Leading cryptocurrencies held their ground on Wednesday as investors reacted to the Federal Reserve’s latest decision on interest rates.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:23 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.30% | $80,834.44 |
| Ethereum (CRYPTO: ETH) |
+0.20% | $2,343.35 |
| XRP (CRYPTO: XRP) | -0.70% | $1.32 |
| Solana (CRYPTO: SOL) | +0.60% | $101.44 |
| Dogecoin (CRYPTO: DOGE) | +0.60% | $0.07931 |
Crypto Market Remains Steady
Bitcoin oscillated between $80,334 and $81,698, while Ethereum struggled to cross $2,400. The global cryptocurrency market capitalization increased 0.7% to $2.82 trillion over the last 24 hours.
Cryptocurrency-related stocks gained, as Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed up 2.66% and 1.99%, respectively.
Nearly $260 million in cryptocurrency positions were liquidated over the past 24 hours, including $155 million in long positions, according to Coinglass data.
Bitcoin’s open interest slipped 1.31% over the last 24 hours. When prices rise while open interest falls, it typically indicates short covering rather than strong bullish buying.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:23 p.m. EDT) |
| Pepe (PEPE) | +8.20% | $0.000005081 |
| Pearl (PEARL) | +6.10% | $1.80 |
| Kaspa (KAS) | +3.70% | $0.03702 |
Stock Market Extends Gains
The Dow Jones Industrial Average rose 97.53 points, or 0.19%, to close at 52,475.10. The S&P 500 added 0.28% to end at 7,743.98, while the tech-focused Nasdaq Composite gained 0.27% to close at 26,549.8
As widely expected, the Kevin Warsh-led Fed held interest rates steady, keeping the target range at 3.75% to 4%, while two officials dissented in favor of a quarter-point hike.
End Stage of BTC’s Correction?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, remained bullish on Bitcoin, forecasting $90,000–$95,000 in the fourth quarter.
They highlighted aggressive spot buying against short perps positions as evidence of underlying “structural demand” for BTC.
“I would assume that we’re still at the end stage of the correction and that making this higher low indicates that we’re on edge for a big breakout upwards,” the analyst added.
On-chain analytics firm CryptoQuant noted that Bitcoin’s realized capitalization—which values each BTC at the price it last moved on-chain—has been rising lately, in tandem with the increase in prices.
The firm noted that if realized capitalization continues to expand and Bitcoin prices manage to hold their recent gains, it could set the stage for further market advances.
“If both hold, this renewed rise could mark the early stage of a healthier market structure, as it did in 2023,” CryptoQuant projected.
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