FLOKI today became the asset with the highest rise among the top 100 altcoin projects. After seeing new local bottom levels for several days, Bitcoin‘s price reversed its trajectory following the last FOMC meeting and added $7,000 to its value at one point. Numerous altcoins performed even better on a daily basis, with some of the biggest winners coming from the memecoin sector.
Bitcoin’s Comeback
The market’s largest cryptocurrency had been in free fall since March 14, when it nearly reached its all-time high of $74,000. This came after it had gained over $10,000 in value the previous week. Bitcoin dropped about $8,000 the next day and tried to recover over the weekend but began losing value again on March 18.
The price declines actually peaked on the morning of March 19 amidst fears of what the US Federal Reserve would do at its meeting that day. As a result, Bitcoin fell below $61,000, its lowest level in two weeks. When the US Federal Reserve decided not to turn away from its current monetary policy, Bitcoin initiated a rally that resulted in an increase of over $7,000 within hours, climbing above $68,000 in the evening.
Despite losing over $1,000 in value since then, Bitcoin is still trading in the green on a daily basis with an approximate 6% increase. Its market value has regained $1.3 trillion, while its dominance has slightly decreased to 49.5%.
What’s Happening in the Altcoin Market?
The altcoin market followed Bitcoin during this period but also mirrored its recovery phase. Ethereum showed an increase of more than 9% on a daily basis and traded above $3,500 after falling below $3,200 the day before. Solana also approached the $190 level again after a similar daily increase. BNB, XRP, ADA, AVAX, SHIB, and TRX were also on the green side, albeit to a lesser extent.
The most significant gains on a daily scale come from crypto assets like FLOKI with 38%, KAS with 22%, AXL with 21%, and Bitcoin Cash with 18%. Other memecoin pairs like Pepe and Dogecoin also recorded double-digit price increases. The total crypto market value has gained over $150 billion from yesterday’s lowest level and rose to $2.65 trillion on CoinGecko.
