Crypto market soars high, Bitcoin crosses $29,000, Solana surges 10%

Crypto market overview: The crypto market recorded a major upswing in the last 24 hours as Fed Chairman Jerome Powell hinted at keeping the interest rates unchanged. Bitcoin has crossed the mark of $29,000 and currently trading at $29,220 with 3.3 per cent increase in the last 24 hours. Other leading cryptocurrencies also followed the trend with ETH gaining close to 2 per cent and Solana surging as much as 10 per cent in the last 24 hours. 

The Crypto Fear and Greed Index also showed positive movement and currently stands at 53 points in the neutral zone. 

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Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, talked about the crypto market movement in the last 24 hours, “As BTC tries to find a way above the $29,000 mark, the crypto market narrative is seemingly shifting more towards increasing Bitcoin dominance.”

CoinDCX Research Team also shared their insights into the market. CoinDCX said, “In the past 24 hours, BTC surged over 3.5 per cent to surpass $29,000, and ETH gained 2.4 per cent, reaching $1,585. Notably, BTC demonstrated resilience despite a decline in the US stock market and the 10-year treasury yield hitting 5 per cent, the highest in 16 years, following Powell's remarks on the need for lower economic growth to combat high inflation.”

“Additionally, XRP experienced a substantial 7 per cent spike as the US Securities and Exchange Commission (SEC) dropped charges against Ripple Labs' CEO, Brad Garlinghouse, and chairman, Chris Larsen,” CoinDCX added.

Hope in upcoming Bitcoin halving

Sudeep Saxena, Co-Founder, Coin Gabbar, also shared his view on the Bitcoin price spike. Saxena said, “Bitcoin's price soared today, surpassing $29,000 with a sharp upward spike, reaching a two-month high. This rise was driven by Bitcoin holding the $28,000 level, while institutional investors made changes to multiple spot Bitcoin ETF applications, and retail investors placed hope in the upcoming Bitcoin supply halving narrative.”

Rajagopal Menon, Vice President, WazirX, said, “Rising interest rates and comments from Jerome Powell add to the market dynamic. Grayscale Bitcoin Trust (GBTC) is resilient, pursuing conversion to an ETF after a successful legal battle with the SEC.”

Edul Patel CEO, Mudrex, said “Bitcoin's value has surged beyond $28,600 after US Federal Chair Jerome Powell hinted at keeping interest rates unchanged in November and the potential for a rate hike in December. This announcement aligns with a 6-basis point increase in the 10-year US Treasury yield, reaching 4.97 per cent.  

“There is currently bullish sentiment in the market, with Bitcoin showing a growth of over 8 per cent in the past week. Additionally, Ripple's price has spiked by over 7 per cent in the last 24 hours, driven by the US SEC's decision to drop charges against Ripple Labs' CEO Brad Garlinghouse and Chairman Chris Larsen,” added Patel.