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Home » Market Updates » BTC Went on a Rollercoaster After Fed’s Announcement, Altcoins’ Recovery Begins (Market Watch)

BTC Went on a Rollercoaster After Fed’s Announcement, Altcoins’ Recovery Begins (Market Watch)

Author: Jordan Lyanchev

Last Updated May 3, 2024 @ 08:24

BTC’s dominance is down by 0.5% daily as most altcoins have performed a lot better.

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After several days of nosediving, bitcoin’s price soared by roughly two grand after the Fed’s refusal to increase the interest rates but dropped back down just as quickly.

The altcoins are in much better shape today, with numerous impressive gains from the likes of Solana, Ripple, Polkadot, ICP, PEPE, and others.

Bitcoin’s Volatility Continues

It was just a couple of days ago when the primary cryptocurrency was trading firmly above $60,000 and was even about to challenge the $65,000 level. That happened in the early Asian trading hours of April 30.

However, it failed to breach that level and started to lose value gradually amid large outflows of US ETFs and the disappointing debut of the Hong Kong-based ones. The landscape worsened on Wednesday as bitcoin slumped further to a two-month low of $56,500, leaving more than $500 million in liquidations.

All eyes were then on the US Federal Reserve in anticipation of its decision regarding the interest rates. As the US central bank said there will be no upcoming hike, BTC’s price jumped by two grand and neared $60,000.

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However, it failed to maintain its recovery and dropped back down to its starting position. As of now, BTC stands close to $58,000, with its market cap up to $1.140 trillion. Nevertheless, its dominance over the alts has taken a major hit and is down to 50%.

Bitcoin/Price/Chart. Source: TradingView
Bitcoin/Price/Chart. 02.05.2024 Source: TradingView

Relief for Altcoins

The alternative coins suffered just as badly, if not worse, than bitcoin in the past few days, but most have reacted better with more impressive gains now.

Solana is among the top performers on a daily scale. SOL is up by 11.5% and trades above $130. PEPE has soared by 16%, while SHIB, DOT, ADA, XRP, AVAX, MATIC, and ICP follow suit with increases of somewhere between 6% and 12%.

The total crypto market cap has managed to regain around $50 billion from yesterday’s low. As such, the metric has neared $2.3 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
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About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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