The crypto market rises 10% after the Fed raises interest rates; ETH, ETC and LDO lead the Altcoin rally
Defying the bearish sentiments that engulfed the crypto market ahead of the US Federal Reserve's interest rate hike on Wednesday, digital assets rose after the announcement, raising global market capitalization by 10%.
Bitcoin, the largest cryptocurrency, has gained 8% in the past 24 hours as its price soared from $21,200 to as high as $23,358. Ethereum leads the way for altcoins, gaining 12% to set a new 6-week high at $1,667.
The 24-hour price chart of Bitcoin (BTC). Source: CoinMarketCap
The 24-hour price chart of Ethereum (ETH). Source: CoinMarketCap
Ethereum-derived chain Ethereum Classic (ETC) is posting even better results, gaining 22.3% in the last 24 hours and 46.7% in the last 7 days to reach a high of $35.07. ETC is increasing as miners migrate from ETH to ETC as the merger approaches.
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