On Thursday, the cryptocurrency market extended its gains, with Bitcoin and other digital coins trading sharply higher. Investors are optimistic about the Fed’s next monetary policy moves, despite sluggish US consumer data. Short covering in select tokens aided sentiments as well.

Bitcoin surged past the $24,000 mark, as the top crypto token extended its gains and gained 12%. Ethereum, its largest peer, also gained double digits and was just shy of the $1,700 mark. A few altcoins increased by up to 22%.

Following a month of ups and downs, the cryptocurrency market is preparing for a positive outlook. According to ZepPay Trade Desk, the Federal Reserve has raised interest rates by one percentage point in three quarters, the largest increase since 1994.

Bitcoin has now surpassed $21,000 and is trading above $24,000. Other crypto assets that trade alongside Bitcoin, such as Ethereum (ETH) and Binance’s native token BNB, have also seen significant gains.

With the exception of US dollar-pegged stablecoins, all major top crypto tokens were trading with significant gains on Thursday. Aside from Bitcoin, Avalanche increased by 12% and Solana increased by 11%. Ethereum, Shiba Inu, and BNB all increased by 9%, while Dogecoin increased by 8%.

The global cryptocurrency market capitalization was trading sharply higher at $1.12 trillion, up nearly 9% in the last 24 hours. However, total trading volumes increased by more than 23% to $71.47 billion.

 

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