Bitcoin and Ether recorded a 10.5% and 15.5% increase on Thursday after the Federal Reserve passed a 0.75 percentage point interest rate hike.
Data from CoinMarketCap shows that the cryptocurrency market capitalization jumped 10% since the announcement but has yet to reach the $1 trillion mark.
Cardano’s ADA and Solana’s SOL jumped 11% to trade at around $0.51 and $33.48, respectively. The tokens are still down 20% and 14%, respectively.
Dogecoin surged 15% on Wednesday to around $0.05924 but still remains down by about 25% in the past week.
City Index senior market analyst Tony Sycamore maintains that the biggest interest rate hike could extend in the coming days, but the rate hiking cycle remains a challenge.
The head of communications at cryptocurrency exchange Bybit also remarked that the Fed’s announcement met the market expectations, and the recovery got across the line.
The trend comes as the Fed maintains that it will continue raising interest rates in the year until it feels the soaring inflation rate has been tamed.