Following the Fed rate pause in November, Bitcoin price flirted with $36,000. The global crypto market cap rose to $1.32 trillion. Solana and layer 1 blockchain tokens surged. DeFi tokens like Uniswap and Aave also saw significant gains.
Bitcoin rallied against the $36,000 mark on Thursday, continuing its week-long rally. The worlds largest digital asset by market cap is now changing hands for $35,604, up 3.46% in the past 24 hours. The global cryptocurrency market cap also saw an increase, rising to $1.32 trillion, a rise of 3.63% in the last 24 hours, as shown by CoinMarketCap.
Fed Rate Pause In November
This rally comes after the U.S. Federal Reserves Federal Open Market Committee (FOMC) decided to leave its benchmark fed funds rate range steady at 5.25%-5.50%. Fed Chairman Jerome Powell mentioned during the post-FOMC press conference that the run-up in U.S. Treasury yields has tightened financial conditions. However, he also left the option open for an additional rate hike if necessary.
Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.
said the FOMC
Additionally, Solana (SOL) experienced a remarkable rise, soaring 13% over the past 24 hours to reach a 14-month high after hitting $46. Native tokens of layer 1 blockchains such as Avalanche‘s (AVAX), Polkadot’s (DOT), and Near Protocols (NEAR) also rose by 8% to 11%.
Furthermore, decentralized finance (DeFi) tokens, which were previously laggards in October, saw a surge. Uniswap (UNI) and Aave (AAVE) advanced by 16% and 20%, respectively. Besides, Ether (ETH), the second-largest cryptocurrency by market cap rised nearly 3%.