Cryptocurrency

Bitcoin Spikes Over $40,000 as Other Cryptos Join Rally

Bitcoin Spikes Over $40,000 as Other Cryptos Join Rally

  • The cryptocurrency market rallied on Wednesday morning as flagship cryptocurrency Bitcoin spiked above $40,000
  • Majority of the top tokens are in the green as the market cap of worldwide crypto tokens added 3.74%
  • The rise of the cryptocurrency has been attributed to more investors picking Bitcoin as a store of value amid rising inflation

For the umpteenth time this year, the value of Bitcoin has jumped above $40,000, as the cryptocurrency continues to consolidate within that range.

bitcoin

The flagship cryptocurrency climes as high as $41,400 on Thursday morning, before losing some of its gains to $40,469.

Data on CoinMarketCap shows that the leading cryptocurrency is up by more than 5% in the past 24 hours. The recent inflow has taken BTC’s total market capitalization to $768 billion.

In addition to Bitcoin, Ethereum jumped by 5.12 percent and is trading at $2,694.

BNB token rallied by 2.89% and XRP, 1.17%. The biggest loser in the top 10 cryptocurrencies was LUNA as it tanked by 4.65%

The crypto market’s rise comes amid news that Federal Reserve is will announce interest rate changes.

Read also: Ukraine Partners with FTX to Launch Crypto Donation Website

Fed Chairman Jerome Powell announced that the central bank intends to raise its policy interest rate by 0.25% to combat inflation.

The news has forced many people to seek store values for their fortune, and Bitcoin has been tagged one of the best, alongside Gold.

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