SOL, AVAX Lead Crypto-Market Recovery, Bitcoin Tops 50-Day Average Before Fed Meeting
Summary
The total crypto market capitalization has risen to $1.74 trillion from $1.61 trillion in a week, driven by altcoins like SOL, AVAX, and ICP. SOL surged 27% to $103, reversing losses after the debut of bitcoin ETFs. AVAX rallied over 25%, while ICP, NEAR, DOT, and XMR added 13-22%. Bitcoin gained nearly 10% to trade above the 50-day moving average at $42,870. Ethereum's ETH rose just 0.6%. Analysts expect a test of $46,000 for bitcoin, but caution against sustained demand for smaller altcoins. The U.S. Federal Reserve is expected to maintain the benchmark borrowing cost between 5.25% and 5.5%, with markets anticipating a rate cut in May. The Fed's tone could impact risk appetite and capital flow into Bitcoin and related ETFs.
