While the Fed kept interest rates constant, the price of Bitcoin followed a horizontal course. On the other hand, Solana, the queen of altcoins, led the altcoin rally.
After the Federal Reserve kept interest rates in the current 5.25-5.50 percent range as expected, the bitcoin price followed a horizontal course and there was not much movement. However altcoin On the other hand, the situation was different. SOL coin became the leader of the rally by recording a 24 percent increase in the last 24 hours.
This move by the Fed marked the third interest rate pause of the year after the central bank kept interest rates steady in September and June.
In the statement made by the Central Bank, “Latest indicators indicate that economic activity expanded at a strong pace in the third quarter.” The following statements were recorded:
“The U.S. banking system is solid and resilient. Tighter financial and credit conditions for households and businesses are likely to put pressure on economic activity, hiring and inflation. The extent of these effects remains unclear. “The committee remains extremely alert to inflation risks.”
The global cryptocurrency market value increased by 0.3 percent in the last 24 hours to $1.32 trillion.