Cryptocurrencies gained for the second consecutive session on Thursday amid positive trends in global markets after the US Federal Reserve announced 75 basis interest rate hikes along expected lines.
World’s most popular and largest cryptocurrency Bitcoin was trading 9.7 percent higher at $23,259.9 at 8:33 am. Bitcoin’s market capitalisation was at $439.97 billion, while the trade volume was at $32.48 billion in the past 24 hours.
WaxirX analyst said the surge in Bitcoin is a strong reaction to the Fed’s interest rate hike. “The price of BTC has always reacted to the outcomes of these FOMC meetings. We may have to wait and watch as to how far fetched this price reaction is going to be.”
Second-largest virtual currency Ether was 15.2 percent up at $1,656.7 with market capitalisation of $199.2 billion. Trade volume of Ethereum was $23.1 billion in the last 24 hours.
Edul Patel, CEO and co-founder of Mudrex, said, “if BTC can break through the $23,000 level, it might run towards its resistance level. On the other hand, even though the second largest cryptocurrency, Ethereum, fell below the $1,600 mark, it soon recovered, indicating the buying strength on Wednesday.”
Meme crypto Dogecoin was 7.6 percent up at $8.8 billion with a trade volume of $507.1 million in 24 hours. Shiba Inu was trading 8.1 percent higher at $0.000012 while Solana was 11 percent up at $40 billion.
Indian headline indices opened flat on Wednesday tracing largely positive trends across other Asian equities.
