{"id":2686,"date":"2023-11-16T10:56:15","date_gmt":"2023-11-16T10:56:15","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/11\/16\/bitcoin-bump-lifts-solana-and-cardano-as-crypto-tokens-rally\/"},"modified":"2023-11-16T10:56:15","modified_gmt":"2023-11-16T10:56:15","slug":"bitcoin-bump-lifts-solana-and-cardano-as-crypto-tokens-rally","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/11\/16\/bitcoin-bump-lifts-solana-and-cardano-as-crypto-tokens-rally\/","title":{"rendered":"Bitcoin bump lifts solana and cardano as crypto tokens rally"},"content":{"rendered":"
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\"POLAND<\/div>\n<\/div>\n<\/div>\n

The rise in Bitcoin is pulling up the value of other cryptocurrencies. (Photo: Omar Marques\/SOPA\/LightRocket\/Getty (SOPA Images via Getty Images)<\/span><\/figcaption><\/p>\n<\/figure>\n

Solana is spearheading an altcoin rally, as investors bet on the US Federal Reserve pausing rates at the central bank’s next meeting on December 13.<\/p>\n

Bitcoin (BTC-USD<\/a>) has been on a sustained rally since mid-October, but in the past week, altcoins have outperformed the world’s largest digital asset by market capitalisation.<\/p>\n

Read more: <\/strong>Crypto live prices<\/strong><\/a><\/p>\n

Solana (SOL-USD<\/a>) has made the most gains, posting a rally of over 10% in the past 24 hours. The altcoin is now changing hands for $64.83 (\u00a352.28), as of the time of writing.<\/p>\n

Coming hot on its heels is cardano (ADA-USD<\/a>), rallying over 9% in the past 24 hours, now priced at $0.40. Both altcoins are the native tokens of layer 1 ‘smart contract’ blockchains that are essentially rivals of the Ethereum network (ETH-USD<\/a>).<\/p>\n

Solana professes to be able to settle transactions faster and at a fraction of the cost compared to the Ethereum network. However, analysts argue that the former achieves this by compromising some of its overall security.<\/p>\n

Read more: <\/strong>US crypto crackdown ‘an opportunity for the UK’<\/strong><\/a><\/p>\n

The global cryptocurrency market capitalisation now stands at $1.48tn, up 4.5% change in the last 24 hours. Bitcoin is eyeing the $38,000 mark, reaching a height of $37,900 in the past 24 hours. The largest digital asset by market capitalisation is now changing hands for $37,318, according to data from CoinGecko<\/a>.<\/p>\n

Investors anticipate another Fed rate pause<\/h2>\n

The latest indications on the CME Group\u2019s FedWatch<\/a> gauge show a 100% probability that the Fed will maintain its target rate within the current range of 5.25% to 5.50% at its next meetings. The Federal Reserve Open Market Committee (FOMC) is set to announce the US central bank’s next monetary policy decision at a meeting on December 13.<\/p>\n

Read more: <\/strong>Crypto bosses pouring millions into anti-ageing tech to live longer<\/strong><\/a><\/p>\n

Driven by recent indications that both consumer and wholesale inflation rates have eased considerably from their mid-2022 peaks, data on the CME Group\u2019s FedWatch<\/a> also points to a full percentage point of rate cuts by the end of 2024.<\/p>\n