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Crypto Market Surges Ahead of Fed’s Policy Meeting: Bitcoin Dominance Hits 26-Month High

Cryptocurrencies experienced a bullish surge on Tuesday as investors awaited the Federal Reserve’s policy meeting outcome. Bitcoin, the leading crypto token, exhibited mild gains, inching closer to the $27,000-level. Ethereum also saw marginal growth, maintaining its position above $1,600. The broader altcoin market showed positive price action early in the day.

In the last 24 hours, the crypto market has traded sideways with an upward bias. Bitcoin, in particular, had a positive streak, touching $27,400 before a slight pullback. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted, ‘The last 8 days have been pretty positive for the crypto market, with Bitcoin rebounding about 10 percent from its recent lows.’

Chainlink and Solana have been standout performers, with significant momentum. Hudda highlighted their potential, saying, ‘With giants like financial service provider SWIFT using Chainlink’s infrastructure, we can see a significant upside if this momentum continues.’

With the exception of a few, most top crypto tokens traded higher. Notable gainers included Toncoin, Solana, Litecoin, XRP, and Cardano, while BNB, Polkadot, and Shiba Inu experienced slight declines.

The global cryptocurrency market cap increased slightly to reach the $1.07 trillion mark, with a 24-hour gain of about 1 percent. Meanwhile, total trading volumes surged over 63 percent, reaching $30.13 billion.

Chainlink (LINK), known for its blockchain abstraction layer, has shown a promising trend. It broke out of its consolidation phase, with a chart that breached the descending trendline, accompanied by strong volume buildup. Analysts expect an upward trajectory, with resistance at 7.33 USDT and solid support at 5.01 USDT.

Our financial analysts are optimistic about the ongoing surge in the cryptocurrency market. They have conveyed that the revival of Bitcoin and the strong performance of alternative cryptocurrencies such as Chainlink and Solana reflect a bullish sentiment. It is advisable for investors to closely monitor these developments as they have the potential to result in significant profits within the cryptocurrency market.

As the cryptocurrency market continues to show resilience and potential, it’s essential for investors to navigate this complex landscape with legal expertise. Vakilsearch offers comprehensive legal services tailored to the unique needs of crypto enthusiasts and investors. Whether you require legal guidance for investments, regulatory compliance, or contract matters, Vakilsearch is here to support your crypto journey.  

Akash G Varadaraj