The last trading day of this week was a significant one for consumers and investors, as the cryptocurrency market saw a massive surge on Friday, December 12th. The US Federal Reserve’s indication of an interest rate cut has created a positive sentiment in the digital currency market. This impact is being seen on Bitcoin, the world’s largest cryptocurrency, and other major coins.
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New Life in the Cryptocurrency Market
The crypto market had been searching for stability for a long time, but prices have returned to a surge following the Federal Reserve’s policy announcement. Investors are enthusiastic, and buying pressure is steadily increasing. Bitcoin surpassed the crucial $92,000 level, injecting new energy into the market.
Strong Surge in Bitcoin Prices
According to CoinMarketCap data, Bitcoin was trading at around $92,420 on Friday morning. This represents a gain of approximately 2.35 percent over the past 24 hours. Experts believe that a potential interest rate cut will increase liquidity in high-volume digital assets like Bitcoin, which could lead to further price gains.
Ethereum and Solana are Also Bullish
Not only Bitcoin, but other major cryptocurrencies are also experiencing impressive gains in the market. Ethereum’s price reached $3,246.76, a gain of 1.05 percent. Solana also did not disappoint investors, jumping nearly 6 percent to reach above $138. Other stablecoins, including Tether, were also seen trading in the green.
Zcash Sets New Record, Over 600% Return in One Year
However, the most talked-about factor in this entire crypto market rally has been the price of Zcash. Zcash has delivered a staggering return of over 600 percent to investors over the past year. As of 11:20 am on Friday, Zcash had surged nearly 12 percent in the past 24 hours. It has also seen an 18 percent gain over the past seven days. It is one of the rare digital currencies that has delivered significant profits to investors this year.
Growing Investor Interest and Zcash’s Growth
Zcash, being a privacy-focused cryptocurrency, has grown rapidly in popularity recently. Its limited supply and growing utility make it an attractive option for investors. Market experts believe the token could maintain its strong performance in the coming months.