Crypto Market Turns Green Amid Positive News From US Federal Reserve (Market Review)

Bitcoin price jumped to a weekly high of nearly $ 45,000 amid positive news from US Federal Reserve Chairman Jerome Powell. Most of the alternative coins also saw significant daily gains, with ETH surging above $ 3,100 and BNB jumping to $ 400.

Bitcoin Eyes $ 45k

The cryptocurrency situation seemed to have changed in the last 24 hours. Bitcoin fell below $ 41,000 on Wednesday for the third time since the start of the week, and the situation looked grim at best.

However, the bulls managed to intercept this fall, like the previous ones, and push the asset north. As reported yesterday, this resulted in BTC topping $ 43,000.

The cryptocurrency even tried to surpass $ 44,000, but was stopped at first. However, after a few hours, BTC rose sharply and approached $ 45,000. This came shortly after US Federal Reserve Chairman Jerome Powell said during a two-hour meeting of the House Financial Services Committee that the country did not intend to ban cryptocurrencies.

As a result, Bitcoin jumped to its current level, which is its highest in a week. Consequently, its market capitalization has grown to $ 850 billion.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

Alts sees nothing but green

Most of the larger cap alternatives have been flat in the past few days. However, this is not the case now. Ethereum dropped to $ 2,900 and struggled to get back $ 3,000. However, a daily increase of 5% has driven the second-largest cryptocurrency to surpass $ 3,100 so far.

Cardano also fell heavily during the week, but is currently at $ 2.15 after rising 4.5%. Binance Coin, which was the top performer yesterday, continues to impress again, rising 8.5% to over $ 400.

There are also Ripple (4.5%), Solana (6%), Polkadot (7.5%), Dogecoin (3%), Terra (11%), Avalanche (1.5%), Uniswap (9.5%) ) and Chainlink (6%). good in greenery.

Cryptocurrency market overview.  Source: Quantify Crypto
Cryptocurrency market overview. Source: Quantify Crypto

Further growth is evident in OMG Network (23%), VeChain (21%), Qtum (19%), Tezos (15%), IOTA (11%), THORChain (11%), AMP (11%), Arweave (11 %) and ICON (10%).

The market capitalization of the cryptocurrency has increased by about $ 100 billion to just $ 2 trillion.

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Cryptocurrency charts from TradingView.

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