Why Bitcoin, Ethereum, and Solana Are Moving Higher Today
Several of the largest cryptocurrencies have jumped higher today as investors digest monetary policy and also monitor the foreign exchange markets, which have been active lately.
Over the last 24 hours, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), has traded roughly 5% higher as of 10:27 a.m ET. The price of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH), traded roughly 4.1% higher, and the price of Solana (CRYPTO: SOL) was up 5%.
Cryptocurrencies have struggled as the Federal Reserve has raised its benchmark overnight lending rate, the federal funds rate, aggressively this year, making riskier assets like cryptocurrencies less appealing. The Fed did a 0.75% rate hike at each of its June, July, and September meetings, and the Fed's median forecast shows that another jumbo 0.75% hike could happen before the year is over.
Source Fool.com
