Bitcoin has surged past $83,000 as investors wait for the Federal Open Market Committee (FOMC) meeting. Traders are eagerly anticipating any shifts in monetary policy which would have an impact on interest rates and risk assets such as Bitcoin.
The recent pop stems from the hope of traders that the Fed either slows rate increases or turn dovish. The right choice may further tighten Bitcoin’s hold on the market. Market sentiment has also been improved by an 11% increase in total crypto market capitalization. Volumes have risen sharply, with bullish sentiment gaining momentum as we approach the FOMC report.
Solana Experiences Price Volatility Amid Volatility of Stablecoins
Price volatility on Solana has increased, thanks to all-time stablecoin transaction volatility on the platform.
The activity of Tether’s USDT on Solana increased by 137% in the last month after falling 61% earlier, and this is a reflection of unstable market trends.
Besides, FTX repayments would place bearish pressure on Solana. As much as $431 million SOL tokens were unstaked from FTX accounts at the beginning of March, amid rumours of imminent sell-offs. Despite this, Solana remains a dominant force in the crypto world and is under close scrutiny by investors.
XRP Nears Critical Inflection Point
Ripple’s XRP is approaching a crucial price point that may indicate a strong breakout higher. If XRP stays above $0.70, bullish momentum might drive it to $0.80 or higher. XRP’s long-term future remains at the mercy of regulatory announcements and overall market sentiment. If Bitcoin’s trend continues, XRP may gain from the injection of added investor confidence.
Cardano Sees Most Bullish Sentiment in Months
Cardano (ADA) saw a surge in bullishness, its most in months. At the time of writing, the coin is valued at $0.718 and up 2%+ in 24 hours. Whale activity and accumulation, as per on-chain data, have picked up, and this is an indication of confidence in the long-term prospects of ADA.
Cardano’s development momentum and the upcoming network upgrades may also propel its momentum even further, so it is a coin to keep an eye on next month.
The FOMC move may affect the rest of the cryptocurrency market. With several important events happening, the next couple of days may prove to be crucial for crypto investors.
