The largest cryptocurrency on the market is cooling off ahead of the Federal Open Market Committee (FOMC) later today. That seems to provide some space for a number of large altcoins to catch up, although not all coins follow. Keep in mind that it is expected that it can still get exciting today. The total market capitalization of crypto is up 0.8% to $1.122 trillion
📈 Market Overview#BTC price trades above $28K
The Top-10 are traded in green zone: $XRP +19.1%, $ADA +12.6%, $DOGE +5.81%.
Market cap: $1.26T (+3.32%)$BTC dominance: 43.50% (-1.37%)
Fear & Greed Index: 62 (Greed)Full Report👉https://t.co/szHANkMWQN pic.twitter.com/bKUxjC7hAU
— CryptoRank Platform (@CryptoRank_io) March 22, 2023
Bitcoin is still holding above USD 28,000
Bitcoin (BTC) took a small dip yesterday, but recovered quickly to hit $28,600, its highest price since June 2022. Since then, bitcoin has been stuck between $28,200 and $28,400, but the market expects it to become volatile due to FOMC tonight.
1/ The Fed rate decision will be released in 10 hours.
The figure below shows the price change of $BTC before and after the announcement of the Fed rate decision in the past year.
And we noticed that some institutions transferred funds into the crypto market.👇 pic.twitter.com/4sGulbAVk0
— Lookonchain (@lookonchain) March 22, 2023
Ethereum back above USD 1,800
Ethereum (ETH) made a big jump yesterday afternoon, but ran into a little too much resistance around $1,820. Ether is still holding up around $1,800, although the price seems to be struggling this morning. ETH is up 2.1% today.
There are 40M Ethereum wallets that hold less than 0.0005 ETH (~$0.90)
Effectively this is ~$11M (6242 ETH) out of circulation; Since it takes around ~0.0005 ETH for a swap at 20 gwei, it generally wouldn’t be worth it for people to send it to an exchange and swap out pic.twitter.com/GHXya5EvUK
— Conor (@jconorgrogan) March 22, 2023
XRP price is taking off
Ripple (XRP) stole the show yesterday, possibly due to news about the lawsuit. The price finally saw a revival and made a huge increase that peaked around $0.494. By this morning, XRP will drop back to $0.45, but with that the price is still more than 16% up today.
1/ Despite the external pressure being applied by US regulatory authorities, the $XRP Ledger (XRPL), supported by @Rippleaims to provide a digital payment infrastructure not just for individuals, but also for existing financial entities such as central banks.
XRPL Overview👇🧵 pic.twitter.com/Cv08YK2HrO
— Messari (@MessariCrypto) March 21, 2023
Cardano also makes a strong increase
Cardano (ADA) was also able to pick up considerably in the past 24 hours. The ADA price hit a peak of $0.388 early this morning and is currently holding above $0.37. At $0.375, ADA is currently up 10%.
ICYMI: Cardano’s network is evolving and Dynamic P2P is now rolling out on mainnet. SPOs can now test automated connections of #Cardano nodes.
Find out more in this blog post: https://t.co/jbc8E15Hox
— Input Output (@InputOutputHK) March 21, 2023
Crypto top 10 turns green, except binance coin
Dogecoin (DOGE) is then the fastest climber from the top 10 and is up 4.4% today at a price of $0.076. Polygon (MATIC) is only up 2% at $1.15 and Solana (SOL) is only up 1% at $22.7. However, Binance coin (BNB) makes a sharp dive this morning to $327 and is therefore 3% down.
Crypto top 100 hardest fallers and risers
Not everything in the top 100 turns green either. A number of strong risers of recent times are falling today. For example, synthetix (SNX) fell by 3.3%, immutablex (IMX) by 3.7%, xdc network (XDC) by 6.7% and stacks (STX) by 7.1%.
Nevertheless, we also have a number of prices in the top 100 in the plus, although they are not rising as fast as XRP. Frax share (FXS), singularitynet (AGIX) and bitcoin sv (BSV) are up almost 6%.
Chainlink (LINK) is up almost 7%, stellar (XLM) is already up 8% and bitget token (BGB) is up 9.5%. In fact, Algorand (ALGO) is up 11%, briefly trading above $0.24.
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