• Bitcoin hit a 5-month high of $24,000 and the Federal Reserve hiked interest rates as expected.
• The total cryptocurrency market capitalization increased by $35 billion this week and is recovering from the bankruptcies in 2022.
• Bitcoin soared to a high above $24,000 while altcoins also rallied with some coins up 30%.

Bitcoin Taps 5-Month Highs

Bitcoin topped $24K for the first time since August 2022 but retraced quickly due to the Federal Reserve’s hike in interest rates as expected.

Crypto Market Capitalization Increase

The total cryptocurrency market capitalization increased by around $35 billion over the past 7 days, which has been attributed to recovery from last year’s multitude of bankruptcies.

Bullish Case for Crypto Market

Some are making a bullish case for crypto markets due to expectations that US Federal Reserve will slow down on increasing interest rates – which was supported by this week’s FOMC meeting where they hiked rates with 25 basis points.

Altcoin Rally

As well as Bitcoin soaring to a high above $24,000, altcoins also rallied with some coins such as Fantom (FTM) up 30%, ATOM up 15% and Avalanche up 17.4%.

Conclusion

Overall, this week saw positive impacts on crypto markets due to Federal Reserve’s decision to hike interest rates and Bitcoin reaching its 5-month high of $24K. Altcoins were quick to follow suit with some coins rallying significantly in comparison.