Ahead of today’s FOMC meeting, bitcoin has added a few hundred dollars and has pumped to just over $28,000.
Several altcoins have posted significant gains, with XRP, ADA, ALGO, and XLM leading the race.
BTC Back at $28K
With everything that has been going on with the US banking system, namely the collapse of some of the largest organizations within the past few weeks, the upcoming US Fed FOMC meeting is arguably the most important one in a while.
The US central bank was blamed by some that it caused the disruption in the national banking system following its continuous interest rate hikes. As such, the previous assumptions that there will be another increase on March 22 were put into doubt by many, including Elon Musk.
The banking crisis, as well as the Fed’s expectations, propelled risk-on assets such as bitcoin to new local peaks. The cryptocurrency recently soared from $20,000 to over $28,000 within days to chart its highest price tag in nine months, pushing the Fear and Greed Index north as well.
The past 24 hours were rather calm, with BTC remaining around $28,000. Yet, it’s safe to assume that there will be more volatility later today when the Fed announces whether it will raise the interest rates or revert from its policy.
XRP, ADA Steal the Show
While most altcoins are with minor gains today, including BNB, SOL, and TRX, others, such as XRP and ADA, have gone on a tear. The former has surged by over 15%, tapping a multi-month high of its own at $0.45.
Cardano’s native token is also up by double digits (10%) and trades close to $0.4. Dogecoin and Chainlink have also surged by impressive percentages, $5.6 and $7.4, respectively. Ethereum touched $1,800 earlier today after a 2.7% jump.
More gains come from XLM and ALGO. These price increases have helped the cumulative market cap of all crypto assets erase yesterday’s losses, and the metric is back to $1.180 trillion on CMC.
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