The last few hours have seen a significant rally in the crypto sector, especially Bitcoin Price Rally, which has surged by more than 9% in the past few hours. When reports last came in, BTC was changing hands at $21,192.55, up by 10.40%, and BTC is once again over the psychological mark of $21K. The price surge is unbelievable and has risen by 1% in just 60 minutes.
BTC is changing hands at $21,192.55, up by 10.40%. The total market cap of the number one crypto coin is $406,623,824,439and shows a growth of 10.55%. The fully diluted Market Cap is $445,870,851,776, with an increase of 10.55%. In the last 24 hours, its volume has reached $44,783,329,904 up 22.00%. The Circulating Supply is 19,145,725.00 BTC constituting 91% with a Max Supply of 21,000,000 and a total Supply of 19,145,800
One of the reasons for the surge in the values of the Bitcoin Price Rally is the falling US dollar index which has fallen by 0.85%. A strong dollar has been the Achilles heel of all cryptocurrencies, the most significant reason equities and crypto underperformed. BTC fell by 6% in one day just a few days ago as the dollar soared.
As is well known that S&P 500 and NASDAQ 100 have also risen, and BTC prices are closely related to the tech-oriented NASDAQ, which also strengthened.
Fed Chair Can Throw A Spanner And Ruin Bitcoin Price Rally
However, the Fed Chair can throw a spanner into the surging crypto and exchange market and the Bitcoin Price Rally. The Fed Chair has not climbed down from its hawkish stand, and Jerome Powell declared that the Fed takes the onus to bring price stability in the US. He revealed that the Fed is prepared to take an aggressive stance to combat the sparring inflation. An unusually high-interest rate can once again bring back the memories of the June mayhem and could even provoke a recession like Powell’s hero Paul Volcker had done in the 1980s.