In the wake of recent heavy losses, the cryptocurrency market, spearheaded by Bitcoin (BTC) and Ethereum (ETH), is poised for a significant rally in the near future. Over the past 24 hours leading up to Thursday’s early London session, the total cryptocurrency market cap surged by 10 percent to approximately $2.65 trillion. Bitcoin surged by about 7.6 percent, reclaiming the $67k mark and triggering over $318 million in crypto liquidations.
Cause for Crypto Rebound
A look into the Fed’s decision
On Wednesday, the United States Federal Reserve made a pivotal decision to maintain its benchmark interest rate between 5.50 percent and 5.25 percent. Despite ongoing concerns about US dollar inflation, economists are forecasting three interest rate cuts during the latter half of this year.
Japan’s monetary policy shift
The recent notable shift in monetary policy by the Bank of Japan is expected to have a significant impact on the cryptocurrency market, with investors turning towards quality investments.
Altcoins pick pace
As Bitcoin gears up to reclaim its all-time high, the altcoin market is poised to follow suit, presenting promising opportunities. Particularly, layer one (L1) projects and leading DeFi-based tokens are drawing attention as potential investment targets.
Also Read: Reddit Altcoins to Surge 500% Ahead of an Oversubscribed IPO!
The Graph (GRT)
The Graph (GRT), a distinguished proof-of-stake data infrastructure within the web3 ecosystem, has garnered attention from top-tier investors, including Coinbase Ventures. With a daily traded volume of approximately $226 million, GRT has surged by more than 56 percent in the past four weeks, reaching around 39 cents on Thursday.
Technical Analysis and Growth
From a technical perspective, GRT’s price against the USD is poised to rally towards $1.2 in the near future, following the conclusion of its ongoing correction. Additionally, the weekly Relative Strength Index (RSI) has surpassed the 70 level, indicating bullish momentum. The Elliott wave theory suggests a forthcoming bullish wave for GRT, driven by positive fundamental factors.
Cronos (CRO)
Cronos (CRO), an exchange-based altcoin compatible with the Ethereum ecosystem, is experiencing the initial stages of its second bull run. Having broken out of a descending trend earlier this year, CRO’s price has exhibited higher highs and higher lows, indicative of an upward trend.
With a midterm target set around 50 cents, CRO is poised to overcome resistance around 18 cents in the near future, presenting compelling opportunities for investors.
Read More: Major Altcoins to Rally 2x Before May
