Cryptos Upbeat As Fed Maintains Status Quo — Solana, Avalanche And Dogecoin Rebound
Portfolio Pulse from Murtuza Merchant
Following the U.S. Federal Reserve's decision to maintain interest rates, the cryptocurrency market has shown resilience with major digital assets experiencing price increases. Bitcoin (BTC) leads with a 4.1% rise, trading at approximately $42,760 and a market cap of $836.9 billion. Ethereum (ETH), BNB, XRP, Solana (SOL), Cardano (ADA), Lido Staked Ether (STETH), Avalanche (AVAX), and Dogecoin (DOGE) also saw gains, with SOL, ADA, and AVAX showing significant increases over the last week.
December 13, 2023 | 9:57 pm
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Cardano (ADA) has seen a remarkable 45.1% increase over the last week, currently trading at $0.646733.
Cardano's significant weekly gain reflects strong investor interest, which could be sustained or increased due to the Fed's steady rate, suggesting a positive short-term impact on ADAUSD.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Avalanche (AVAX) has experienced a 50.9% increase over the last week, currently trading at $41.09.
Avalanche's impressive weekly performance indicates strong market support, which could be positively influenced by the Fed's decision, leading to a positive short-term impact on AVAXUSD.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin (BTC) experienced a 4.1% increase in price, trading at approximately $42,760, with a market cap of $836.9 billion, indicating strong investor confidence.
Bitcoin's price increase directly reflects investor confidence following the Fed's decision to maintain interest rates, suggesting a positive short-term impact on BTCUSD.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Dogecoin (DOGE), the popular meme coin, is trading at $0.095048, with a 3.6% increase in the last week.
Dogecoin's increase over the last week aligns with the overall positive crypto market trend, which could be further supported by the Fed's decision, indicating a potential short-term positive impact on DOGEUSD.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Ethereum (ETH) saw a 3.6% rise in the last 24 hours, trading at around $2,260.25, with a market cap of approximately $270.6 billion.
Ethereum's price increase is in line with the overall positive sentiment in the crypto market following the Fed's rate decision, indicating a likely short-term positive impact on ETHUSD.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Solana (SOL) shows a significant rise, trading at $70.42, marking an 11.4% increase over the last week.
Solana's notable weekly increase suggests strong market momentum, which could be further bolstered by the Fed's decision, positively affecting SOLUSD in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85