The global cryptocurrency market held steady on Thursday after the US Federal Reserve raised interest rates by 0.75 per cent to curb red hot inflation after its latest two-day monthly monetary policy conclave.
Most economists forecast US inflation to remain between 4 and 5 per cent in 2023 before it starts declining. Fed Chair Jerome Powell stressed that the bank will readjust the rates when inflation comes down.
Meanwhile, Bitcoin, the world’s largest cryptocurrency rose marginally in the last 24 hours, while Ethereum (ETH) declined 3.5 per cent.
The broader market rose 0.29 per cent to $926.9 billion, while the trading volume rose by 41.4 per cent to $93.9 billion in the last 24 hours to 4:00 pm IST, according to Coinmarketcap.com.
Today’s top gainer was Decred; it was trading at $15.79, up 15.7 per cent in the last 24 hours. The top loser was EOS, priced at $1.23, down 5.41 per cent in the same period.
Bitcoin (BTC): BTC rose 0.91 per cent. It was trading at $19,116, raising its market cap by 0.92 per cent to $367.1 billion, while its trading volume increased by 51.71 per cent to $51.7 billion.
BTC’s dominance over the crypto market jumped 0.17 per cent to 39.56 per cent.
Ethereum (ETH): ETH fell 3.55 per cent to $1,290, and its market cap decreased by 3.54 per cent to $158.1 billion. The trading volume increased by 61.7 per cent to $22.3 billion.
Ripple (XRP): XRP’s price rose by 5.14 per cent to trade at $0.4253, while its market cap increased by 5.14 per cent to $21.2 billion. The trading volume plummeted 12.1 per cent to $3.5 billion.
Cardano (ADA): ADA’s price increased by 1.4 per cent to $0.4562. Its market cap increased by 1.4 per cent to $15.5 billion, and its trading volume increased by 27.3 per cent to $1.01 billion.
Solana (SOL): SOL’s price rose by 1.74 per cent to $32.17. Its market cap increased by 1.8 per cent to $11.4 billion, and its trading volume increased by 75.8 per cent to $1.2 million.
Dogecoin (DOGE): DOGE’s price increased by 0.42 per cent to $0.05891, its market cap rose by 0.42 per cent to $7.8 billion, and its trading volume increased by 23.5 per cent to $391.06 million.
Shiba Inu (SHIB): SHIB’s price increased by 3.1 per cent to trade at $0.00001086. Its market cap increased by 3.1 per cent to $5.96 billion, and its trading volume increased by 48.9 per cent to $346.5 million.