Cryptocurrencies gained on Wednesday, bucking the stock market’s decline as the Federal Reserve held interest rates steady.
Bitcoin and other major digital assets advanced following comments from Fed Chair Jerome Powell, who signaled that banks can continue serving crypto customers if they effectively manage the associated risks.
“Banks are perfectly able to serve crypto customers as long as they understand and can manage the risks,” Powell said. “And it’s safe and sound, as a good number of our banks that we regulate and supervise do that.”
Bitcoin (BTC) and leading altcoins like Ethereum (ETH), XRP, and Solana (SOL) were trading strongly in the green on Thursday.
The global crypto market cap stands at $3.56 trillion, reflecting a 2.76% increase in the past day.
The 24-hour crypto market volume stands at $127.54 billion, up 10.64%. Of this, DeFi accounts for $8.13 billion, 6.38% of the total, while stablecoins make up $115.89 billion, or 90.86%.
Bitcoin (BTC) price today
Bitcoin (BTC) surged up sharply hovering near the $105,000 mark. At the time of writing, BTC price is up around 3% trading at $105,415.
Bitcoin’s dominance rose slightly to 58.46%, increasing by 0.15%.
The coin made a low of $101,427.85 and a high of $105,303 in the past day.
Bitwise Chief Investment Officer Matt Hougan has suggested that President Donald Trump’s recent executive order on cryptocurrency could disrupt the traditional four-year market cycle.
In a note to clients, Hougan explained that according to the cycle, 2025 would typically be a strong year for crypto.
Bitwise has previously predicted that bitcoin’s price could double this year to surpass $200,000, fueled by ETF flows and bitcoin purchases from corporations and governments.
In this latest noted, he added that this estimate might prove conservative.
Ethereum (ETH) price today
Ethereum (ETH) saw a nearly 2% jump, reaching $3,194.39, with a low of $3,055.18 and a high of $3,213 in the past 24 hours.
The coin’s trading volumes have gone up around 20% to $24 billion.
XRP and SOL price today
XRP maintained its position above $3, trading at $3.12.
XRP price was down 1.14% at the time of writing, with a low of $2.98 and a high of $3.13 in the past 24 hours
Solana (SOL) emerged as the top gainer among the top 10 cryptocurrencies on Tuesday, experiencing a 4% jump, trading at $240.76.
Trading volumes for the coin were up 26% at $6 billion.
Crypto market gainers and losers
Onyxcoin (XCN) has emerged as the top gainer in the last 24 hours, trading at $0.03614, reflecting a notable 33.02% increase. Ondo (ONDO) also surged by 14.52%, with its price reaching $1.58.
Hyperliquid (HYPE) followed closely, posting a 13.84% rise to $25.86. Meanwhile, Fartcoin (FARTCOIN) gained 12.56%, trading at $0.968.
On the losing side, DeXe (DEXE) and Pudgy Penguins (PENGU) were the top losers, with a 10% and 5% decline, respectively.
Broader crypto price action
BNB (BNB) is currently trading at $677.13, showing a 0.06% increase in the last 24 hours.
KuCoin Token (KCS) is currently trading at $13.96, showing a 3.89% increase in the last 24 hours.
FTX Token (FTT) is currently trading at $2.06, showing a 4.64% increase in the last 24 hours.
BitMart Token (BMX) is currently trading at $0.302, showing a 3.68% decrease in the last 24 hours.
OX Coin (OX) is currently trading at $0.02165, showing a 1.47% decrease in the last 24 hours.
Celsius (CEL) is currently trading at $0.156, showing a 0.14% increase in the last 24 hours.
Bybit Staked SOL (BBSOL) is currently trading at $254.99, showing a 4.32% increase in the last 24 hours.
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