Live updates: Bitcoin climbs over $80,000 as crypto shakes off Clarity failure and higher interest rates
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Hyperliquid's HYPE led the altcoin rally with an 11% increase to nearly $89, followed by Zcash (ZEC) up 8% and Solana (SOL) up 6%, according to CoinDesk data. Bitcoin recovered to just below $78,000 after dipping to $75,972, marking a third consecutive day of gains. The total crypto market value rose 2% to about $2.66 trillion.
Why it matters
The source notes that traders are "cautiously shifting their focus towards altcoins" despite the altcoin season index remaining subdued. This shift coincides with a broader appetite for risk in the market following a less volatile Federal Reserve interest rate hike than expected.
Key context
The recent market moves occurred amid rising equities and a quarter-point Fed rate hike that did not trigger the expected market reaction. Bitcoin remains near the upper edge of its trading range around $82,000, but profit-taking could delay a breakout attempt over the weekend.
Key numbers and entities
Hyperliquid's HYPE rose over 11% to nearly $89, Zcash (ZEC) increased 8% to roughly $1,472, Solana (SOL) rose 6% to just above $106, with BNB and DOGE each gaining about 4%. Bitcoin traded just below $78,000. Total crypto market value is approximately $2.66 trillion. Analyst Alex Kuptsikevich from FxPro provided commentary on market trends.
What remains unclear
The source does not explain the specific drivers behind HYPE's rally or detailed market sentiment beyond the general shift toward altcoins. It also does not specify how long this altcoin rally might last or potential risks facing the market going forward.