After days of trading lower, top cryptocurrencies finally gained some momentum Thursday. This came as the U.S. Federal Reserve hiked benchmark interest rates by the highest in 28 years.
The Fed has increased interest rates by 0.75 percent igniting fears of its broader global ramifications.
The global market cap was up 4.58 percent at $943.47billion, as of 2.35 a.m. ET, CoinMarketCap data showed.
Bitcoin rose 3.85 percent to $21,988. Ethereum, too, surged 6.14 percent to $1188.
According to WazirX’s analysis, ETH against Bitcoin remained fairly neutral in the last couple of days. Bitcoin’s Dominance index continued to remain just above 45 percent after dropping down from 48 percent in just two days.
Most top tokens were trading in the green. Meme cryptos Shiba Inu and Dogecoin too gained.
“Noting some recovery from the world’s largest cryptocurrency, BTC eased from an 18-month low as altcoins rally and the crypto market stabilizes after a tumultuous week. Despite the bearish market, the slight recovery is evidence of the continued optimism of the long-term value of digital assets,” CoinDCX Research Team told International Business Times.
In other news, Bharti Airtel, India’s premier communications solutions provider, has unveiled India’s first multiplex on the Partynite Metaverse platform.
The crypto market is extremely volatile and experts recommend not making investment decisions based on the sudden shift in prices.