Crypto Price Today Oct 18 Latest Updates: The crypto market is struggling as the global economy continues to teeter from instability. However, the crypto market is showing surprising resilience. Bitcoin has rallied by over 1.5% in the last 24 hours and is currently trading at $19,589. Similarly, Ethereum has surged by 1.76% in the past day and is trading at $1332.
Binance Coin and XRP both have surged close to 1% in the last 24 hours and are trading at $274.19 and $0.4739 respectively. Solana prices surged by a significant 2.4% in the past day and are currently priced at $30.97.
Polygon ($MATIC) is one of the biggest winners of the crypto market. Polygon skyrocketed by 8% in the last 24 hours and is trading at $0.8716.
Meme coins also showed strength during the crypto rally. Dogecoin climbed 1.15% and is trading at $0.05984. On the other hand, Shiba Inu surged over 1% as well and is trading at $0.00001039.
Uniswap was another winner of the crypto market. $UNI prices increased by over 3% in the last 24 hours and are trading at $6.38. Similarly, Avalanche increased by 2.47% and is trading at $16.29.
$LEO was one of the biggest losers of yesterday’s crypto market. UNUS SED LEO fell by over 5% yesterday despite the strong crypto rally and is trading at $4.27. Quant, which was one of the winners of yesterday’s crypto market fell close to 7% in the last 24 hours.
Why Is Crypto Price Up Today
The macroeconomic conditions are driving the crypto price movement. The recent inflation data increased the fears of a prolonged quantitative tightening. The Federal Reserve has raised interest rates by 75 bps four consecutive times. After the latest Consumer Price Index, the likelihood of another mega hike is extremely likely.
However, the reversal of the UK mini-budget by new chancellor Jeremy Hunt has improved market sentiments. Similarly, data from the empire state manufacturing index continues to highlight weakness in the US economy. Experts believe that the Federal Reserve will be pivoting before long.
How Long Will The Rally Last
The crypto market rallied as sentiments improved. However, any sustained rally will depend upon a favorable Fed in the next FOMC meeting.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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