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Bitcoin Eyes $45K: Crypto Market Turns Green on Positive US Fed News (Market Watch)

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The price of bitcoin has jumped to a weekly high of nearly $45,000 amid positive news coming from the US Fed Chair – Jerome Powell. Most alternative coins have also marked substantial daily gains, with ETH rising above $3,100 and BNB jumping to $400.

Bitcoin Eyes $45K

The tides seemed to have turned in the cryptocurrency space in the past 24 hours. On Wednesday, bitcoin had dumped below $41,000 for the third time since the start of the week, and the situation looked grim at best.

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However, the bulls managed to intercept this drop just like the previous ones and pushed the asset north. As reported yesterday, this resulted in BTC exceeding $43,000.

The cryptocurrency even attempted to break above $44,000 but was initially stopped. However, BTC shot up in the hours after and neared $45,000. This came shortly after the US Federal Reserve Chairman – Jerome Powell – said during a two-hour House Finance Services Committee meeting that the country has no intentions to ban cryptocurrencies.

As a result, bitcoin spiked to its current level, which is the highest it has been in a week. Consequently, its market capitalization has increased to $850 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Nothing But Green

Most larger-cap alternative coins remained stagnant in the past few days. This is not the case now, though. Ethereum had fallen to $2,900 and struggled to reclaim $3,000. However, a 5% daily increase has driven the second-largest cryptocurrency to above $3,100 as of now.

Cardano also dipped hard during the week but currently stands at $2.15 after a 4.5% jump. Binance Coin, which was the best performer yesterday, continues to impress again with an 8.5% increase to over $400.

Ripple (4.5%), Solana (6%), Polkadot (7.5%), Dogecoin (3%), Terra (11%), Avalanche (1.5%), Uniswap (9.5%), and Chainlink (6%) are also well in the green.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from OMG Network (23%), VeChain (21%), Qtum (19%), Tezos (15%), IOTA (11%), THORChain (11%), AMP (11%), Arweave (11%), and ICON (10%).

The cryptocurrency market cap has increased by roughly $100 billion and is just shy of $2 trillion.

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