- Bitcoin’s value surged as cryptocurrency traders responded to the Federal Reserve’s choice to maintain interest rates unchanged.
- Tokens related to the Consensys portfolio and cross-chain communication experienced significant rallies, increasing between 77% and 85%, making them some of the top performers in the last 24 hours.
- Key crypto tokens to keep an eye on for potential gains include Entangle, Axelar, LayerZero, and ZKsync, among others.
Traders in the crypto market celebrated as Bitcoin’s (BTC) price rose above the supportive threshold of $85,000 following the Federal Reserve’s (Fed) announcement to maintain steady interest rates, while also providing guidance for two rate cuts slated for this year on Wednesday.
In a notable shift, two categories of cryptocurrencies saw the highest increases over the past 24 hours. The Consensys portfolio category, which includes numerous cryptocurrencies ranked between 100 and 1,000 by market cap, climbed 74.4%, while the cross-chain communication tokens category surged by 81.9%.
Performance of crypto token categories over the last 24 hours
Monitor these two categories for potential gains
A growing connection between U.S. tech stocks, Bitcoin, and cryptocurrencies was evident in how these two categories of crypto tokens responded on Wednesday.
Crypto tokens from the Consensys portfolio and cross-chain communication categories emerged as front-runners among various altcoins. Within these categories, tokens such as Entangle (NTGL), which rose 3.2% in the past 24 hours, Axelar (AXL) at 2%, LayerZero (ZRO) up 9.3%, and ZKsync (ZK) up 3.5%, ranked within the 100 to 1,000 range of market capitalization on CoinGecko.
With cybercriminals increasingly utilizing crypto mixers to facilitate the transfer of stolen assets across different chains, there has been a heightened interest in cross-chain crypto communication tokens, amplifying their significance in the sector.