Bitcoin Reclaims $28K After Enhanced Volatility, Litecoin Up 15% Weekly (Market Watch)
Bitcoin’s price went on a rollercoaster in the past few days following the Fed’s latest interest rate hike but has calmed around $28,000 as of now.
Most altcoins have posted some minor losses on a daily scale, while Litecoin keeps charting impressive gains.
BTC Back Above $28K
After surging by over $8,000 within a week amid the global banking crisis, bitcoin had calmed around $28,000 earlier this week and remained there for a few days straight. Yet, the asset was destined to go through some more volatile trading hours and days mid-week when the US Federal Reserve was scheduled to announce changes in its interest rate policy.
While the expectations varied, the nation’s central bank actually hiked the key rates by 25 basis points on Wednesday, prompting more price fluctuations for BTC. The asset reacted with an immediate $2,000 price drop to under $27,000 before it shot back up by a grand.
The past 24 hours brought some more gains as bitcoin spiked to just shy of $29,000. Despite getting rejected there, the cryptocurrency still stands with some minor daily gains and trades above $28,000.
Its market capitalization has returned to over $540 billion, while its dominance over the alts sits above 46%.
Litecoin Keeps Climbing
The more volatile by nature altcoins also went through some massive fluctuations in the past few days. Now, though, most of the landscape is slightly in the red.
Binance Coin, Dogecoin, MATIC, Solana, Polkadot, and Shiba Inu have all painted insignificant losses. Cardano and Ripple are down by over 3% in a day. However, XRP is among the best performers in the past seven days, surging by over 16%.
Litecoin is also another notable gainer on a weekly scale, being up by 15%. The past 24 hours alone brought a 5% increase for LTC.
TONCOIN, LDO, UNI, XLM, and ALGO are all deep in the red, with losses of up to 6% in a day.
The total crypto market cap, though, has remained relatively quiet and is still above $1.150 trillion.