Bitcoin (BTC) and other major digital currencies have seen a sudden surge. The world’s largest cryptocurrency by market cap was up nearly 6%, surpassing the $41,000 mark before retracting again below the $40K psychological level. Ethereum (ETH), the second-largest coin by market value, traded as high as $2,720. The altcoin is currently trading at $2,640.
Other popular tokens such as Solana (SOL), Cardano (ADA), and Avalanche (AVAX) exhibited the same intraday volatility pattern.
The oscillations of a market that remains trapped in a trading range come as major equity markets on both sides of the Atlantic wait for the outcome of today’s Fed meeting, where a 25 basis-point hike is widely expected. The U.S. central bank will release its policy statement at 2 p.m. ET.
Edward Moya, a senior market analyst with OANDA, and former Chief Currency Strategist at Trading Advantage, said that if the Fed takes a “more gradual approach with tightening,” Bitcoin could see a retest of the $45,000 level.
The upside argument continues with Ether. FXstreet notes that if the bulls continue to support ETH above January’s last $2,670 resistance zone, the token, which the publication says is about “10% shy from entering a new bull run,” could see a surge toward the $4,800 all-time high area. First however, the bulls must break above the $2,800, for the altcoin to rally to the $3,450 – $3,500 rez area.
At last check, bitcoin was changing hands at $40,380, up 5.14% on the day while ETH was trading at $2,676, up over 6%.
Solana, Cardano, Avalanche and DOGE were up 5.75%, 2.93%, 5.43% and 2.52% respectively.