Bitcoin’s price experienced significant fluctuations yesterday after US Fed Chair Jerome Powell suggested that there may not be any upcoming rate cuts. This announcement sent ripples through the cryptocurrency markets, leading to a surge in volatility.
In the aftermath, altcoins saw a recovery following the previous day’s correction, with Solana (SOL) trading above $130 and Ethereum (ETH) tapping back into the $1,600 range.
BTC Recovers From Post-Fed Volatility
After a brief drop below $80,000 multiple times last week, with the last occurrence on Thursday, Bitcoin has regained its footing. By Friday, Bitcoin had emerged above that threshold and continued its ascent over the weekend, peaking at $86,000 on Monday. However, the currency faced immediate resistance at that level, resulting in a decline to $83,000 on Tuesday.
In a show of resilience, bulls stepped in later that day, enabling Bitcoin to recover over $3,000 in value, ultimately reaching a two-week high of $86,500. However, the asset was once again pushed down to around $83,000. As of Wednesday, Bitcoin managed to recover to $85,500, but Powell’s hawkish remarks regarding tariff impacts and overall monetary policy led to significant sell-offs, causing the asset to drop more than $2,000 rapidly.
Currently, Bitcoin is trading above $84,000 after bouncing back from the $85,000 resistance. Its market capitalization has leveled out at $1.675 trillion, while its dominance in the market remains just under 61%.
SOL, HYPE Run Wild
Solana’s native token has emerged as today’s top performer among the largest 20 altcoins, gaining nearly 7% and trading well past $130. Meanwhile, HYPE has surged the most among mid-cap altcoins, climbing almost 10% to approximately $16.5.
Other cryptocurrencies like RNDR, BCH, and TON have also posted gains, followed by ETH, XRP, BNB, DOGE, AVAX, and LINK. Conversely, TRX has seen the largest decline among the larger-cap altcoins, losing nearly 4% in value.
Overall, the total cryptocurrency market cap has regained over $30 billion since yesterday, now sitting above $2.750 trillion.
The post Solana (SOL) Jumps by 7% Daily, Bitcoin (BTC) Eyes $85K Again (Market Watch) appeared first on CryptoPotato.
