von • The cryptocurrency market had a tumultuous 24 hours, with Bitcoin and major large caps going through a rollercoaster during Jerome Powell’s speech.
• Meanwhile, some altcoins had a much better time and charted gains upwards of 25%.
• The Federal Reserve chairman spoke on the matters of inflation and the state of the US economy, but his comments were in line with previous statements.
Cryptocurrency Market Volatility
The past 24 hours within the cryptocurrency market saw major large caps go through a rollercoaster ride during the speech by Chairman of the Federal Reserve – Jerome Powell. While Bitcoin and other major coins experienced pumps followed by dumps and then pumps again, some altcoins fared much better and charted gains upwards of 25% on the day.
Powell’s Speech
Jerome Powell talked about inflation, as well as current and future states of the US economy. He reiterated his comments from earlier weeks that disinflation (or slowing down of inflation) is still in its early stages – particularly in regards to housing sector. As expected, these statements caused movements in the crypto market. Initially prices skyrocketed to highs above $23,300 however all gains were wiped out shortly after in what appeared like a chop.
Altcoin Gains
Despite this volatility across many large-cap coins, certain altcoins managed to have a surprisingly good day. Tokenized stocks such as SAND (Sandbox) surged over 100% while ROSE (Rosewholesale) rose by more than 70%. Other top gainers included FTX Token (FTT), YFI (yearn finance) and BNB (Binance Coin). All these tokens gained between 20-30%, outperforming Bitcoin’s 7% rise on the day.
What Comes Next?
It remains to be seen how long this bullish trend will last for altcoins or if it’s just another short-term pump before they come crashing down again. It’s also unclear if this surge can be attributed solely to Jerome Powell’s comments or whether there are other factors at play here such as whales manipulating prices or investors moving their funds around due to upcoming news events/releases etc.. Nevertheless it’s safe to say that yesterday was an exciting day for many traders who profited from this volatility across various cryptocurrencies .
Conclusion
Despite Bitcoin experiencing choppy waters yesterday, some altcoins managed to greatly outperform BTC with impressive double digit gains over 24 hours period due largely in part due to Jerome Powells‘ speech about inflation & US Economy . Whether this bullish momentum continues remains unclear , but one thing is for sure , yesterday was quite an adventurous day for traders within crypto space !
