The markets are ending the week on a strong note after a rough week of ups and downs. According to CoinGecko, the price of Bitcoin is currently $43,139. This is a 3% increase over 7 days.
All eyes were on the biggest digital assets by market and what the Federal Reserve will do before, during, and after its Wednesday interest rate announcement.
Traders had already priced that interest rates would remain the same, and they did. Bitcoin (BTC) traded briefly flat while other coins and tokens fell.
But asset prices fell slightly after a hawkish news conference in which Federal Reserve Chairman Jerome Powell made it clear the central bank was in no rush to cut interest rates. Stocks also took a big hit.
At one point, the lowest BTC trading volume was less than $42,000 per coin.
Strong economic data fell yesterday as the Bureau of Labor Statistics reported that the United States added 353,000 new jobs in January and the unemployment rate remained at 3.7% for a third straight month. Stocks rose on the news Friday morning ET, along with the cryptocurrency.
The price of Ethereum, the second-largest digital asset, fell earlier this week, suffering bigger losses than BTC, but has risen. Ethereum (ETH) is currently trading at $2,306, up 2% for the week.
Elsewhere, Solana (SOL) was the winner again. Solana’s price has seen the biggest gains over the past week, surging more than 10% for the week that ended yesterday. It is currently trading at $97.86.
The price rise is likely due to a surge in trader activity after Solana decentralized exchange (DEX) aggregator Jupiter finally launched its JUP token airdrop. Network transactions hit record highs.
According to CoinGecko, the market capitalization of the entire cryptocurrency industry is now $1.74 trillion, up nearly 2% over the past day.
