• Bitcoin dropped back down to $23K after the US Federal Reserve announced its latest interest rate hike, resulting in a new 5-month high.
• Several altcoins have outperformed Bitcoin, including Shiba Inu which has soared by double digits.
• The bulls stepped up following the FOMC meeting and pushed BTC north hard, registering its highest price tag since mid-August.
Bitcoin Price Stalls at $23K
The US Federal Reserve’s latest interest rate hike resulted in Bitcoin reaching a new five month high before dropping back down to around $23,000.
Altcoins Outperform Bitcoin
Several altcoins have been able to outperform Bitcoin over the past 24 hours. One such coin is Shiba Inu which has seen an impressive 11% increase in its price.
Bulls Push BTC North Hard
Following the conclusion of the FOMC meeting on February 1st, bulls stepped up and pushed Bitcoin north hard. This resulted in an increase of over $1,500 and registered its highest price tag since mid-August.
The market continues to be volatile but with more bullish attitudes towards cryptocurrency prices continuing to surge across the market it seems that cryptocurrencies are here to stay for good this time.
Although there have been some corrections along the way, overall it seems that cryptocurrencies are continuing their upward trend as both investors and traders look for ways to make money through digital assets. With altcoins like Shiba Inu showing strong growth potential there could be even more gains to come in 2021 and beyond!