Bitcoin and Ethereum have rebounded in the market, with Bitcoin surpassing $68,000 and Ethereum holding above $3,600. This rebound has contributed to a 2.10% increase in the overall cryptocurrency market, driving the total market capitalization to $2.70 trillion.
One notable performer in the market is DOGWIFHAT ($WIF), a memecoin that recorded a 24-hour surge of over 27.35%, making it the top performer. Other altcoins such as Solana, XRP, and PEPE also experienced a recovery.
The Fear & Greed index, which measures market sentiment, currently stands at 77, indicating extreme greed among investors and a positive market sentiment.
In other news, Solana’s decentralized finance (DeFi) Total Value Locked (TVL) achieved its highest level in two years, with an 80% increase over the past month. Solana’s network activity surpassed Ethereum’s, driven by demand for Solana-based memecoins.
Overall, the cryptocurrency market is experiencing volatility, with attention on the upcoming FOMC decision and Jerome Powell’s speech regarding inflation concerns. Despite short-term uncertainty, optimism remains fueled by factors such as Bitcoin halving and ETF inflows.
Source: COINGABBAR
