Bitcoin was quite volatile after the US Federal Reserve announced the latest interest rate hike, which ultimately resulted in hitting a new 5-month high. However, since then, the asset has settled at around $23,000.
Several altcoins have outperformed it in the last 24 hours, including Shiba Inu, which has skyrocketed into double digits.
Bitcoin falls back to $23K
Despite losing some ground in late January, BTC still closed it out nicely in the green, posting its best month since October 2021 with gains of about 40%. February began on a quieter note, with the cryptocurrency below $23,000.
All eyes were on the Federal Reserve on February 1 as it wrapped up its first FOMC meeting of the year, raising key interest rates by 25 basis points. Bitcoin did not react at first, unlike previous rallies, and then fell to $22,800.
However, the bulls intensified in the following hours and pushed the asset north hard, gaining over $1,500 at one point and recording its highest price since mid-August.
However, BTC was unable to continue higher despite another attempt to decisively break above $24,000 and fell back to around $23,000, where it is also currently at.
Its market capitalization is still hovering around $450 billion, but its dominance over alternatives has shrunk by more than 1% in the past week to 41.6%.
SHIB takes the main stage
Most of the altcoins have posted more impressive gains in the last 24 hours, led by Shiba Inu. The second largest memecoin has soared nearly 11% on a daily scale and has touched $0.000014. Next in line is OKB, which is above $41 after a 5% rise.
Polygon’s native cryptocurrency is up 3.5% and sits at just over $1.2. Ethereum, Binance Coin, Cardano, Dogecoin, Solana, Polkadot, Litecoin, and Avalanche are also slightly in the green now. Ripple is among the few exceptions to the largest caps, posting a daily decline of 1%.
However, the cumulative market capitalization of all crypto assets has added around $10 billion daily and stands at $1.080 trillion.
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