Today cryptocurrency There has been a boom in the market and till the time of writing the news, its Marketplace Cap has reached $3.41T. It registered an increase of 1.64% compared to the previous day. This shows the recovery of the market after a big fall. There was a huge fall in the crypto market yesterday, in which the market fell down by 10% and the main reason for this was the big fall in the price of Bitcoin (BTC). But today Bitcoin has made a comeback and its price has reached $97,819.40, creating a bullish environment in the crypto market.
Recovery in BTC and rise in crypto market
BTC’s recovery has not only benefited Bitcoin but also other major cryptocurrencies. First of all, it is important to understand that fluctuations in the price of Bitcoin have a deep impact on the crypto market. When the price of Bitcoin falls, the rest of the cryptocurrencies are also affected. But when the price of BTC improves, the prices of other coins also start rising.
key points:
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Effect of Federal Reserve’s announcement: Recently, the Federal Reserve announced that it would not be holding Bitcoin in its reserves, which was a negative signal and led to a huge decline in the price of Bitcoin. Bitcoin, which had made its all-time high of $108,268.45, fell to $94,000.
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BTC Recovery: However, Bitcoin has shown recovery and managed to reach $97,819.40. Along with this, the price of Bitcoin has seen an increase of 0.77%, which positively affected the entire crypto market.
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Altcoins bullish: Along with the rise of BTC, major Altcoins like Ethereum, XRP and Solana have also seen a rise. Ethereum touched a price of $3,491.94, up by 3.38% in 24 hours, while XRP was up by 1.01% and Solana were trading at $2.32 and $197.32, respectively, up by 1.62%.
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Memecoin’s growth: Like Memecoin Shiba InuDogecoin and Pepe prices have also seen a rise, indicating that BTC’s gains have impacted these smaller and popular coins as well.
Conclusion
The main reason behind today’s rise is the recovery of BTC, which excited the market. When the price of Bitcoin improves, the prices of other cryptocurrencies also increase along with it. However, it remains to be seen how long this rally continues, as the crypto market is always volatile. Fluctuations can be seen in the prices of BTC and other major coins in the coming days, but at the moment the crypto market is looking green.
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