Crypto Market Surges on Renewed Investor Confidence Following Dovish Fed Remarks
Crypto News – The cryptocurrency market experienced a notable surge over the weekend, signaling a resurgence in investor trust in digital assets. Many experts attribute this rally to recent dovish comments made by Federal Reserve officials.
In a speech delivered on Friday, Federal Reserve Chair Jerome Powell defied market expectations for immediate aggressive interest rate cuts. He emphasized that it is premature to declare victory over inflation. Despite positive price indicators, Powell reaffirmed the Federal Open Market Committee’s commitment to maintaining a cautious monetary policy until they are convinced that inflation is securely returning to the 2% target.
In the realm of individual cryptocurrencies, Bitcoin recorded gains of 1.62% over the past 24 hours, trading at $38,807.70. Its recent yearly high has instilled confidence among market participants, with many investors now anticipating a push to $40,000. Notably, Bitcoin has gained nearly 3% over the past week.
However, when looking at the prices of other top cryptocurrencies, the market sentiment on Saturday, December 2, appears somewhat mixed. For instance, Ethereum’s price declined by 0.13% to $2,095.44 at the time of writing, with its trading volume over the past 24 hours dropping by 2.59% to $9.05 billion. Similarly, Binance Coin (BNB) saw a 0.21% decrease, trading at $229.32, while its trading volume remained stable at $593.60 million.
In contrast, XRP’s price increased by 0.27% to $0.6136 from the previous day, even though its trading volume decreased by 14% to $845.52 million over the past 24 hours. Additionally, Cardano (ADA) witnessed a 1.58% gain, trading at $0.3859, while its one-day trading volume fell by 17% to $228.49 million.
Within the meme coin category, cryptocurrencies saw modest gains, indicating investors’ willingness to make speculative bets in this sector. Dogecoin’s price, for example, rose by 0.40% to $0.08428 as of December 2, while its trading volume dropped by 29% to $475.51 million. Similarly, Shiba Inu’s price increased by 0.61% to $0.00000841, although its trading volume from the previous day fell by 56% to $104.22 million.
Despite mixed price movements among major cryptocurrencies, the overall cryptocurrency market cap rose by 1.13% from the previous day, reaching $1.46 trillion. Additionally, the total cryptocurrency trading volume surged by 4.31% over the past 24 hours, reaching $46.75 billion. Notably, the crypto market fear and greed index increased to 72, indicating growing trader confidence.
Top 4 Cryptos for Today
Pepe Coin Witnesses Slight Gains
On December 2, Pepe Coin experienced modest gains as investor confidence returned to the crypto market, following Bitcoin’s recent high on Saturday. Pepe Coin’s price increased by 0.25% to $0.000001106 at the time of writing, and its trading volume rose by 13.79% to $45.78 million.
Beam Rises by 15%
Beam (BEAM) emerged as one of the top-performing cryptocurrencies in the market on Saturday, suggesting that investors are increasingly focusing on this crypto. As of December 2, BEAM’s price surged by 15.23%, reaching $0.01124, while its one-day trading volume skyrocketed by 336.20% to $65.98 million. Notably, BEAM has gained nearly 31% over the past seven days.
Terra Classic (LUNC) Soars by 14%
Terra Classic’s price witnessed a significant 14.49% jump, reaching $0.0001369 on December 2, reflecting the prevailing bullish sentiment in the broader cryptocurrency market. LUNC has been gaining attention from investors lately, as indicated by an 83% surge in its price over the past seven days. Meanwhile, its trading volume from the previous day surged by 189.76% to $349.76 million.
Stacks (STX) Jumps by 13%
Stacks (STX) was another top gainer in the digital asset space on Saturday, attracting significant attention from market participants. As of December 2, STX’s price increased by 13.29%, reaching $0.7961, while its one-day trading volume surged by 118.03% to $141.36 million.
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