Crypto Prices Remain Resilient Despite Fed Chair Powell’s Hawkish Stance on Interest Rates

Crypto Prices Remain Resilient Despite Fed Chair Powell’s Hawkish Stance on Interest Rates

Crypto News – On Friday, November 10, the cryptocurrency market continued to show strength, even in the face of Federal Reserve Chair Jerome Powell‘s cautious outlook on interest rates. Powell had issued a warning about the possibility of further interest rate hikes to combat inflation, but the crypto market appeared resilient to these concerns.

Despite Powell’s expressed concerns regarding the effectiveness of recent policy measures, the cryptocurrency market displayed upward momentum. At the time of writing, Bitcoin had gained 0.49%, reaching a price of $36,752.55, and its trading volume had increased by 62.49% to $35.02 billion over the last 24 hours.

In addition to Bitcoin’s positive movement, Ethereum experienced a significant surge of 10.53%, trading at $2,123.86, with its trading volume skyrocketing by 204.62% to $25.42 billion. Simultaneously, Ethereum’s market capitalization increased by 10.57% to reach $255.53 billion. Binance Coin (BNB) also saw a rise of 2.12%, reaching a price of $256.30, with its trading volume surging by 188.27% to $1.17 billion.

Solana’s price showed a gain of 6.88%, reaching $47.23, while Cardano (ADA) advanced by 2.13% to $0.3741. Solana’s trading volume increased by 147.14% to $2.91 billion, and Cardano saw a trading volume increase of 116.75% to $712.27 million.

In contrast, meme coins failed to maintain their positive momentum on Friday, signaling a potential shift in investor focus. Dogecoin’s price dropped by 3.49% to $0.07402, although its trading volume increased by 65.55% to $973.09 million. Shiba Inu also experienced a decline of 2.32%, with a price of $0.000008424, while its trading volume over the past 24 hours surged by 81.29% to $293.32 million.

The overall surge in major cryptocurrencies contributed to a significant upturn in the entire crypto market. The global crypto market cap increased by 2.35% to $1.4 trillion, and the market fear and greed index reached 77, indicating a “greed” sentiment among investors. Over the last 24 hours, the total market volume in the crypto market grew by 95.07%, reaching $95.46 billion.

Pepe Coin, along with other major meme coins, remained relatively flat, with a slight decline of 0.15% to trade at $0.000001333. However, the trading volume of Pepe Coin increased by 163.39% to $396.37 million, and its market capitalization rose by 0.37% to $556.38 million.

Among the top percentage gainers on Friday, Rocket Pool (RPL) stood out with a significant increase of 20.26% over the past 24 hours, reaching a price of $32.70, while its trading volume surged by 623.69% to $31.40 million.

Lido DAO (LDO) also showed remarkable gains, with a price increase of 17.84% to $2.38 on November 10. Its trading volume experienced a substantial spike of 308.07%, reaching $349.16 million, and its market cap soared by 17.93% to $2.12 billion during the same period.

Huobi Token (HT) joined the list of top performers with a 12.39% price increase on Friday, trading at $2.80. Its trading volume over the past 24 hours saw a notable rise of 25.73% to $30.66 million, while its market capitalization increased by 12.05% to $454.96 million during the same timeframe. Notably, the token had seen a nearly 23% surge in the past 30 days.