After several days of charting new local lows, Bitcoin’s price reversed its trajectory following the latest FOMC meeting and soared by over seven grand at one point.
Numerous altcoins have performed even better on a daily scale, and some of the biggest gainers come from the meme coin cohort.
BTC’s Recovery
The primary cryptocurrency was in a state of a freefall ever since last Thursday, when it actually charted its latest all-time high of almost $74,000. This came after gaining over ten grand within the past week or so.
The asset slumped by about eight grand the next day and tried to recover some ground during the weekend but started losing value on Monday once again. The price declines actually culminated on Tuesday morning amid fears of what the US Federal Reserve will do in its meeting later that day. As a result, Bitcoin dumped to a 2-week low of under $61,000.
As the US central bank decided not to pivot from its current monetary policy, BTC initiated a leg-up that resulted in adding over seven grand in hours and spiked above $68,000 later that evening.
Despite losing more than $1,000 since then, BTC still trades in the green on a daily scale, having surged by about 6%. Its market capitalization has reclaimed the $1.3 trillion mark, while its dominance has declined slightly to 49.5%.
Alts Turn Green
The alternative coins followed BTC on the way south, but they have done the same during its recovery phase. Ethereum is up by more than 9% on a daily scale and sits above $3,500 after dumping below $3,200 yesterday.
Solana has neared $190 once more, following a similar daily increase. BNB, XRP, ADA< AVAX, SHIB, and TRX are also in the green, albeit in a more modest fashion.
The most substantial gains on a daily scale come from the likes of FLOKI (38%), KAS (22%), AXL (21%), and Bitcoin Cash (18%). Other meme coins like Pepe and Dogecoin have also posted double-digit price jumps.
The total crypto market cap has regained more than $150 billion since yesterday’s low and is up to $2.650 trillion on CoinGecko.
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