BTC Rides a Roller Coaster After Fed Announcement, Altcoin Recovery Begins (Market Watch)

After several days of nosedive, the price of bitcoin rose by around two thousand dollars following the Fed’s refusal to raise interest rates, but fell just as quickly.

Altcoins are in much better shape today, with numerous impressive gains from the likes of Solana, Ripple, Polkadot, ICP, PEPE, and others.

Bitcoin volatility continues

Just a couple of days ago the primary cryptocurrency was trading firmly above $60,000 and was even about to challenge the $65,000 level. This happened in the early Asian trading hours of April 30th.

However, it failed to surpass that level and began to gradually lose value due to large outflows of US ETFs and the disappointing debut of those based in Hong Kong. The landscape worsened on Wednesday as bitcoin fell further to a two-month low of $56,500, leaving more than $500 million in liquidations.

All eyes were then on the US Federal Reserve awaiting its decision on interest rates. As the US central bank declared that there will be no imminent increase, the price of BTC increased by two thousand dollars and approached $60,000.

However, he was unable to maintain the recovery and fell back to the starting position. At the moment, BTC is nearing $58,000, with a market capitalization of up to $1.140 trillion. However, its dominance over alternatives took a hit and fell to 50%.

Relief for Altcoins

Alternative coins have suffered just as badly, if not worse, than bitcoin in recent days, but most have fared better with more impressive gains now.

Solana is among the top performers on a daily scale. SOL is up 11.5% and trades above $130. PEPE increased by 16%, while SHIB, DOT, ADA, XRP, AVAX, MATIC, and ICP followed suit with increases of between 6% and 12%.

The total capitalization of the cryptocurrency market managed to regain around $50 billion from yesterday’s low. Thus, the parameter approached $2.3 trillion on CG.

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