Cryptocurrency prices went up today, with investors feeling more confident after some positive comments from the Federal Reserve (Fed).
Over the weekend, crypto prices saw significant increases, indicating that investors are once again interested in digital assets. Experts believe that the recent boost in crypto prices might be linked to the Federal Reserve officials’ recent positive statements.
Crypto Market Update: Bitcoin Rises Amid Fed Speech
In a Friday speech, Federal Reserve Chair Jerome Powell tempered expectations for immediate aggressive interest rate cuts, underscoring the need to be cautious about declaring victory over inflation. Despite positive indicators, Powell reiterated the Federal Open Market Committee’s commitment to maintaining a restrained policy until convinced that inflation is firmly returning to the 2% target.
As for individual crypto prices, Bitcoin saw a 1.62% gain in the last 24 hours, reaching $38,807.70, buoyed by its latest yearly high and raising market confidence for a potential $40,000 mark. Over the past week, Bitcoin has added nearly 3%. However, other top cryptocurrencies displayed mixed sentiment on December 2.
Ethereum’s price dipped by 0.13% to $2,095.44, with a 2.59% decrease in trading volume to $9.05 billion. Similarly, BNB experienced a 0.21% decline to $229.32, maintaining a flat trading volume at $593.60 million. XRP added 0.27%, reaching $0.6136, but its trading volume dropped by 14% to $845.52 million. Cardano gained 1.58%, trading at $0.3859, accompanied by a 17% decrease in one-day volume to $228.49 million.
In the meme coin category, Dogecoin rose by 0.40% to $0.08428, although its trading volume fell by 29% to $475.51 million. Shiba Inu increased by 0.61% to $0.00000841, with a 56% decrease in volume to $104.22 million.
Despite varied price movements, the overall crypto market cap rose by 1.13% to $1.46 trillion, while total crypto volume increased by 4.31% in the last 24 hours to $46.75 billion. The crypto market fear and greed index also climbed to 72, indicating a growing confidence among traders.
Today’s Top 4 Cryptocurrencies: Pepe Coin, Beam, Terra Classic, Stacks
1. Pepe Coin Sees Small Increase in Value: On December 2, Pepe Coin demonstrated slight gains, signaling renewed investor confidence following Bitcoin’s recent high on Saturday. Pepe Coin’s price increased by 0.25% to $0.000001106, accompanied by a 13.79% rise in trading volume to $45.78 million.
2. Beam Rises 15%: Beam emerged as a standout performer in the crypto market, surging by 15.23% to $0.01124. The crypto’s one-day volume experienced a remarkable 336.20% increase, reaching $65.98 million. Over the past seven days, Beam has seen a substantial 31% growth.
3. Terra Classic (LUNC) Soars 14%: Terra Classic (LUNC) soared by 14.49%, reaching $0.0001369 on December 2, reflecting the prevailing bullish sentiment in the broader crypto market. Investors have increasingly turned their attention to Terra Classic, evident in an 83% surge in its price over the last seven days. The trading volume also saw a significant boost, rising by 189.76% to $349.76 million.
4. Stacks (STX) Jumps 13%: Stacks (STX) emerged as another top gainer in the digital asset space on Saturday, with a 13.29% increase in price to $0.7961. The trading volume over the last 24 hours surged by 118.03% to $141.36 million, garnering considerable attention from market participants.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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