In a surprising turn of events, Bitcoin managed to reverse its downward trajectory after experiencing several days of local lows. This reversal was triggered by the latest FOMC meeting, which caused the price of Bitcoin to soar by over seven thousand dollars at one point.
Not only did Bitcoin experience a significant surge in price, but numerous altcoins also performed exceptionally well on a daily scale. Some of the biggest gainers during this time come from the meme coin cohort, showcasing the diversity and strength of the cryptocurrency market.
The primary cryptocurrency, Bitcoin, had been in a state of a freefall ever since reaching its latest all-time high of nearly $74,000 last week. Following this peak, Bitcoin saw a sharp decline of about eight thousand dollars, sparking concerns among investors about the future direction of the market.
The price declines of Bitcoin intensified leading up to the FOMC meeting, as investors awaited the decisions of the US Federal Reserve. As fears surrounding potential changes in monetary policy grew, Bitcoin hit a two-week low of under $61,000.
However, following the FOMC meeting, where the US central bank decided to maintain its current monetary policy, Bitcoin initiated a rapid recovery. Within hours, Bitcoin added over seven thousand dollars to its price, surpassing $68,000 once again.
Altcoins also followed Bitcoin’s lead, with many experiencing price increases during the recovery phase. Ethereum, for example, saw a daily increase of over 9%, climbing back above $3,500 after briefly dipping below $3,200. Other altcoins like Solana, BNB, XRP, and ADA also showed positive price movements.
Interestingly, meme coins such as FLOKI, KAS, AXL, and Dogecoin posted significant gains during this period, with some seeing price jumps of over 20%. This resurgence in meme coins further highlights the unpredictable yet lucrative nature of the cryptocurrency market.
As a result of Bitcoin and altcoins’ impressive recovery, the total crypto market cap has regained over $150 billion since the recent low. Currently standing at $2.650 trillion on CoinGecko, the market demonstrates resilience and potential for further growth in the coming days.
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