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The crypto prices today saw robust increases as investors appear to pivot toward higher-risk assets in response to recent decisions by the Federal Open Market Committee (FOMC). The decline in the digital asset space this week was somewhat attributed to the concerns regarding U.S. inflation data, FOMC decision, and other macroeconomic events.
Meanwhile, the recent U.S. Consumer Price Index data showed that the inflation cooled in November, fuelling the investors’ confidence. However, the investors still stayed on the sideline, as evidenced by the decline in the market on December 13, waiting for clarity from the last gathering of Fed officials this year.
Notably, the Federal Reserve maintained its primary interest rate for the third consecutive occasion On Wednesday, December 14, and laid the groundwork for several anticipated cuts in 2024 and beyond. The Federal Open Market Committee, observing a moderating inflation rate and stable economic conditions, unanimously decided to retain the benchmark overnight borrowing rate within the 5.25%-5.5% range.
In addition to maintaining the current stance, committee members outlined plans for at least three rate cuts in 2024, each anticipated to be in quarter-percentage-point increments.
The decision comes as a boon for the global financial market, let alone the crypto market, as evidenced by the market rally following the updates. Meanwhile, in crypto prices, the Bitcoin price saw an increase of 4.58% in the past 24 hours, reaching $42,718.87. This recent rally has instilled confidence in market participants, with many anticipating a new yearly high in the coming days.
Looking at the other top cryptocurrencies, the Ethereum price rose 3.98% to $2,250.27, while noting a 6.81% drop in its 24-hour trading volume to $11.27 billion. Simultaneously, the XRP price increased by 2.91% to $0.624, while its trading volume decreased by 3.47% to $1.45 billion in the last 24 hours.
Meanwhile, the Cardano price experienced a strong gain of 16.90%, trading at $0.6535, with its one-day volume soaring by 58% to $1.98 billion. The Solana price was up 6.36% to $69.95 during writing, reflecting the bullish sentiment in the market.
In the meme coin category, the cryptos displayed modest gains, indicating investors’ willingness to take speculative positions. The Dogecoin price rose 4.47% to $0.09555 on December 14, with a 25% decline in its trading volume to $713.09 million. Additionally, the Shiba Inu price increased by 5.51% to $0.000009843, while its volume fell by 14.8% to $173.06 million.
Amid the rally in the crypto prices, the overall crypto market cap increased by 4.64% to $1.6 trillion from the previous day. However, the total crypto volume decreased by 6.6% over the last 24 hours, reaching $66.05 billion. Notably, the crypto market fear and greed index also rose to 76, indicating growing confidence among traders.
Also Read: Cardano (ADA) Price Jumps 18% As Whales Join the Party
The Top Cryptos For Today Are
Pepe Coin Soars 6%
The Pepe Coin regained momentum on December 14, after witnessing choppy trading over the week. As of writing, the Pepe Coin price soared 5.84% on Thursday and traded at $0.000001406, while its volume over the last 24 hours was 19.51% to $104.05 million.
Bonk (BONK) Advances 42%
The BONK crypto was among the top percentage gainers in the crypto market on Thursday, reflecting the growing confidence of the investors towards the meme coin segment. Meanwhile, the BONK price advanced 42.34% to $0.00001378 during writing, while its trading volume from yesterday jumped 92.37% to $271.18 million at the same time.
Beam (BEAM) Rises 32%
The BEAM price soared 32.24% to $0.02657 amid an upward trend in the broader crypto market. Meanwhile, the trading volume of the crypto also noted a surge of 59.86% to $147.85 million over the last 24 hours. Notably, the crypto has added nearly 224% over the last 30 days.
Also Read: Fed Plans for Three Rate Cuts In 2024, Altcoin Market Rally Continues
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- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
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