Bitcoin is up over 16% in the last 7 trading days, leading the general cryptocurrency rally, with major altcoins like Ethereum, Cardano and Solana gaining over 20% or more. The rally in the market comes after the United States’ Federal Reserve (Fed) began increasing its interest rates.
To notes, the U.S. Fed announced that the interest rate will be raised by a quarter-percentage point to a range of 0.25%-0.5% from its current close to zero level. The central bank raised its benchmark interest rate for the first time since December 2018.
Since the announcement of the interest rate hike on the 17th of March, the cryptocurrency market capitalization has gained over 18%, from $1.82 trillion to current stand at approximately $2.15 trillion, above the $2 trillion mark, a mark it lost in February 2022.