Bitcoin’s price experienced a rollercoaster ride in the past week, hitting a new all-time high of nearly $74,000 before plummeting by eight grand the next day. The market was in a state of uncertainty leading up to the latest FOMC meeting, causing Bitcoin to drop to a 2-week low of under $61,000.
Following the FOMC meeting, where the US Federal Reserve decided to maintain its current monetary policy, Bitcoin witnessed a drastic reversal in its price trajectory. The leading cryptocurrency surged by over seven grand within hours and spiked above $68,000, showcasing a recovery of about 6%.
While Bitcoin led the charge in the market recovery, altcoins also experienced substantial gains. Ethereum jumped by more than 9% to surpass $3,500 after dipping below $3,200. Solana approached $190 again, mirroring Bitcoin’s upward movement. Other altcoins such as BNB, XRP, ADA, AVAX, SHIB, and TRX also saw positive price action, albeit to a lesser extent.
Notably, meme coins like FLOKI, KAS, AXL, and even Bitcoin Cash posted significant gains, with FLOKI leading the pack with a 38% increase. Even traditionally volatile assets like Pepe and Dogecoin exhibited double-digit price jumps, adding to the overall market recovery.
The total cryptocurrency market capitalization rebounded by more than $150 billion from the previous day’s low, now standing at $2.650 trillion on CoinGecko. This recovery signals renewed investor confidence in the market following the uncertainty surrounding the FOMC meeting.
While Bitcoin’s price fluctuations may have caused panic among investors, the market’s resilience and the subsequent recovery demonstrate the underlying strength of the cryptocurrency ecosystem. As altcoins join Bitcoin in the upward trajectory, the overall market sentiment remains positive, setting the stage for further growth and development in the coming days.