Bitcoin Tops $35k After Fed’s Interest Rate Decision As Solana Rallies Higher

Twitter icon  •  Published 6 months ago  •  Hassan Maishera

Bitcoin has reclaimed the $35k level after the US Federal Reserve kept its interest rates unchanged, with Solana leading the altcoins charge.

TL;DR

  • Bitcoin surpassed the $35,600 mark late on Wednesday following the FOMC minutes.

  • Solana continues to outperform the broader crypto market after rallying by 11%.

Bitcoin Moves Above $35k After FOMC

Bitcoin, the number one cryptocurrency by market cap, has added more than 2% to its value in the last 24 hours. The rally saw Bitcoin touch the $35,600 mark again but failed to reclaim the $36k level.

At press time, the price of Bitcoin stands at $35,260, up by more than 2% over the last few hours. The positive performance came after the U.S. Federal Reserve's Federal Open Market Committee (FOMC) left its benchmark fed funds rate range steady at 5.25%-5.50% yesterday. 

Fed Chairman Jerome Powell pointed out that a run-up in U.S. Treasury yields played a key role in tightening financial conditions but added that there might be an additional rate hike if necessary. 

SOL, the native coin of the Solana ecosystem, continues to lead the charge. It was the best performer amongst the top 20 cryptocurrencies by market cap in the last 24 hours, adding more than 11% to its value during that period. SOL raced to the $43 mark before retracing and now trades at $42.56 per coin.

Avalanche’s AVAX is another top performer, as it is up by 9% over the last 24 hours. Meanwhile, Polygon’s MATIC and Polkadot’s DOT are both up by 6% over the last few hours, rounding up the list of the top performers amongst the leading 20 cryptocurrencies by market cap. 

Uniswap (13%), NEAR (10%), AAVE (16%), MANA (12%), NEO (10%), TIA (24%), ROSE (13%), and QTUM (10%), are some of the coins and tokens that are up by 10% or more over the last 24 hours.

Thanks to the latest rally, the total cryptocurrency market cap now stands at $1.3 trillion, up by 2.45% in the last couple of hours.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.