Crypto Price Today: Bitcoin tops $35,500; Ethereum below $1,900; Altcoins rally up to 11%

Bitcoin and other crypto tokens continued their bullish momentum on Thursday as the oldest crypto asset hit 17-month high after Fed's dovish tone. Crypto tokens posted big gains following the completion of one year of Sam Bankman-Fried's crypto empire- FTX exchange.

Bitcoin continued to remain firm as the largest crypto token surged more than 3 per cent and managed to race-past strongly above 35,500-levels. However, its largest peer, Ethereum, was also seen about 3 per cent up but remained below $1,900-level. Majority of the altcoins were trading with sharp gains.

Bitcoin's price rose to trading above the $35,500 threshold after the U.S. Federal Reserve's Federal Open Market Committee (FOMC) confirmed the anticipated interest rates. This announcement has infused the market with optimism, leading to a steady rise in Bitcoin's price over the past day, said Edul Patel, Co-founcer and CEO at Mudrex.

Barring the US dollar pegged USD Coin, all of the majority of top crypto tokens were trading sharply higher on Thursday. Solana surged more than 11 per cent, while Polygon was up 8 per cent. Cardano and Polkadot jumped 7 per cent, and Chainlink and Tron gained about 4 per cent each in the early trade.

The global cryptocurrency market cap was trading significantly higher, rising up to $1.32 trillion-mark, as it jumped more than 3 per cent in the last 24 hours. However, the total trading volumes surged about 43 per cent to $57.45 billion.

The crypto market reacted positively to the unchanged interest rates by the Federal Reserve, pushing the global crypto market cap up by over to around $1.35 trillion. The top 20 cryptos are currently trading in the green, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures

"Despite a strong investor sentiment, amongst the top losers was SafeMoon (SFM) which is down by over 50% in the last 24 hours. The decline, however, comes as the company’s CEO and CTO have been taken into custody for fraud. The defendants are now facing criminal charges," he said.
 

Tech View by WazirX Trade Desk
Solana(SOL), is an open-source project that leverages the unrestricted nature of blockchain technology and offers decentralized finance (DeFi) solutions. Solana was formally introduced in March 2020 under the stewardship of the Solana Foundation, headquartered in Geneva, Switzerland.
 

On the daily time-frame, the SOL/USDT chart had been traversing within an ascending channel pattern. The trend has broken above the upper trendline with a significant momentum in price. The RSI indicates that the token is in the oversold zone, however we expect the momentum to continue into the coming week. The next resistance is expected at 48.6 USDT and an immediate support is expected at 38 USDT.

 

(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)