In the last 24 hours, meme coins and altcoins, including Shiba Inu (CRYPTO: SHIB), Floki (CRYPTO: FLOKI), Dogecoin (CRYPTO: DOGE), and Pepe (CRYPTO: PEPE), have experienced gains ranging from 3% to 5%, driven by the surge in Bitcoin’s price to above $35,000.
What Happened: Bitcoin (CRYPTO: BTC), the leading cryptocurrency, has confidently surpassed the resistance level of $35,000 that had previously hindered its upward movement over the past fortnight. This surge in BTC prices has paved the way for the rally of meme coins and altcoins.
Currently, Dogecoin is trading at $0.69, Shiba Inu at $0.000008067, Pepe at $0.000001202, and Floki at $0.00003294.
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Why It Matters: Following Solana’s (CRYPTO: SOL) 16% surge, altcoins experienced significant gains throughout the Wednesday session. Additionally, Bitcoin’s late move upward pushed its price to a new 18-month high, surpassing $35,500.
In line with expectations, the U.S. Federal Open Market Committee (FOMC) maintained the benchmark fed funds rate range at 5.25%-5.50% during their meeting on Wednesday.
During the post-FOMC press conference, Fed Chairman Jerome Powell noted that the rise in U.S. Treasury yields had led to tightened financial conditions. However, he also left the possibility open for an additional rate hike if deemed necessary.
Price Action: At the time of writing, Bitcoin was trading at $35,728.12, up 3.66% in the last 24 hours, according to Benzinga Pro.
Photo by Dennis Diatel on Shutterstock
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