Crypto Price Today: Bitcoin trades beyond $34,400; Solana, XRP climb up to 6%

Leading cryptocurrency tokens had uneven trading on Wednesday due to investor trepidation ahead of the Federal Reserve’s interest rate announcement.

Bitcoin climbed in the direction of $34,500 while being quite firm. Ethereum, its largest rival, crossed $1,800 once more.

While BNB, Cardano, Dogecoin, Chainlink, Polygon, Polkadot, Litecoin, and Shiba Inu traded in the red, other cryptocurrency tokens like XRP, Solana, tron, and Toncoin saw higher trading.

The Fed meeting that is anticipated to take place today is anticipated by wider markets. Any shift in interest rates is likely to have an impact on how the cryptocurrency market performs. Nonetheless, investors are especially enthusiastic about spot BTC ETFs in the United States; the SEC might react to applications for BTC ETFs prior to this year’s winter holidays.

This month’s spectacular 29% increase in BTC prices was partially caused by escalating rumours regarding the approval of BTC spot exchange-traded funds. Moreover, the impending halving event is getting closer, which piques investor interest even more.

Bitcoin has been comparatively steady over the past few days, moving in a sideways pattern while investors wait for big macro headlines today, November 1. The FOMC announcement and press conference will be the main focus because they have the potential to directly affect cryptocurrency prices.

In the meantime, the value of the world’s cryptocurrency market increased by 0.05% over the previous day to reach over $1.27 trillion.

At $4 billion, the total volume in DeFi presently represents 9.94% of the 24-hour volume in the cryptocurrency market. At $35.37 billion, the total value of stablecoins represents 88.02% of the 24-hour volume of the cryptocurrency market.

The largest cryptocurrency in the world, Bitcoin, had a fall in market capitalization to $672 billion in the past day. 52.8% of the market is presently made up of Bitcoin, according to CoinMarketCap. The volume of Bitcoin fell 11.5% to $15.3 billion in the last day.