The global market capitalization rose 3.78% today to $2.28 trillion following the Federal Reserve’s report on Wednesday.
Total crypto market volume also climbed roughly 22% in the last 24 hours to $116.40 billion.
Bitcoin had dipped below $47,000 before the Fed’s statement revived the market and pushed the price up by more than $3,000. At the time of writing, Bitcoin is trading at $49,169.22, up 1.22% over the past 24 hours.
Alongside Bitcoin, Ethereum and the majority of altcoins are also in positive territory today, with most recording gains above 5% in the last 24 hours. Ethereum, which had fallen under $3,800, has reclaimed a level above $4,000.
Bitcoin Approaches $50,000 After U.S. Fed Announcement
After failing to break $49,000, Bitcoin (BTC) slid for three consecutive days and briefly traded below $47,000.
However, following yesterday’s FOMC meeting in the United States—where the Federal Reserve outlined its monetary stance and plans to address rising inflation—Bitcoin gained the momentum needed to push toward the $50,000 level.
The Federal Reserve said it would keep interest rates unchanged, prompting an immediate reaction across crypto and other financial markets. Bitcoin, for example, climbed more than $3,000 after the announcement, with many other cryptocurrencies following suit.
Bitcoin currently sits roughly $800 below $50,000, fueling investor speculation that the market could enter a Christmas rally.
Ethereum Over $4,000 as Altcoins Rally
Ethereum (ETH) and most altcoins are recovering today.
With the exception of EOS and NEAR Protocol, nearly all of the top sixty cryptocurrencies by market capitalization are trading bullishly.
Among the top ten gainers within the top 100 cryptocurrencies by market cap are Kadena (KDA), up 29.14%; XDC Network (XDC), up 23.79%; Helium (HNT), up 20.88%; Arweave (AR), up 20.52%; BORA (BORA), up 20.27%; Avalanche (AVAX), up 18.12%; Stacks (STX), up 16.84%; Elrond (EGLD), up 16.58%; THORChain (RUNE), up 13.99%; and Fantom (FTM), up 13.97%.