BTC at the beginning of the week has performed poorly when it has fallen below the $19K trading level. However, after the announcement of an interest rate hike by the Fed which was in line with expectations, market players began to regain tolerance with the risk market.
Today, BTC has slightly recovered from the trading level of $18K and is trading at the trading level of $19,050. However, it should be noted that the crypto market is still bearish due to unfavorable macroeconomic conditions.
On the other hand, most altcoins started making a comeback today. Most notable was another cryptocurrency, XRP when it soared over 60%. In the past 24 hours, XRP has surged more than 20%.
As for Ethereum, it still remains in a declining performance with a fall of more than 11% in 7 days and a fall of almost 1% in 24 hours. Ethereum's fall began after the successful 'merge' event with investors starting to take profits. Ethereum is currently trading at $1,200.
Binance Coin, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, MATIC, and Tron are also in the strengthening zone. XLM, CRO, ALGO, XCN and CHZ have each surged by double-digit percentages. The total crypto market has increased by $20 billion to almost $950 billion.
The market will focus on the NFP employment data released in 2 weeks. The market believes that NFP will be a big variable in determining the direction of the market.
