The cryptocurrency market witnessed a dramatic turnaround on Thursday, March 21, with major coins such as Bitcoin (BTC) and Ethereum (ETH) gaining significantly. This positive shift comes on the heels of a dovish stance by the Federal Reserve, which has opted to maintain interest rates and signaled potential cuts towards the end of this year.
Bitcoin is at $67,000
Bitcoin, the world’s leading cryptocurrency, led the rally by reclaiming $66,000 after a brief decline. cryptokoin.com According to data, BTC is trading at $67,130, reflecting a notable increase of 8.62% in the last 24 hours. This increase is accompanied by an increase in transaction volume, which reached 61.91 billion dollars with an increase of 14.81%. With this rise, the market value of Bitcoin once again exceeded 1.3 trillion dollars.
Ethereum, the second-largest cryptocurrency, mirrored Bitcoin’s positive momentum. ETH increased by an impressive 11.93%, pushing its price to $3,500.90. This development was despite a slight decrease in trade volume, which fell by 1.49% to $33.87 billion. Ethereum’s market cap currently stands at $420.46 billion.
Altcoins are generally “green”
The positive sentiment also spread to altcoins, with many recording significant gains. Solana (SOL) experienced a significant increase of 13.11% to $187.76. XRP (XRP) also rose steadily, surpassing the $0.60 level and settling at $0.6052, up 4.66%. Cardano (ADA) joined the rally and rose 8.42% to $0.6307. The popular memecoins that have been dominating headlines lately have continued their volatile journey. Dogecoin (DOGE) and Shiba Inu (SHIB) evaluated the market recovery.
DOGE increased by 18.53% to $0.1483, and SHIB increased by 9.97% to $0.00002657. But the meme coin spotlight shined brightest on PEPE and Floki (FLOKI). PEPE, a popular meme coin, rose over 20% to $0.000008124. Floki registered a phenomenal rally of over 41%. Currently, FLOKI was trading at $0.0002496, driven by a 64.65% increase in trading volume.
“Dovish” FED triggered optimism
The crypto market’s resurgence can largely be attributed to the Fed’s dovish stance. The Fed’s decision to maintain interest rates and hints of future cuts instilled confidence in investors, leading to a positive ripple effect in traditional and crypto asset markets. This correlation between the S&P 500 and cryptocurrencies appears to be strengthening. Because all three major Wall Street indexes reached record levels on Wednesday.
Analysts at QCP Capital predict that the upward trend will continue based on increasing spot demand reflected in stable funding rates. Additionally, recent regulatory concerns regarding Ethereum’s classification as a security also appear to be abating, further boosting market confidence. As the market stabilizes, it will be interesting to see whether Bitcoin can maintain its dominance above $66,000 and whether altcoins can continue their upward momentum.
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