Despite the Federal Reserve’s decision to maintain interest rates, Bitcoin’s price experienced a positive reaction, soaring to a multi-week peak of over $87,500, albeit encountering some resistance along the way.
In tandem with Bitcoin’s momentum, many altcoins also showed notable improvements, particularly XRP, which surged following Ripple’s favorable outcome in its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Soars Above $85K
The previous week was challenging for Bitcoin, the leading cryptocurrency. However, it began to regain stability heading into the weekend, resting around $84,000. Following volatility on Sunday due to significant short positions on Hyperliquid, Bitcoin faced a rejection at the $85,000 mark at the beginning of the current business week, plummeting to $81,200 by Tuesday.
Nonetheless, Bitcoin staged a recovery by mid-week, rising approximately two thousand dollars as anticipation grew for the second FOMC meeting of the year. Following the meeting, when it was announced that the Fed would not alter interest rates, Bitcoin exhibited immediate volatility, fluctuating by $1,000. Ultimately, the cryptocurrency surged in the hours that followed, touching $87,500 for the first time since March 7. Though it couldn’t sustain that peak, it remained below $86,000, maintaining a 2.5% increase on the day.
Bitcoin’s market capitalization has risen to $1.7 trillion, while its dominance over altcoins has experienced a slight dip, now at 58.4%.
XRP Sees Significant Gains
In addition to Bitcoin’s performance, XRP’s ascent was significantly influenced by Ripple CEO Brad Garlinghouse’s announcement that the US SEC would abandon its prolonged legal case against the company. The cryptocurrency reacted immediately to this news, rising from $2.3 to $2.6 before stabilizing around $2.5.
Other major altcoins also experienced gains, including SOL (5%), SUI (5.5%), and UNI (8%). While ETH, BNB, ADA, DOGE, LINK, and XLM saw more modest increases, their performance contributed to the overall positive trend in the cryptocurrency market.
Since yesterday, the total cryptocurrency market capitalisation has increased by approximately $70 billion, bringing it up to $2.9 trillion.
The cryptocurrency market is exhibiting resilience and growth, with Bitcoin and XRP at the forefront of this trend.
