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BTC Went on a Rollercoaster After Fed’s Announcement, Altcoins’ Recovery Begins (Market Watch)

After several days of nosediving, bitcoin’s price soared by roughly two grand after the Fed’s refusal to increase the interest rates but dropped back down just as quickly.

The altcoins are in much better shape today, with numerous impressive gains from the likes of Solana, Ripple, Polkadot, ICP, PEPE, and others.

Bitcoin’s Volatility Continues

It was just a couple of days ago when the primary cryptocurrency was trading firmly above $60,000 and was even about to challenge the $65,000 level. That happened in the early Asian trading hours of April 30.

However, it failed to breach that level and started to lose value gradually amid large outflows of US ETFs and the disappointing debut of the Hong Kong-based ones. The landscape worsened on Wednesday as bitcoin slumped further to a two-month low of $56,500, leaving more than $500 million in liquidations.

All eyes were then on the US Federal Reserve in anticipation of its decision regarding the interest rates. As the US central bank said there will be no upcoming hike, BTC’s price jumped by two grand and neared $60,000.

However, it failed to maintain its recovery and dropped back down to its starting position. As of now, BTC stands close to $58,000, with its market cap up to $1.140 trillion. Nevertheless, its dominance over the alts has taken a major hit and is down to 50%.

Bitcoin/Price/Chart. 02.05.2024 Source: TradingView

Relief for Altcoins

The alternative coins suffered just as badly, if not worse, than bitcoin in the past few days, but most have reacted better with more impressive gains now.

Solana is among the top performers on a daily scale. SOL is up by 11.5% and trades above $130. PEPE has soared by 16%, while SHIB, DOT, ADA, XRP, AVAX, MATIC, and ICP follow suit with increases of somewhere between 6% and 12%.

The total crypto market cap has managed to regain around $50 billion from yesterday’s low. As such, the metric has neared $2.3 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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