Dog coin, Solana token received major cryptocurrencies
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I am a short-term BTC trader.
After a drop at the start of this week, the market capitalization of cryptocurrencies rose by about 4.5% over the past 24 hours.
Within the past 24 hours, token gains for Dogecoin (DOGE) and Solana (SOL) reached 16%, gaining among major cryptocurrencies in a broader market recovery.
Market capitalization dropped below $1 trillion at the start of the week and touched levels seen early in 2021, rising about 4.5%.Bitcoin briefly hovered above $20,000 and then rebounded to around $21,000.Bitcoin briefly hovered above $20,000 and then rebounded to around $21,000.
Even as FRB (Federal Reserve) Chair Jerome Powell announced a 75 basis point rate hike, Bitcoin reversed Wednesday’s decline, marking the largest increase in 28 years.This is part of the Fed's efforts to lower inflation.The Fed also stated that it will continue to reduce the size of its balance sheet at the pace announced in May.
Bitcoin's rise and positive overall market sentiment are fueling gains in major cryptocurrencies.According to CoinGecko data, ETH rose 11%, DOT 15%, while Cardano (ADA) and XRP rose about 7%.
Nevertheless, some analysts are skeptical of a continued rise, noting potential contagion risks within the crypto industry, such as the possible bankruptcy of crypto lenders Celsius and crypto fund Three Arrows Capital, which could increase selling pressure.
ARK36 executive Michele Motta (Michele Motta?) stated via email that the slogan “We’re not fighting the Fed” is not that important. On the day Fed policy was announced, volatility was not surprising, he said.“Recent CPI data and subsequent Fed member comments surprised investors, and by the actual meeting time the 75 basis point hike had largely been digested.”
“Looking ahead, Bitcoin price is expected to stay around the $20,000 level. It could become stronger in the foreseeable future as projects in the DeFi space stabilize without further contagion risk, and even target a resistance level around $24,000,” Morch said.
Tron’s TRX rose by about 27% as an add-on; TronDAO is allocating over $220 million to purchase tokens on public markets to support the ecosystem’s stablecoin USDD and promote future development.
Other notable gains include Uniswap’s UNI up 16%, while Layer-1 protocol Elrond (EGLD) rose 21%. Underperformers included Shiba Inu (SHIB) and KuCoin Shares (KCS), with gains under 5.5%.
The viewpoints and opinions expressed here represent only the author’s perspective; when making decisions, you should conduct your own research.
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