Bitcoin’s price spiked above $87,500 following the latest Federal Reserve meeting, despite no interest rate cuts. However, resistance at this level pushed BTC slightly lower.
Meanwhile, XRP led the altcoin rally, surging after Ripple’s legal victory against the SEC.
Bitcoin Breaks $85K, Faces Volatility
Last week was challenging for Bitcoin, but by the weekend, it had stabilized around $84,000. After some volatility on Sunday, BTC dropped to $81,200 on Tuesday before rebounding.
On Wednesday, as markets anticipated the Federal Open Market Committee (FOMC) meeting, Bitcoin climbed by $2,000. Following the announcement that the Fed would keep interest rates unchanged, BTC experienced short-term volatility, fluctuating by $1,000 before surging.
For the first time since March 7, Bitcoin touched $87,500 but failed to sustain the momentum. As of now, BTC is trading just below $86,000, marking a 2.5% daily gain.
- Market cap: $1.7 trillion
- Bitcoin dominance: 58.4%
XRP Soars as Ripple Secures Legal Win
Another major development came from Ripple CEO Brad Garlinghouse, who announced on X (formerly Twitter) that the SEC had dropped its lawsuit against Ripple.
This news sent XRP soaring, with its price jumping from $2.3 to $2.6 before settling around $2.5.
Altcoins Rally as Crypto Market Adds $70 Billion
Several altcoins also saw gains:
- Solana (SOL): +5%
- Sui (SUI): +5.5%
- Uniswap (UNI): +8%
- Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), and Stellar (XLM) posted smaller gains.
With this rally, the total crypto market cap jumped by $70 billion, reaching $2.9 trillion.
