Investing - Bitcoin prices surged to their highest level since August last year after the Federal Reserve announced an interest rate hike.
At press time, Bitcoin rose 3% to $23,759, and Ethereum surged 5.8% to $1,667. The top 100 cryptocurrencies by market capitalization have risen 37% overall since 2023.
Cici Lu, founder of blockchain consulting firm Venn Link Partners, said risk appetite fueled cryptocurrency gains following dovish Fed comments. She added that she has seen increased institutional buying in recent weeks.
Some strategists focusing on technical analysis believe Bitcoin's rebound may stall around $25,000. Mark Newton, head of technical strategy at Fundstrat, cited $25,200 as potential resistance.
Currently, the total cryptocurrency market capitalization has risen 3% to $1.09 trillion.
At press time, Bitcoin rose 3% to $23,759, and Ethereum surged 5.8% to $1,667. The top 100 cryptocurrencies by market capitalization have risen 37% overall since 2023.
Cici Lu, founder of blockchain consulting firm Venn Link Partners, said risk appetite fueled cryptocurrency gains following dovish Fed comments. She added that she has seen increased institutional buying in recent weeks.
Some strategists focusing on technical analysis believe Bitcoin's rebound may stall around $25,000. Mark Newton, head of technical strategy at Fundstrat, cited $25,200 as potential resistance.
Currently, the total cryptocurrency market capitalization has risen 3% to $1.09 trillion.
