Crypto Price Today: Bitcoin rises above $34,300 ahead of Fed decision on rates
Meanwhile, the global cryptocurrency market cap surged 0.7% to around $1.27 trillion in the last 24 hours.
Bitcoin was up 0.66% at $34,304 as of 12:30 p.m., while its largest peer, Ethereum, surged 0.54% to above the $1,750 level.
Broader markets, including crypto, reflected positive gains as investors prepare for the Fed meeting scheduled for Wednesday, and the release of the U.S. jobs report. The crypto fear and greed index also continues to stay in the greed zone despite a four-point drop; currently at 68/100, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
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View Details»Meanwhile, Edul Patel, Co-Founder & CEO of Mudrex, said, «Bitcoin's price remained above the $34,000 mark throughout the weekend, supported by the ongoing optimism surrounding the potential approval of Bitcoin Spot ETF applications in the United States. Another possible contributor to this price movement could be the ProShares Bitcoin Strategy ETF (BITO), experiencing its second-highest trading week ever, reaching a staggering $1.7 billion in trading volume.»
Additionally, the Grayscale Bitcoin Trust (GBTC) recently achieved a trading volume of $800 million, further fueling positive sentiment in the market. Meanwhile, Ethereum traded above the $1,700 threshold, Edul added.
Other popular altcoins, including Polkadot and Solana, rose 2% and 1.7%%, respectively. Also, XRP, Cardano, Toncoin, Polygon, and Litecoin traded higher.
