Cryptomarkets after a consistent slowdown are in for a breather today. Infact some of the coins such as Ethereum and Solana are seen trading with gains of up to 12%. Infact this rally has come off even as the US CPI came in weak and stood at 41-year high levels, instilling confidence of a higher rate hike of as much as 1 percent as against the earlier call of 75 bps.
Nonetheless after the US Fed Governor was in support of a 75 bps hike, the clamour around a higher rate hike has but subsided and so partially the gains in cryptocurrency might be on account of it.
So, likewise, over the 24 hour period, the m-cap of global crypto market climbed by as much as 5.7% as of writing this copy at 3:54 pm (IST) to $935.85 billion.
There is a belief that as of now the crypto market is reeling under a high fear zone and for the market to fare well it needs to sustain the current momentum. The bulls shall be back in action for Bitcoin if the investors are able to hold on to the digital taken at the current price. While for Ethereum which surpassed Bitcoin in terms of gains, following its Shadown Fork 9 going live.