Bitcoin’s price has soared by around $2,000 over the past day as markets are preparing for the second-to-last US Federal Reserve FOMC meeting of the year later today.
The altcoins have turned green as well, with ETH nearing $2,400 and XRP reclaiming the key $1.30 support. BTW and PEPE have rocketed once again.
BTC Above $81K Ahead of FOMC
The primary cryptocurrency faced a sharp rejection precisely a week ago when the bulls managed to push it to a 14-day peak of $85,000. However, that was short-lived, and the asset quickly tumbled by over two grand. The adverse price developments intensified as the week progressed, and BTC was close to breaking below $80,000 by Friday.
Although it defended that level at first, the bears ultimately broke past it on Saturday when bitcoin tanked to a 5-week low of $79,100. It tried to rebound on Sunday but was halted at $81,000 and dipped below $80,000 on a couple more occasions.
The beginning of the current business week didn’t provide the necessary relief rally, and BTC stood below $80,000 for a while. Interestingly, it shot up earlier today to over $80,000, while the bulls initiated another leg up minutes ago to $81,650. Bitcoin remains at around $81,500 as of press time, but more volatility is expected today after the conclusion of the FOMC meeting and the subsequent Kevin Warsh speech.
For now, its market cap has risen to $1.630 trillion, while its dominance over the alts has reclaimed the 60% line on CMC.
Alts Flash Green
Ethereum is up by 3% in the past day and now sits close to $2,400 again. BNB is above $750, while XRP’s 3% pump has pushed it further above the crucial $1.30 support. SOL has rebounded from its sub-$100 dip, while HYPE, DOGE, XMR, and LINK have posted gains of up to 5%.
ZEC, NEAR, and BCH are the most impressive gainers out of the top 15-20 alts. BTW has soared by almost 30%, followed by PEPE’s 16% rise and M’s 12% jump.
The cumulative market cap of all crypto assets has regained over $40 billion in a day and now sits above $2.710 trillion on CMC.
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