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Following the resolution of uncertainty regarding the interest rate decision for the markets, there was a relief-induced upward movement in Bitcoin and altcoin prices. Last week, the price of BTC had risen to $44,000 before falling back to $40,400. After the interest rate decision was announced, the price is now trading at $42,800. Let’s explore which altcoins were most influenced by the recent surge in Bitcoin.
In the past few hours after the interest rate decision was made public, there was a noticeable increase in Bitcoin’s price. The rise in BTC’s price was not limited to itself; it also triggered increases in the prices of leading altcoins by volume such as XRP, SOL, ADA, among others. Some altcoins, as of the time of writing, are outperforming all the rest.
According to data provided by Binance today, three altcoins attracted investors’ attention with incredible price movements. An analysis of the prices revealed that these three altcoins have shown strong performances, with one of them increasing by 80%.
Today’s star in terms of price increase was FUNToken (FUN). The altcoin, which had been quietly hosting market transactions until noon, saw its price increase by 81% to $0.008815. Additionally, there was a 9000% increase in 24-hour trading volume. The stagnant price structure changed abruptly after rapid purchases, leading to an 85% increase in overall volume, bringing it to the $100 million mark.
The cause of the 9000% surge in trading volume over the last 24 hours remains unknown. Following this increase, FUN rose to the 349th position in the market cap rankings, attracting the attention of investors.
Another altcoin that soared in today’s market was Neutron (NTRN), which rose by 21%. The altcoin, which caught the attention of investors, reached $0.93 following its rapid increase, according to data from Binance. Unlike other coins on the list, its 24-hour trading volume decreased by 34%, falling to $58 million. However, the overall volume of the altcoin increased by 16% compared to the 24-hour volume, reaching $240 million.
Lastly, investors also encountered a rising scenario with BEAM (BEAMX), which followed BTC’s lead. BEAMX’s price increased by 19.27% more distinctly compared to the general market surge. After the rise, the price climbed to $0.023853. An increase in BEAM’s trading volume was also observed, with the 24-hour transaction volume reaching $124 million.
In recent weeks, Bitcoin had experienced a relentless increase, which, before the FED interest rate decision, was replaced by a slight retreat. Consequently, the price had fallen to $40,400. At this point, we can see that the price has risen again to $42,600.
Although the news that emerged in the past few hours in the US about interest rates remaining steady had a positive impact on the market, it did not leave a very clear effect on the prices. We will see what can happen after the opening of Asian markets in the following hours and what kind of price movements might occur for Bitcoin and altcoins in particular.
