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Although BTC remained relatively flat immediately after yesterday&#8217;s FOMC meeting, the asset spiked in the following hours and reclaimed $29,000.
The altcoins have also turned green with minor daily increases. FTM has jumped the most from the mid-cap alts.
<h2 id="btc-bounces-back-above-29k">BTC Bounces Back Above $29K</h2>
As April was coming to its end, bitcoin initiated a leg up that drove it to $30,000. However, the bears intercepted the move and pushed the asset south hard. As such, BTC found itself slipped to $27,600 just a few days later.
Despite recovering some ground on Wednesday, the cryptocurrency was still <a href="https://cryptopotato.com/stacks-stx-soars-13-daily-bitcoin-stopped-at-29k-market-watch/" data-wpel-link="internal">unable to reclaim</a> $28,000 decisively. More volatility was expected later on when the US Federal Reserve was set to meet and announce perhaps another interest rate hike.
Such an increase indeed <a href="https://cryptopotato.com/fed-announces-25bps-rate-hike-to-5-bitcoin-remains-flat/" data-wpel-link="internal">transpired</a>, and the central bank&#8217;s new rates are now at 5%. Interestingly, though, bitcoin didn&#8217;t react in its usual manner and remained stuck at just over $28,000. However, the trend started to change hours later, and BTC pumped by roughly a grand.
As of now, the asset trades inches above $29,000, and its market capitalization is just north of $560 billion. Its dominance over the alts has also risen a bit to 47.1% on CMC.
<figure id="attachment_249190" aria-describedby="caption-attachment-249190" style="width: 1834px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-3.png" data-wpel-link="internal"><img class="size-full wp-image-249190" src="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-3.png" alt="BTCUSD. Source: TradingView" width="1834" height="875" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-3.png 1834w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-3-300x143.png 300w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-3-1024x489.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-3-768x366.png 768w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-3-1536x733.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-3-50x24.png 50w" sizes="(max-width: 1834px) 100vw, 1834px" /></a><figcaption id="caption-attachment-249190" class="wp-caption-text">BTCUSD. Source: TradingView</figcaption></figure>
<h2 id="sui-8217-s-rollercoaster">SUI&#8217;s Rollercoaster</h2>
The alternative coins, despite being more volatile by nature, have also remained relatively calm after the Fed&#8217;s latest interest rate hike. Ethereum is among the most substantial gainers from the top 10, having jumped by 2%. As a result, ETH now stands at $1,900.
Binance Coin, Cardano, Dogecoin, Polygon, Solana, Polkadot, Shiba Inu, and Avalanche are also slightly in the green on a daily scale.
FTM has risen by over 6% in the past 24 hours, making it the best performer from the top 50. The highly-anticipated SUI token also <a href="https://cryptopotato.com/sui-faced-massive-volatility-minutes-after-mainnet-launch/" data-wpel-link="internal">started trading</a> yesterday as the mainnet went live, and it pumped to $3.5 before it dumped to under $1.5 hours later.
Overall, the total crypto market cap has neared the $1.2 trillion mark after gaining around $15 billion daily.
<figure id="attachment_249191" aria-describedby="caption-attachment-249191" style="width: 1875px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-2.jpg" data-wpel-link="internal"><img class="size-full wp-image-249191" src="https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-2.jpg" alt="Cryptocurrency Market Overview. Source: Quantify Crypto" width="1875" height="848" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-2.jpg 1875w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-2-300x136.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-2-1024x463.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-2-768x347.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-2-1536x695.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-2-50x23.jpg 50w" sizes="(max-width: 1875px) 100vw, 1875px" /></a><figcaption id="caption-attachment-249191" class="wp-caption-text">Cryptocurrency Market Overview. Source: Quantify Crypto</figcaption></figure>
The post <a href="https://cryptopotato.com/bitcoin-reclaims-29k-after-feds-latest-interest-rate-hike-market-watch/" rel="nofollow">Bitcoin Reclaims $29K After Fed&#8217;s Latest Interest Rate Hike: Market Watch</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Bitcoin Reclaims $29K After Fed’s Latest Interest Rate Hike: Market Watch

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