Bitcoin and Ether Up After Fed Rate Rise, Cardano Profits Big



Cryptocurrency price today: On Thursday, May 5, all major cryptocurrencies posted sharp gains after a key interest rate hike by the US Federal Reserve. Morale encryption Investors got a boost after the aggression by Federal Reserve Chairman Jerome Powell eased. Globalism Cryptocurrency market As a result, the cap also showed a rise of 4.98 percent over the past day to stand at $1.80 trillion, according to the data.

Bitcoin price today It is up 4.24 percent at the time of writing to stand at $3,9673.64, according to CoinMarketCap data. The world’s largest cryptocurrency is up more than 5 percent on the day. on the other side. Ether prices also jumped more than 5 percent after the interest rate hike. The price of Ethereum today stood at $2,932.46 at the time of writing, up 4.94 percent in the past 24 hours.

“Bitcoin and the total market capitalization of cryptocurrencies jumped more than 5 percent in just a few hours as the Federal Open Market Committee announced a 0.5 percent increase in interest rates. Bitcoin’s RSI is currently at its highest level in a month. On the hourly time frame, The BTC chart exited the channel pattern with the start of an uptrend last night.The next resistance is expected at $48,600.WazirX Trade Desk said “We can expect this bullish momentum to continue for the next few days based on the chart pattern.”

The Federal Reserve’s Federal Open Market Committee meeting in May concluded with a decision to increase interest rates by 0.5 percent. In response to this news, the major indices closed in the green,” said Darshan Batega, CEO and Co-Founder of Fold.

Bitcoin’s great correlation with stocks has been crystal clear: Bitcoin has regained lost ground. He added that the market capitalization of cryptocurrencies rose by 6 percent over the 24 hours, while bitcoin gained 4.6 percent and Ethereum reclaimed 5.8 percent.

Other major cryptocurrencies such as Cardano and Solana saw a sharp rise of up to 14 percent after the Fed’s announcement. “The 6-hour trend of Cardano broke out of the falling wedge pattern. The next resistance is expected at $1.24 levels and the immediate support is expected at $0.74.”

Here are the top 10 cryptocurrencies and their prices on May 5, 2022 (data from coinmarketcap.com)

Bitcoin $39673.64 or 4.24% gain in the last 24 hours

Ethereum $2,932.46 or 4.94 percent gain in the last 24 hours

Tie a gain of $1.00 or 0.00 percent in the last 24 hours

BNB $401.58 or 4.10 per cent gain in the last 24 hours

USD Coin – gains of 1.00 USD or 0.01 percent in the last 24 hours

Solana $93.60 or 9.05 percent gain in the last 24 hours

XRP $0.6441 or 5.88 percent gain over the past 24 hours

Terra $86.60 or 3.81 percent gain in the last 24 hours

Cardano $0.8651 or 11.11% gain in the last 24 hours

TerraUSD 0.9987 or 0.11 percent loss in the last 24 hours

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