Cryptocurrency Market Cap Gained $150B In One Day: Price Analysis

The cryptocurrency market cap gained $150 billion in one day right as Bitcoin and ETH went on a roll due to the FED news as we can see more today in our latest altcoin news.

Bitcoin dropped below $47,000 again in the past 24 hours but the FED’s rates announcement sent it north by $3000 and the altcoins registered huge price increases as Ethereum reclaimed the $4000 price level. The reports show that bitcoin’s situation became much worse after the asset failed to surpass the $49,000 and it continued to drop in the next few hours as it dropped below $47,000 for the second time in three days. Everyone had their attention on the FOMC meeting in the US as the FED was going to make an announcement in regards to the monetary policies and plans on how to tackle the rising inflation. The central bank said it will not change the interest rates that caused an immediate reaction for the main cryptocurrency and other markets. BTC spiked by $4000 and neared $50,000 but was not able to surpass it as with other attempts.

The asset was retraced by a few hundred dollars and now stands below $49,000. The altcoins suffered as well but the FED news had a great impact on most. Ethereum dropped below $3800 a few days ago but then saw a 4% increase and drove the price above $4000 as of now. The cryptocurrency market cap gained $150 billion while previously dipping to $2.1 trillion.

Binance Coin, Cardano, Ripple, and Polkadot are all in the green on a 24-hour scale. Terra increased by 7% and Solana by 8% while Avalanche outperformed most with a 12.5% increase. AVAX now sits above $100 just a few days after announcing support for USDC. More gains were seen from BORA that increased 26%, Elrond by 15%, Kadena by 15%, and Stacks also by 15%.

As recently reported, The past few days didn’t go well for the main cryptocurrency because the asset dropped by $16,000 in a matter of a few hours to a month-low of $42,000. BTC tried to recover over the weekend with a boost towards $50,000 but the bears didn’t allow a price jump over the level so the subsequent rejection only pushed it to $47,000 again. The bullish stepped up since then and as a result, BTC initiated an impressive price boost as it reclaimed $50,000 so it now stands above $51,000. This means that the asset is up by more than $4000 since a day ago. The crypto market cap recovered $200 billion in one day and neared the $1 trillion mark once more while the dominance over the altcoins reduced to over 40%.