion on Coin Marketcap.
