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The cryptocurrency market has seen a significant recovery since the Federal Reserve’s interest rate decision, with leading cryptocurrencies recording notable gains. Bitcoin (BTC) once again exceeded the $66,000 mark, leading the rally, while the altcoin king Ethereum (ETH) surpassed $3,500. Other top-tier altcoins including Solana (SOL), XRP, and Cardano (ADA) also made significant gains, signaling a revival in investor confidence following recent declines.
Bitcoin and Altcoins on the Rise
At the time of writing this article, Bitcoin‘s price has seen an 8.62% increase over the last 24 hours, trading at $66,741, with a notable rise in trading volume as well, which increased by 14.81% to $61.91 billion in the last 24 hours. The market capitalization reached $1.31 trillion, reflecting renewed optimism among investors in the largest cryptocurrency.
Ethereum experienced an impressive 11.93% increase, surpassing the $3,500 level with a market capitalization of $420.46 billion. Despite a slight decrease of 1.49% in trading volume, Ethereum’s price surge reflects the increasing momentum in the altcoin market and is further strengthened by the positive sentiment surrounding major cryptocurrencies.
Many altcoins have also joined the rally. Leading altcoin Solana saw a 13.11% increase over the last 24 hours, rising to $187.76 and nearing the $190 mark again. XRP, despite a 17.93% decrease in trading volume to $2.55 billion, rose by 4.66% to $0.6052, breaking above the $0.60 level. Similarly, Cardano increased by 8.42% to $0.6307 over the last 24 hours, even as its trading volume fell to $901.44 million.
Meme Coins Gain Momentum Again
Amidst the overall market recovery, popular meme coins have seen significant increases. Dogecoin (DOGE) rose by 18.53% to $0.1483 and Shiba Inu (SHIB) by 9.97% to $0.00002657. Additionally, two trending meme coins Pepe (PEPE) and Floki (FLOKI) respectively made notable rallies of over 20% and 41%.
The revival in cryptocurrency prices indicates that investors are regaining confidence after recent market volatility, shifting market sentiment towards optimism. The strong performance of both Bitcoin and major altcoins, as well as meme coins, shows renewed interest and participation in the cryptocurrency market as investors look to capitalize on potential opportunities amidst the ongoing market recovery.
