XRP, ADA explode by double digits, Bitcoin steady at $28K: Market Watch

Ahead of today’s FOMC meeting, bitcoin has added a few hundred dollars and has pumped to just over $28,000.

Several altcoins have made significant gains, with XRP, ADA, ALGO and XLM leading the race.

BTC Back to $28K

With all that has happened to the US banking system, namely the collapse of some of the largest institutions in recent weeks, the upcoming US Fed FOMC meeting is arguably the most important for some time.

The US Federal Reserve was blamed by some for causing the disruption in the national banking system after its continuous interest rate hikes. As such, the previous assumptions that there will be another increase on March 22 were questioned by many, including Elon Musk.

The banking crisis, as well as Fed expectations, drove risks in assets like bitcoin to new local highs. The cryptocurrency recently surged from $20,000 to over $28,000 within days to chart its highest price tag in nine months, pushing the fear and greed index north as well.

The last 24 hours were fairly quiet, with BTC remaining around $28,000. Still, it’s safe to assume there will be more volatility later today when the Fed announces whether it will raise interest rates or back off from its policy.

XRP, ADA steals the show

While most altcoins are making small gains today, including BNB, SOL, and TRX, others, such as XRP and ADA, have gone bust. The former is up over 15%, hitting its own multi-month high of $0.45.

Cardano’s native token is also up by double digits (10%) and is trading near $0.4. Dogecoin and Chainlink have also risen by impressive percentages, $5.6 and $7.4 respectively. Ethereum hit $1,800 earlier today after a 2.7% jump.

More gains come from XLM and ALGO. These price increases have helped the cumulative market cap of all cryptoassets to erase yesterday’s losses, and the calculation is back to $1.180 trillion at the CMC.