Crypto Price Today: Bitcoin rises above $29,400 post FOMC outcome; Solana, Cardano jump up to 7%

economictimes.indiatimes.com:

cryptocurrency markets were majorly trading higher on Thursday after the US Federal Reserve stuck to script with a 25 basis-point rate hike. The Fed as anticipated lifted its benchmark lending rate to a range between 5.25% and 5.5%, with Chair Jerome Powell saying during a press conference that the central bank would let data determine whether to hike again. Bitcoin (BTC) surged 0.67% to $29,429, whereas Ethereum (ETH) was above the 1,850 level. BTC volume in the last 24 hours stood at approximately $12.96 billion, rising 20.32% in the last 24 hours. «After the US Federal Reserve raised its interest rates by 25 basis points, as expected by the market, there was a mild uptick in most cryptocurrencies. Bitcoin, which had previously dipped to a low of US$29,097 on Tuesday, has now shown signs of recovery, surpassing the US$29,400 level,» Edul Patel, Co-founder and CEO at Mudrex, said.

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«However, to fend off aggressive bearish sentiments, the bulls must assert their dominance and sustain the price above the US$31,000 threshold,» Edul added. Other top crypto tokens, XRP, BNB, Cardano and Solana were also trading higher on Thursday. Meanwhile, the global cryptocurrency market cap was trading higher, around $1.19 trillion, rising 0.87% in the last 24 hours. The total volume in DeFi is currently 2.72 billion, 8.94% of the total crypto market 24-hour volume. The volume of all stablecoins is now $27.94 billion,