Cryptocurrency markets continued their rally for the second day in a row. The global market cap rose by 1.6 per cent in the last 24 hours and is at $1.82 trillion as of 8:00 AM IST, CoinMarketCap data showed.
Bitcoin is up by 3.58 per cent and is trading at $41,063, while Ethereum is also up by 4.73 per cent and is trading at $2,770.
However, the stablecoins showed a slight downtrend. The USDT Tether stable coin fell by 0.01 per cent in the last 24 hours. The USDC stable coin is also down by 0.01 per cent.
The BNB token has also risen with all the tokens and is currently up by 2.61 per cent.
XRP Ripple showed upward movement and is now up by 3.42 per cent.
Terra LUNA tanked by 0.80 per cent in the last 24 hours.
The ADA token is up by 4.26 per cent. Solana and Avalanche are also up by 6.69 per cent and 9.86 per cent respectively.
It is noteworthy to mention that the US Federal Reserve raised interest rates for the first time since 2018, from 0.25 per cent to 0.5 per cent to combat the rising inflation rate.
“In most cases, the rise of interest rates tends to signal uncertainty for the crypto market as investors have greater access to yield from low-risk avenues of the market. Yet, in contrast, the past 24 hours have witnessed the crypto market responding atypically, trending further upwards to continue its bullish trend in the greens,” the CoinDCX research team said.
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