Update on the cryptocurrency market

The cryptocurrency market continued to build on Tuesday’s gain, making Wednesday a positive session. After five exhausting weeks, the global cryptocurrency market capitalization soared to $1002.85 billion in the past day from $970 billion yesterday, surpassing the psychologically significant $1 trillion milestone.

Top cryptocurrencies like BTC, ETH, and DOGE led the market’s advances, rising 2.57%, 4.76%, and 13.83%, respectively. Bitcoin reached a high of $20,938 after managing to hold above its crucial support level of $20,200. In the meantime, ETH was able to record respectable gains throughout the time frame, continuing to trade around the $1,550 mark and hitting an intraday high of $1,584.

The market is rising as a result of the Fed’s decision to deviate from its planned path of a sharp rate rise in December, which is bolstering investor confidence and raising anticipation of a Fed pivot. FOMC members’ suggestions that the FED could not back the large rate rise in December were bolstered by positive US economic statistics in recent days.

Nevertheless, the tech-heavy index that the cryptocurrency market closely tracks, the Nasdaq, ended the day down by 2.04%, which would have otherwise helped the market rise significantly.

With the publication of Q3 GDP, inflation, and unemployment claims data, the spotlight will once again be on US economic indicators. These data may be used to predict the market’s future direction, so this might be a tumultuous day.