Despite the volatility in the crypto market this week, most of the cryptocurrencies have been on the rise. In terms of market capitalization, the price of the largest cryptocurrency Bitcoin opened at $ 17,783 with a gain of about 3.70 percent on Wednesday. In the last one day, the value of bitcoin has increased by more than $660.
The second largest cryptocurrency Ether also gained 3.53 percent. Gadgets 360 crypto price tracker As of now, it was priced at $1,318. Apart from this, the prices of most altcoins have also increased. These include Binance Coin, Ripple, Binance USD, Cardano, Polygon and Polkadot. The research team at CoinDCX reported, “The US Federal Reserve is likely to keep the interest rate hike at 0.50 percent instead of 0.75 percent. Inflation may also come down in the coming months. Inflation may come down due to better supply chain conditions.” is estimated.”
The capitalization of the crypto market has increased by almost three percent in the last one day. According to CoinMarketCap, it stands at $871.65 billion. The sell-off in this market was fueled by the bankruptcy of FTX, one of the major crypto exchanges. ftx The founder secretly transferred nearly $10 billion of customers’ funds to his trading firm, Alameda Research. A large part of this fund has gone missing. Mimcoins Shiba Inu and Dogecoin have also gained momentum. Shiba Inu was up more than 4.30 percent to $0.0000092 and Dogecoin was up 1.78 percent to $0.091. Apart from this, there was a decline in some altcoins. These include Tether, USD Coin, Elrond and Iota.
Bitcoin touched a high of over $67,000 in November last year. Since then, its price has come down significantly due to the slowdown and some other reasons. This has caused huge losses to the investors as well as the firms associated with the crypto segment. Experts say that there has been a lot of selling in the crypto market. There are signs of inflation almost reaching its peak. Due to this, some relaxation in monetary policy can be given by the Central Banks of other countries including the US Federal Reserve. This could be the next reason for the rally.