In today's cryptocurrency market, optimism abounds, with a sea of green dominating on Thursday, November 2.
Investors are eagerly awaiting the Federal Reserve's upcoming meeting, which could either fuel the ongoing crypto rally or potentially dampen market sentiment.
The Federal Reserve's recent announcement was met with applause from the market.
During Wednesday's FOMC meeting, the central bank decided unanimously to maintain its benchmark interest rates at their current levels, keeping the key federal funds rate within the 5.25%-5.5% target range, where it has remained since July.
Notably, this decision followed a series of 11 rate hikes, including four in 2023.
Crypto enthusiasts have much to celebrate as Bitcoin's price experienced a 2.77% increase, reaching $35,363.40, and its trading volume surged by 60.64% to $25.03 billion over the last 24 hours.
The market cap also received a boost of 2.80%, reaching $690.77 billion. Over the past week, Bitcoin's price has appreciated by over 2%.
Ethereum's price didn't lag behind, with a 2.29% increase, now trading at $1,846.22, accompanied by a 66.85% rise in one-day volume, reaching $11.38 billion.
Simultaneously, XRP's price also saw a 3.24% rise, landing at $0.606, while its 24-hour volume decreased by 14.42% to $1.87 billion.
Among other prominent cryptocurrencies, Solana's price surged by 9.94% to $41.82, while Cardano's price witnessed a 6.42% jump, with trading volumes rising by 151.41% and 13.46% to $3.74 billion and $357.96 million, respectively.
Even meme coins joined in on the optimism, with Dogecoin's price increasing by 2.62% to $0.06889, although with a 0.23% decrease in trading volume to $483.85 million.
On the other hand, Shiba Inu's price surged by 3.53% to $0.000007959, with trading volume up 5.58% from the previous day, reaching $169.30 million.
These gains across major cryptocurrencies contributed to a notable upswing in the overall crypto market.
The global cryptocurrency market cap rose by 2.85% from the previous day, reaching $1.31 trillion, with a market fear and greed index reading of 74, indicating a "greed" sentiment.
The total market cap increased by 43.49% in the last 24 hours, now standing at $57.9 billion.
The crypto market's surge underscores the growing interest in digital assets, with all eyes on the Federal Reserve's forthcoming stance, set to have a significant impact on the market's future trajectory.
