Cryptocurrency Update: The global cryptocurrency market on Thursday, March 17, rose slightly as major crypto coins gained their value. The cryptocurrency market cap today was standing at $1.82 trillion, according to data from global crypto tracking website CoinMarketCap. This was up by 1.61 per cent over the last 24 hours. The The global crypto volume also rose over the past day. The total volume of traded coins amounted to $94.32 billion over the course of the last day. This has jumped by 1.06 per cent over the last 24 hours.
“The US Federal Reserve raised interest rates for the first time since 2018, from 0.25 percent to 0.5 percent to combat the surging inflation rate. In most cases, the rise of interest rates tends to signal uncertainty for the crypto market as investors have greater access to yield from low-risk avenues of the market," said the CoinDCX Research Team on the crypto market movement.
“Yet, in contrast, the past 24 hours have witnessed the crypto market responding atypically, trending further upwards to continue its bullish trend in the greens," it said.
This could be a case of a lag in market reaction and investors may only begin to witness its true impact on crypto down the line, it added.
Bitcoin price today stood at $40,894.44 as per data. This was up by 0.82 per cent in the last 24 hours. Ethereum or Ether, the second most popular cryptocurrency in the global market, also rose by 4.25 per cent in the last 24 hours to stand at $2,797.39, according to data by CoinMarketCap.
“The bitcoin prices remained fairly neutral and unfazed at $40K as the US Federal Reserve hiked the Interest rate by 25 basis points. The crypto markets were expected to react strongly to the Fed Reserve decision. Recently, the aid received by Ukraine through cryptocurrency had topped $100 million and, today, with the Ukrainian President legalizing cryptos in the country, this number could grow considerably," said the WaziX Trade Desk. The next resistance for BTC is expected at $44,500 level
“Alongwith Bitcoin, Ethereum too was largely unaffected due to the recent interest rate hike by the Feds. Ethereum prices maintained its position above the $2,700 level," it 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 - up by 840.76 per cent
Safeloki: $0.000000001677 - up by 410.23 per cent
FaithfulDoge: $0.0000000005358 - up by 271.37 per cent
Egoras Credit: $121.64 - up by 258.18 per cent
HydraMeta: $0.0004007 - up by 249.29 per cent
SnoopFlokiDog: $0.00003776 - up by 234.14 per cent
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 - down by 99.00 per cent
CyborgShiba: $0.0000004585 - down by 90.86 per cent
Covid Cutter: $0.00007447 - down by 74.24 per cent
BALI TOKEN: $0.0000008462 - down by 70.92 per cent
HelpSeed: $0.0001439 - down by 65.69 per cent
GNY: $0.04559 - down by 65.30 per cent