BTC leads crypto market rebound as altcoin prices also rise
Updated
Bitcoin brought the cryptocurrency market out of the doldrums at least for a day on Wednesday as it’s revival also prompted a resurgence in altcoin prices.
According to Capital.com data, Bitcoin (BTC) was up 2.5% in afternoon trading in North America’s West Coast markets.
The surpruse robound turned the tables turned on analysts who predicted more doom and gloom after what could be described as a terrible Tuesday and a US Federal Reserve (FED) interest-rate hike announced earlier Wednesday.
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BTC to USD Chart
Others enjoy big gains
Solana (SOL), Cardano (ADA) Dogecoin (DOGE), Tron (TRX), Aave, and Ape enjoyed big gains – double-digit percentage increases, in other words – a day after most digital coins were well in the red.
Two other major cryptocurrencies – (ETH), and Ripple (XRP) also got back in the green. The former up 8% and the latter rose 2.66%.
TRX to US dollar
Celsius Network coin’s troubles continue
But the Celsius Network native token (CEL) was down 10.53% as its freefall continued.
The crypto lender behind the network and coin triggered a crypto sell-off on Monday by freezing its 1.7 million clients’ transfers and withdrawals indefinitely.
CEL rode the proverbial roller coaster on Tuesday, experiencing a short-term spike before crashing back.
CEL to US dollar
Adage reinforced
But just when it looked like the crypto sector would spend another day – and, potentially, much longer – in the doldrums, bitcoin reinforced a familiar adage: As it rises, the rest of the market does, too.
The crypto sector’s increasing ties to macroeconomic trends were also reinforced as its rebound coincided with a stock market recovery that followed the Fed interest-rate hike.
However, bitcoin and its bandwagon passengers remained well below week-earlier price levels. Hovering in the $22,000 range, bitcoin was down about two-thirds from its November 2021 all-time high of $68,990.
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