Bitcoin, Ethereum Rebound After Fed Rate Hold – XRP, DOGE, ADA Lead Altcoin Gains

Bitcoin (BTC) was on the road to recovery in Thursday's pre-market U.S. hours after crashing the previous day after the Federal Reserve kept interest rates unchanged.

Bitcoin’s price had recuperated to $118,400 at the time of writing after dropping to below $116,00 during the previous session. The apex currency has gained 0.8% in the last 24 hours, while retail sentiment on Stocktwits remained in ‘bearish’ territory over the past day. 

The overall cryptocurrency market remained below the $4 trillion mark, down 2.8% in the last 24 hours. 

However, Bitcoin’s recovery led to an uptick in major altcoins. Cardano (ADA), Ripple's native token XRP (XRP), and meme token Dogecoin (DOGE) led the gains. Cardano’s price gained 2.8% in the last 24hours, while Dogecoin’s price rose 2.6% followed by XRP’s price moving 2% higher. 

Ethereum (ETH), meanwhile, gained 1.6% over the past day, and Solana (SOL) rose 1.4%. 

The volatility sparked $355.95 million in liquidations over the past day, according to Coinglass data. Most of the liquidations originated from long bets – traders who bet the price would rise, totaling around $253 million. Short liquidations were around $101 million. Ethereum experienced the largest liquidations of $96 million, followed by Bitcoin at $67 million and Solana with $26 million.

Crypto-linked stocks were also in the green during pre-market trade on Thursday, as the broader market edged higher. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, gained 1.6%. Bitcoin miners Riot Platforms (RIOT) and Mara Holdings (MARA) stocks gained nearly 1% each. Crypto exchange Coinbase Global’s (COIN) shares jumped 2.4% in early morning trade.

Read also: Fed Keeps Rates Unchanged, Highlights Moderating Economic Activity In First Half

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