Since their yearly lows, Bitcoin, Ethereum, and the majority of cryptocurrencies have experienced a market-wide rally with modest increases. Even if it has increased by nearly 4% in the last 24 hours to $855 billion, the global crypto market cap today is still below the $1 trillion threshold.
At $15,932, the price of Bitcoin has remained above the resistance level. BTC will probably trade above $16,300 in the near future if the bulls can maintain the advantage they have today. Ethereum, on the other hand, bounced off the level even though it fell to its lowest level at $1,074.
On November 23, 2022, the U.S. FOMC minutes reports have not yet been made public. Investors’ confidence in the crypto market could also be rising due to their belief that the United States Federal Reserve could roll out smaller-sized interest rate hikes in the next two months.
As the government implements strict measures to stop increasing inflation, FOMC meetings are fairly favorable for the broader crypto market. This has a beneficial effect on the crypto space in turn, but only briefly. The next meeting minutes could also have a negative effect on cryptocurrencies and stocks.