Cryptocurrencies continue to rise after raising interest rates

Cryptocurrencies continued their rise, led by Bitcoin, which settled above the $23,000 level and is close to the $24,000 level in recent trading. This is after a violent wave of losses, after announcing the collapse of a number of famous platforms.

According to Arabiya.net, these hikes coincide with the interest rate hike approved by the US Central Bank.

With the beginning of this year, the cryptocurrency market was able to recover some of the losses it suffered during the past year, which, according to Al Arabiya.net statistics, exceeded about $2.3 trillion. The market faced tough pressure after the US Federal Reserve pursued an aggressive policy of raising interest rates, which greatly harmed the crypto market.

In terms of trading and during the past hours, the combined market value of encrypted digital currencies jumped by 4%, winning about $42.6 billion, after its total market value rose from $1047 billion in trading yesterday, Wednesday, to about $1089.6 billion at the beginning of today’s trading.

At the forefront of the winning digital currencies came the Bitcoin currency, and the currency recorded gains during the past hours by 3%, compared to a weekly increase of 3.4%, to be traded today at the level of $23,788.

Its combined market value also rose to the level of $458.6 billion, accounting for about 42.08% of the combined market value of the currencies being traded at the present time.

Ethereum, which ranked second in the list of the largest cryptocurrencies by market value, recorded gains during the past hours by 5.7%, compared to weekly gains of 3.6%, i.e. it was traded today at the level of $1,665.

Its combined market value jumped to $203.77 billion. According to these numbers, it has acquired 18.70% of the total market at the present time.

While Tazer and USD, which came in the third and fifth places, settled at the level of $1, the combined market capitalization settled at $67.83 billion and $42.3 billion, with market shares of 6.22% and 3.88%, respectively.

While the BNP currency ranked fourth among the largest cryptocurrencies in terms of market value, the currency recorded gains during the past hours by 6.7%, with weekly gains of 7.2%, to be traded today at the level of $ 328.35.

Its combined market value rose to the level of $51.87 billion, accounting for about 4.76% of the total market value of the currencies being traded at the present time.