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Crypto Market’s Post-Fed Rally Continues as DeFi, Smart Contract Platform Sectors Star

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Most major cryptos spent much of Thursday in the green, with several DeFi and smart contract tokens standing out. The gains came a day after Fed Chair Jerome Powell offered unexpectedly moderate remarks about monetary policy. _jocelynyang_ writes

token surged almost 3.4% to recently trade above $22. Altcoins’ gains have been part of an overall market upswing that followed the Fed’s announcement underscoring its commitment to less aggressive monetary tightening.

Bitcoin was recently trading above $23,560, roughly flat over the past 24 hours, albeit slightly in the red. BTC had been changing hands in a narrow range between $23,700 and $24,200 since the Fed announcement before dipping late Thursday., which measures crypto market performance, was recently flat after spending much of the day in the green.

Digital assets’ positivity suggested that"the bottom of this [down] cycle is probably in for crypto, and that we are entering something of a recovery phase for this market,” Joe Ziolkowski, CEO and co-founder of crypto-focused insurer Relm Insurance, told CoinDesk.

 

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