Why Bitcoin, Ethereum, and Solana All Skyrocketed Higher Today

Beaten-down crypto investors finally have something to smile about. Today, top cryptocurrencies Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) each soared more than 10% over the past 24 hours, as of 9:20 a.m. ET. These top cryptocurrencies appreciated 10%, 12.1%, and 12.4%, respectively, as crypto investors appear to be betting on a bottom forming.

Specifically, bets that this upcoming Federal Reserve meeting could include a 50 basis point hike have been reduced in recent days. This has led to U.S. Treasury yields dropping over the past two trading sessions, a risk-on sign for investors. Given the (surprising) correlation we've seen between interest rates and the crypto sector, this macro driver has been a bullish catalyst for the sector.

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Source Fool.com