Bitcoin Surges Past $81K Pre-FOMC; M Jumps 12%

Bitcoin Surges Past $81,000 as Markets Await Fed Decision

Bitcoin’s price has surged by approximately $2,000 in the past 24 hours, as financial markets brace for the second-to-last U.S. Federal Reserve Federal Open Market Committee (FOMC) meeting of the year, scheduled for later today.

The broader cryptocurrency market has also seen a positive shift, with Ethereum approaching the $2,400 mark and XRP reclaiming the critical $1.30 support level. Other altcoins, including BTW and PEPE, have experienced significant price increases.

Just a week ago, the primary cryptocurrency faced a sharp downturn. Bulls had managed to push Bitcoin to a two-week high of $85,000, but this rally proved short-lived, with the asset quickly shedding over $2,000. The negative price momentum intensified throughout the week, bringing Bitcoin close to breaking below the $80,000 threshold by Friday.

While Bitcoin initially defended this level, bears ultimately broke through on Saturday, sending the cryptocurrency to a five-week low of $79,100. Attempts to rebound on Sunday were capped at $81,000, and Bitcoin dipped below $80,000 on several subsequent occasions.

The start of the current trading week offered little respite, with Bitcoin remaining below $80,000 for an extended period. However, earlier today, the cryptocurrency experienced a notable upward movement, surpassing $80,000. Bulls have since initiated another upward trend, pushing the price to $81,650 in recent minutes. As of press time, Bitcoin is trading around $81,500, with further volatility anticipated following the conclusion of the FOMC meeting and a subsequent speech by former Fed Governor Kevin Warsh.

Bitcoin’s market capitalization has now risen to $1.630 trillion, and its dominance over altcoins has reasserted itself, reclaiming the 60% level on CoinMarketCap.

Altcoin Performance

Ethereum has gained 3% over the past day, now trading near $2,400. BNB is trading above $750, while XRP’s 3% increase has pushed it further beyond the crucial $1.30 support. Solana (SOL) has recovered from a dip below $100, and cryptocurrencies such as HYPE, Dogecoin (DOGE), Monero (XMR), and Chainlink (LINK) have posted gains of up to 5%.

Among the top 15-20 altcoins, Zcash (ZEC), NEAR Protocol (NEAR), and Bitcoin Cash (BCH) have shown the most impressive gains. BTW has surged by nearly 30%, followed by PEPE’s 16% rise and a 12% jump for M.

The total market capitalization of all crypto assets has increased by over $40 billion in the last day, now exceeding $2.710 trillion on CoinMarketCap.