Bitcoin is up over 16% in the last 7 trading days, leading the general cryptocurrency rally, with major altcoins like Ethereum, Cardano and Solana gaining over 20% or more. The rally in the market comes after the United States’ Federal Reserve (Fed) began increasing its interest rates.
To notes, the U.S. Fed announced that the interest rate will be raised by a quarter-percentage point to a range of 0.25%-0.5% from its current close to zero level. The central bank raised its benchmark interest rate for the first time since December 2018.
Since the announcement of the interest rate hike on the 17th of March, the cryptocurrency market capitalization has gained over 18%, from $1.82 trillion to current stand at approximately $2.15 trillion, above the $2 trillion mark, a mark it lost in February 2022.
With Bitcoin rallying, we are also seeing bullish action from altcoins. Of the top 10, we are seeing Cardano’s native token, ADA, lead the rally, gaining 33% in the last 7 days. Other leaders of the top 10 includes Solana’s SOL token, Ethereum’s Ether token, Terra’s LUNA token and Avalanche’s AVAX token, who are gaining 9.37%, 6.96%, 11.13% and 10.42% respectively as of the time of this writing.
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