The cryptocurrency market is currently experiencing a very positive movement with Bitcoin (BTC) surging 5% breaking the $20,000 price level in the last 24 hours.
Meanwhile, Ethereum (ETH) also saw interesting momentum by climbing 12% in the last 24 hours and 15% in the last 7 days.
Although BTC and altcoins have shown weak movements in recent times, investors can now rest easy as the crypto market started to show a recovery today.
Meanwhile, BNB Coin jumped 5% and is now trading at $289.67 in the last 24 hours while Cardano (ADA) is up 14%.
Solana (SOL) also climbed 11% with Polkadot and Litecoin jumping 2% showing bullish movement.
It is understood that the previously weak crypto market was a result of the unfavorable macroeconomic conditions and the actions of the Federal Reserve (Fed) to make quantitative tightening and interest rate increases are one of the causes of the crypto market becoming gloomy.
Nevertheless, the crypto market saw a strong recovery shortly after the dollar index fell today and several factors in the market are adding pressure to the US dollar.
Therefore, experts warn that the crypto market could fall again if the Fed is still 'hawkish' or raises interest rates by another 75 basis points, including the threat of imminent inflation due to the Russia-Ukraine war.
