Investors saw the market slowly returning to earlier levels, witnessing crypto building on Bitcoin’s upward move.
The momentum started building in the crypto market in the early hours of May 3 as the next interest rate hikes by the Federal Reserve are expected to be announced soon. Traders saw crypto building on Bitcoin’s upward wave as the market’s overall capitalization improved by around 1.2% in the last 24 hours.
ETH surged above $1850, while tokens like Dogecoin, Solana, Cardano, and Polygon minimized their losses to a large extent. This improvement occurred even as the United States economy saw more layoffs and reduced job openings in recently published data of the Job Openings and Labor Turnover Survey (JOLTS).
Experts mentioned how the looming banking crisis in the US could be an opportunity for Bitcoin to be a better asset class for investors currently. Provided it maintains a trading range between $27000 and $30000, the crypto market’s path looks bright ahead.
Bitcoin’s market capitalization has increased to over $550 billion as investors and traders may have started buying the crypto hoping for short-term gains after the FOMC meeting. Moderate hikes could become a catalyst for the crypto market, which has been flat for the last few days.
BTC/USD 1D price chart
Bitcoin is currently trading at around $28700 on May 3, 2023, with BTC/USD up by almost 2.3% in the previous 24 hours. With crypto building on mainly Bitcoin’s trajectory in the past day, other altcoins could soon see a boost with overall positive sentiments in the market. BTC/USD is trading below its 20-day EMA (28,924.68) as BTC’s 24-hour volume went down to around $17 billion.