The Crypto Market After the FOMC Meeting: A Calm but Volatility-Prepared Market
The crypto market was bracing for volatility after the Federal Open Market Committee (FOMC) meeting but remained surprisingly calm. Although the market capitalization of crypto increased by 1.5% to $1.245 trillion, most rates only turned green by a few percent. However, there were some exceptions, with some altcoins rising and a few dropping. In this article, we will discuss some of the top movers in the crypto market after the FOMC meeting.
Bitcoin Price Climbs above $29K
Bitcoin (BTC) made a short dip after the FOMC meeting but recovered to rise above $29,000. Currently, bitcoin is up 1.5% and trading at a price of $29,090. Despite this, the banking crisis seems to be worsening. According to Wicked, bitcoin transaction fees have been increasing healthily over time, and with each block subsidy halving, the percentage of txn fees will naturally grow larger.
Ethereum Reclaims $1,900 But Faces Overheating
ETH showed a stronger recovery this time, rising above $1,900 last night. However, the market seems to be overheating, thus increasing failed trades and risking a potential price correction. Cryptoquant analyst Mac D and the analysts at Crypto Insiders have both issued warnings about this.
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Cardano Fastest Climber in Top 10 Crypto
Although Ripple (XRP) suffered a sharp drop before the increase, the rest of the top 10 cryptocurrencies were traded cautiously and turned a small shade of green. Among the top cryptocurrencies, Cardano (ADA) climbed the most in the past 24 hours, rising up to 2%.
Sui Drops Steeply and Pepe Climbs the Fastest
Although most cryptocurrencies only showed a minor decrease, Sui (SUI), a new altcoin that made its major exchange debut recently, dropped by 70%. On the other hand, Pepe (PEPE), a memecoin, saw the highest climb among the top 100 cryptocurrencies, rising by 25.5% to $0.00000127 and almost 480% compared to a week ago.
Overall, the crypto market maintained a calm but volatility-prepared state after the FOMC meeting. Although most cryptocurrencies showed only a minor increase, some still experienced fluctuations, whether positive or negative. Nevertheless, the crypto market remains to be an unpredictable and constantly-moving entity, thus requiring strategic and informed decision-making for trade and investment.