Bitcoin climbed above $105,300, driven by a stable interest rate outlook from the Fed, while Ethereum also saw gains. Bitcoin’s next resistance is at $106,500, and the overall cryptocurrency market capitalization rose to about $3.56 trillion. Major altcoins similarly experienced increases, contributing to heightened market confidence.

As of 10:57 AM IST, Bitcoin has experienced a notable increase of 3.1%, trading at $105,336, while Ethereum rose by 2%, reaching $3,187. The upward trend follows remarks from Federal Reserve Chair Jerome Powell, stating, “There would be no rush to cut rates again until inflation and jobs data made it appropriate.” This stability in Federal Reserve policy has contributed to a more positive sentiment in the cryptocurrency markets.

The cryptocurrency landscape remains highly volatile, with prices fluctuating frequently. Investors require reliable information to navigate this dynamic environment effectively. Bitcoin’s next resistance level is noted at $106,500, while its support has moved up to $101,100, as per market analysts.

Tesla’s recently released Q4 earnings report did not show any Bitcoin sales; however, it did highlight unrealized gains of $600 million from its Bitcoin holdings, further bolstering market confidence. Significant gains were also observed among major altcoins, with Solana increasing by 4.5%, Dogecoin by 1.5%, Cardano by 2.2%, Tron by 1.3%, Avalanche by 2%, Chainlink by 5%, Hedera by 4.5%, Sui by 6.9%, and Litecoin soaring by 10.6%.

The global cryptocurrency market capitalization rose by 2.7% over the last 24 hours, amounting to approximately $3.56 trillion. Stablecoins account for a considerable portion of the entire market volume, at $116.15 billion, which represents 90.82% of the total 24-hour crypto market volume. Bitcoin’s market capitalization has increased to $2.087 trillion, with a 22% boost in its 24-hour trading volume, now at $52.41 billion.

In summary, Bitcoin has surpassed $105,300 in value, reflecting a positive response to the Fed’s decision to maintain interest rates. The overall cryptocurrency market has shown promising gains, particularly among altcoins, contributing to growth in market capitalization. As prices continue to rise, investor confidence is bolstered by encouraging financial reports from significant companies like Tesla.

Original Source: m.economictimes.com

Related posts:

Ripple (XRP) Faces Price Decline Amid Broader Cryptocurrency Market Correction Bitcoin Price Hits Monthly Lows Amid MicroStrategy Purchases Fed Vice Chair Philip Jefferson Advocates Caution on Rate Cuts as Crypto Market Responds Current Bitcoin and Crypto Market Overview: Stability Amidst Volatility