Cryptocurrency Update: 6 Crypto Coins Gain Up To 841% in One Day; Bitcoin, Ether Rise

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Cryptocurrency Update: 6 Crypto Coins Gain Up To 841% in One Day; Bitcoin, Ether Rise

he cryptocurrency market cap today was standing at $1.82 trillion.

The cryptocurrency market cap today was standing at $1.82 trillion.

Alongwith Bitcoin, Ethereum too was largely unaffected due to the recent interest rate hike by the Feds

SWASTIKA DAS SHARMA

Cryptocurrency Update: The global cryptocurrency market on Thursday, March 17, rose slightly as major crypto coins gained their value. The cryptocurrency market cap today was standing at $1.82 trillion, according to data from global crypto tracking website CoinMarketCap. This was up by 1.61 per cent over the last 24 hours. The The global crypto volume also rose over the past day. The total volume of traded coins amounted to $94.32 billion over the course of the last day. This has jumped by 1.06 per cent over the last 24 hours.

“The US Federal Reserve raised interest rates for the first time since 2018, from 0.25 percent to 0.5 percent to combat the surging inflation rate. In most cases, the rise of interest rates tends to signal uncertainty for the crypto market as investors have greater access to yield from low-risk avenues of the market,” said the CoinDCX Research Team on the crypto market movement.

“Yet, in contrast, the past 24 hours have witnessed the crypto market responding atypically, trending further upwards to continue its bullish trend in the greens,” it said.

This could be a case of a lag in market reaction and investors may only begin to witness its true impact on crypto down the line, it added.

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