Cryptocurrency

Bitcoin Eyes $40K, Cardano (ADA) Explodes 9%

Bitcoin Eyes K, Cardano (ADA) Explodes 9%
Written by Arindam
Bitcoin Eyes K, Cardano (ADA) Explodes 9%

Yesterday’s FOMC meeting had a positive impact on most of the crypto market, with bitcoin spiking toward $40,000. Most altcoins are also in the green. Cardano, Solana, Polkadot, and Avalanche are among the best performers.

Bitcoin Touched $40K

Ever since last week’s rejection at above $40,000, the landscape for the primary cryptocurrency has been quite bearish. It quickly returned below that level and kept losing value. This resulted in a drop to a two-month low of under $37,500.

Despite bouncing off and challenging $39,000 in the next few days, the asset ultimately failed and returned below $38,000 once again, as reported yesterday.

It neared and stood around $38,500 ahead of the highly-anticipated FOMC meeting, which took place yesterday evening. In it, Fed Chair Jerome Powell said the institution will raise the interest rates by 50 basis points (instead of the expected 75).

This had a positive impact on BTC’s price, which jumped to an intraday high of $40,000. As of now, the cryptocurrency has retraced by several hundred dollars, but it’s still around 2% up on the day. As such, its market cap stands above $750 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Cardano Leads the Alts’ Way

The altcoins were also in bad shape in the past week or so, but green has taken over the market now.
Ethereum slipped to $2,700 days ago but now stands above $2.900. This comes after a 2.5% increase on a daily scale.

A similar price pump has pushed Binance Coin to $400, while Ripple is close to $0.65 after gaining 3.7% on the day.

Solana trades above $90 after surging by 6%. Polkadot (5%) and Avalanche (8%) are also well in the green. Cardano is up by more than 9% and sits close to $0.9.

Ultimately, the crypto market cap has added around $60 billion in a day and is now at $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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Arindam

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