Crypto Price Today: Bitcoin jumps over $35,300 after Fed keeps rates unchanged; crypto market cap crosses $1.3 trillion

He cryptocurrency Markets were trading higher in Thursday trading after the U.S. Federal Reserve kept rates unchanged and Chairman Jerome Powell hedged about the possible end of the rate-hiking cycle. The Federal Reserve held interest rates steady Wednesday as policymakers struggled to determine whether financial conditions can be tight. It is already enough to control inflation, or an economy that continues to exceed expectations may need even more moderation.

After the end of a two-day monetary policy meeting, Powell said the best course of action for now, given the uncertainties, was to keep the Federal Reserve's benchmark overnight interest rate at the current range of 5, 25%-5.50%, and see how employment and price data evolve between now and the next political meeting in December.

Meanwhile, following the Federal Reserve's decision, the global cryptocurrency market capitalization increased by 2.45% to over $1.3 trillion in the last 24 hours.

Bitcoin was trading 2.5% higher at $35,308, while its largest peer Ethereum was trading at $1,837, up 1.9% around 12:40 p.m.

"Bitcoin has been trading above the $35,500 mark following the US Federal Reserve's Federal Open Market Committee (FOMC) announcement that rates will remain stable at 5.25%-5.50 % as anticipated. This has boosted market morale and sparked bullish sentiment, with the price of Bitcoin rising steadily over the past 24 hours," said Edul Patel, CEO of Mudrex.

Market participants are now keeping an eye on the US Department of Labor's non-farm payrolls report due out on Friday, Edul added.

Among other major crypto tokens, Solana gained the most, rising by over 12%. Cardano, Polygon, Polkadot, and Avalanche rose more than 6% each, while BNB, XRP, Dogecoin, Litecoinand Shiba Inu increased by 2% to 3%.

The total volume in DeFi is currently $6.12 billion, 10.34% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $53.02 billion, accounting for 89.62% of the total 24-hour volume of the crypto market.

In the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, increased to $689 billion. Bitcoin dominance is currently 52.77%, according to CoinMarketCap. BTC volume in the last 24 hours decreased by 68% to $25.8 billion.

"From a technical perspective, BTC successfully broke the crucial $35,000 resistance level and closed the daily candle above it, indicating bullish sentiment. While a short-term pullback could occur, the path seems to point towards the resistance levels around $39,800 to $40,000,” said the CoinDCX research team.

On the contrary, ETH still needs to overcome its 2023 resistance levels, located at approximately $2,020 and $2,140, ​​to pave the way for further bullish movement, he added.

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