XRP, ADA Explode by Double Digits, Bitcoin Stable at $28K: Market Watch
March 23, 2023
Ripple surged 16% to a multi-month high.
Ahead of today’s FOMC meeting, bitcoin has added a few hundred dollars and has pumped to just over $28,000.
Several altcoins have posted significant gains, with XRP, ADA, ALGO, and XLM leading the race.
BTC Back at $28K
The approaching US Fed FOMC meeting is likely the most significant one in a while, given everything that has been happening with the US banking industry, particularly the recent collapse of some of the biggest corporations.
The US central bank was blamed by some that it caused the disruption in the national banking system following its continuous interest rate hikes. As such, the previous assumptions that there will be another increase on March 22 were put into doubt by many, including Elon Musk.
Risk-on assets, like bitcoin, reached new regional heights as a result of the financial crisis and Fed forecasts.
The price of bitcoin recently jumped from $20,000 to over $28,000 in a matter of days, setting a record and driving the Fear and Greed Index up as well.
The past 24 hours were rather calm, with BTC remaining around $28,000. Yet, it’s safe to assume that there will be more volatility later today when the Fed announces whether it will raise the interest rates or revert from its policy.
XRP and ADA steal the spotlight
While most altcoins are with minor gains today, including BNB, SOL, and TRX, others, such as XRP and ADA, have gone on a tear. The former has surged by over 15%, tapping a multi-month high of its own at $0.45.
Cardano’s native token is also up by double digits (10%) and trades close to $0.4. Dogecoin and Chainlink have also surged by impressive percentages, $5.6 and $7.4, respectively. Ethereum touched $1,800 earlier today after a 2.7% jump.
More gains come from XLM and ALGO. These price increases have helped the cumulative market cap of all crypto assets erase yesterday’s losses, and the metric is back to $1.180 trillion on CMC.