Crypto Price Today Oct 18 Latest Updates: The crypto market struggles as the global economy continues to falter amid instability. However, the crypto market is showing surprising resilience. Bitcoin is up more than 1.5% in the last 24 hours and is currently trading at $19,589. Similarly, Ethereum is up 1.76% in the past day and is trading at $1332.
Binance Coin and XRP are both up nearly 1% in the past 24 hours and are trading at $274.19 and $0.4739 respectively. Solana prices were up a significant 2.4% over the past day and are currently priced at $30.97.
Polygon ($MATIC) is one of the biggest winners of the crypto market. Polygon has skyrocketed 8% in the past 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 downside, Shiba Inu is also up more than 1% and is trading at $0.00001039.
Uniswap was another crypto market winner. $UNI prices are up more than 3% in the past 24 hours and are trading at $6.38. Similarly, Avalanche was up 2.47% and is trading at $16.29.
$LEO was one of the crypto market’s biggest losers yesterday. UNUS SED LEO was down more than 5% yesterday despite the strong crypto rally and is trading at $4.27. Quant, one of yesterday’s crypto market winners, has fallen nearly 7% in the past 24 hours.
Why did the crypto price rise today?
The macroeconomic conditions are the driving force behind the crypto price movement. Recent inflation data has raised fears of a prolonged quantitative tightening. The Federal Reserve has raised interest rates by 75 basis points four times in a row. After the last consumer price index, the chance of another mega-rise is very likely.
However, the reversal of the UK mini-budget by the new Chancellor Jeremy Hunt has improved market sentiment. Similarly, data from the Empire State Manufacturing index continues to point to weakness in the US economy. Experts believe the Federal Reserve will spin soon.
How long will the rally last?
The crypto market recovered as sentiments improved. However, a sustained rally will depend on a favorable Fed at the next FOMC meeting.
Nidhish is a technology enthusiast whose goal is to find elegant technical solutions to solve some of society’s biggest problems. He is a big proponent of decentralization and wants to work on the mainstream adoption of Blockchain. He also enjoys almost all popular sports and likes to talk about a wide variety of topics.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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