Today’s trading session was a promising sight for the cryptocurrency industry as the investors finally got to witness some recovery.
Crypto Market Sees a Recovery
The entire cryptocurrency industry including Bitcoin (BTC), moved in a positive direction after a long time. For the first time in several weeks, it is being hoped that the crypto may move into the bullish zone.
All of this is based on the recent commentary from the US Federal Reserve officials that has sparked a strong hope in crypto investors.
Turns out that the comments the US Feds made have favored the bullish sentiments in the cryptocurrency market. As a result, the entire crypto market has moved in positive territory.
In the past 24 hours, the overall valuation of the cryptocurrency industry has recorded a 2.1% recovery.
This is quite remarkable for the industry because if it continues to grow in the same manner, it may soon cross the $1 trillion mark.
Performance of Major Cryptocurrencies
Bitcoin’s performance has been quite remarkable and promising in the recent trading session. The report shows that the trading value of Bitcoin reached its intraday and multi-week high of $16,769.
However, the price of Bitcoin was not able to climb higher and had to settle at $16,702. Still, it is a good sign for BTC investors as the largest crypto has finally recovered to a fine trading level.
The Coingecko report shows that the value of the second-largest cryptocurrency Ether (ETH) has also recorded a surge. Its value has reportedly surged more than 3% in the past 24 hours.
The value of ETH also rose up to $1,257 but at the time of writing, it seems to have settled at around $1,211.
The same uptrend has been recorded among the top ten cryptocurrencies. All major altcoins have recorded huge gains in their trading values and market valuations.
Among all the major cryptocurrencies, it is Litecoin (LTC) has demonstrated the strongest performance. In the past 7-days, its value has recorded a 35.4% surge.
Solana has hit the Bottom
Although the entire cryptocurrency market has moved into the positive zone, Solana seems to have hit the bottom. This is because of Solana’s strong connection with the FTX exchange.
It was due to the FTX exchange that the entire crypto market suffered a major collapse. As the Solana network was backed by the FTX exchange, it ended up taking a huge fall in its value.
However, things have turned fortunate for SOL in the past 24 hours as well as it has also recovered 10.5% and currently trades at $14.55.
US Feds’ Comments
Since mid-June, the Feds had been hiking the interest rates to fight inflation, which in turn was increasing the dollar’s strength and value.
This was causing the values of the crypto to weaken against the dollar. With inflation coming under control, the Feds have decided to lower the interest rates, which means that the dollar would weaken.
With the value of the dollar going down, the cryptocurrencies will regain their strength, a positive sign for the investment market.