Cryptocurrency update: The global cryptocurrency market on Thursday, March 17, rose slightly as major cryptocurrencies gained in value. The cryptocurrency market capitalization today was $1.82 trillion, according to data from global cryptocurrency tracking website CoinMarketCap. This increased by 1.61 percent in the last 24 hours. The global crypto volume also increased during the last day. The total volume of coins traded amounted to $94.32 billion over the course of the last day. This has increased by 1.06 percent in the last 24 hours.
โThe US Federal Reserve raised interest rates for the first time since 2018, from 0.25% to 0.5% to combat the rising rate of inflation. In most cases, rising interest rates tend to signal uncertainty for the crypto market as investors have greater access to yield from low-risk market avenues," CoinDCX's research team said on the movement of the crypto market.
โHowever, in contrast, the last 24 hours have seen an atypical response from the cryptocurrency market, trending higher to continue its uptrend in the greens,โ he said.
This could be a case of delayed market reaction and investors can only begin to witness its true impact on cryptocurrencies in the future, he added.
Bitcoin price today stood at $40,894.44 according to the data. This increased by 0.82 percent in the last 24 hours. Ethereum or Ether, the second most popular cryptocurrency in the global market, also rose 4.25% in the last 24 hours to stand at $2,797.39, according to data from CoinMarketCap.
โBitcoin prices remained fairly neutral and undeterred at $40K as the US Federal Reserve raised the interest rate by 25 basis points. Crypto markets were expected to react strongly to the Fed's decision. Recently, the help received by Ukraine through cryptocurrency exceeded $100 million, and today, with the president of Ukraine legalizing cryptocurrencies in the country, this number could grow considerably,โ said WaziX Trade Desk. The next resistance for BTC it is expected at a level of $44,500.
โAlongside Bitcoin, Ethereum was also largely unaffected due to the recent interest rate hike by the feds. Ethereum prices maintained their position above the $2700 level," he added.
Top 6 cryptocurrency gainers in the last 24 hours (according to data from CoinMarketCap at the time of publishing this article)
CatBoy: $0.03938 - an increase of 840.76 percent
Safeloki: $0.000000001677 - an increase of 410.23 percent
FaithfulDoge: $0.0000000005358 โ an increase of 271.37 percent
Egoras credit: $121.64 - an increase of 258.18 percent
HydraMeta: $0.0004007 โ an increase of 249.29 percent
SnoopFlokiDog: $0.00003776 - an increase of 234.14%
Top 6 cryptocurrency losers in the last 24 hours (according to data from CoinMarketCap at the time of publishing this article)
Spook Inu: $0.00000000002577 โ 99.00 percent off
CyborgShiba: $0.0000004585 - 90.86 percent off
Covid Cutter: $0.00007447 - less than 74.24 percent
BALI TOKEN: $0.0000008462 - less than 70.92 percent
HelpSeed: $0.0001439 - 65.69 percent off
GNY: $0.04559 - less than 65.30 percent
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