Why Crypto Market is Up Today? Is It a Precursor to a Giant Rally or a Smoke of Hopium?

The crypto market is rising today as the global market capitalization gained more than 2% and attempting to reach $1.1 trillion at the earliest. The trading volume also spikes by 25% to mark levels close to $50 billion at the moment.

The total value locked in DeFi is also surging as they approach $50 billion with a jump of 1.49%. Moreover, Bitcoin’s dominance is also surging which stands at around 42.25% with a rise of 0.17%, for the first time in the past 6 months.

But What Changes the Market Sentiments? Why the Crypto Market Is Rising Today?

Bitcoin and the traditional markets have been impacted by external events and FOMC is at the top of the list. Each time, the agenda for the next meeting is discussed, markets react notably and with the announcement of the fresh rates, BTC prices jump, uplifting the entire crypto space. Presently, the crypto space is surging but may be impacted any moment-says a popular analyst Rager. 

Meanwhile, the BTC price is expected to be impacted positively by the upcoming Fed announcement where-in the possibility of a massive upswing emerges. Along with this, the traditional markets are also believed to rise as both S&P 500 and Bitcoin are testing one of the crucial levels along the trend line.