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Solana $SOL is Spearheading the Cryptocurrency Market While Bitcoin Stalls Post Interest Rate Pause

by BlockNews.com Team
November 1, 2023
in Breaking News, Business, Crypto
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Solana $SOL is Spearheading the Cryptocurrency Market While Bitcoin Stalls Post Interest Rate Pause
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  • Bitcoin’s price was largely unchanged after the Fed held interest rates steady, trading in a narrow band between $34,000-$35,000.
  • Altcoins rallied after the Fed decision, led by Solana’s SOL token which surged 24% to over $45 per token.
  • Traders are likely to move into risk assets like crypto following the Fed’s rate pause, with the possibility of a spot bitcoin ETF also attracting fresh capital into the market.

The Federal Reserve held interest rates steady on Wednesday, leading to a muted price reaction from bitcoin but a rally in altcoins like Solana’s SOL token. This article examines the latest crypto price movements following the Fed decision.

🚨 NEWS: #Bitcoin 's price sees minimal movement as the Federal Reserve announces no change in interest rates.

Meanwhile, Solana $SOL is spearheading the cryptocurrency market by +21% today.

Are we seeing a short-term shift to altcoins? pic.twitter.com/J54LEmk1RS

— BlockNews.com (@blocknewsdotcom) November 1, 2023

Bitcoin Price Largely Unchanged

  • The Fed kept rates unchanged in the current range of 5.25%-5.50%, as most analysts expected.
  • Bitcoin’s price was mostly flat, rising just 0.4% over 24 hours to $34,636.
  • Bitcoin has traded in a narrow band between $34,000-$35,000 for about a week.

Altcoins Rally, Led by Solana

  • Solana’s SOL token surged 24% to over $45 per token.
  • The overall crypto market cap increased by 0.3% to $1.32 trillion.

Markets React to Fed Decision

  • Traders are likely to move into risk assets like crypto following a rate pause.
  • Spot bitcoin ETF narrative is another potential positive driver.
  • U.S. stocks also rose after the Fed announcement.

Conclusion

The Fed’s decision to hold rates steady led to a muted bitcoin price reaction but an altcoin rally. Solana led the gains as traders welcomed the rate pause and became more willing to take risks. The possibility of a spot bitcoin ETF also has speculators anticipating fresh capital entering the crypto market.

Tags: BitcoinBusinesscryptoSOLSolana
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