The global crypto market has seen significant improvement over the last 24 hours. The increase reflects the global cryptocurrency market cap and the trading volume.
On-chain data point to a small positive change in trading volume. Nonetheless, price actions indicate that the majority of the over $73 billion worth of trades were from buyers. The combined market cap increased by over 2% as it edged closer to $2.10 trillion.
Crypto Market Anticipates FOMC Meeting
Fundamentals undoubtedly fueled the significant changes. It is worth noting that all eyes are on the FOMC meeting, which will happen tomorrow. The outcome of the meeting is not almost glaring, as there were indications of a possible interest rate cut this month.
The most recent hike across several crypto assets anticipates this critical event. Celestia is the top gainer in the last 24 hours. It started the day at $4.53 but surged and peaked at $5.30. Currently exchanging at $5.23, it is up by over 15%.
Following closely behind is Immutable. It kicked off trading at $1.22 but surged after a minor correction. It flipped its fourteen-day high and peaked at $1.46 as it hit a brick wall in its attempt at $1.50. The rejections also sent lower, exchanging at $1.38, an over 13% surge.
TAO surged above $324, adding over 12% to its current value. FTM also printed its most extended candle this week as it surged. It attempted $0.60 but failed due to selling congestions at $0.58. Nonetheless, it is up by over 11%.
Other analysts argue that improvements in US stocks were also responsible for the latest surge. The S&P 500 recently registered a new all-time high at 5,670.81. The latest performance marks a more than 10% increase from August’s low and over 20% growth this year.
The latest milestone is also a result of the surge in the value of the largest companies listed on the United States stock exchanges.
Nonetheless, the final decision on if the uptrend will depend on the outcome of the FOMC meeting.
