The cryptocurrency market is on the rise today, March 21, standing out with an impressive recovery from the declines recorded in recent days. Why is the cryptocurrency market booming today? Cryptoassets are trading in the green after the decision by the Federal Reserve (Fed), on March 20, to maintain interest rates.
As memecoins showed a very significant price recovery amid the recent rally in the cryptocurrency market. Memecoin's market capitalization grew by 24% in the last 15,7 hours, as per data by CoinGecko.
All of the top eight memecoins by market capitalization have shown good gains in the last 24 hours. The highlight goes to the BOOK OF MEME (BOME) cryptocurrency, which led the gains among the 8 largest memecoins in the last day with an increase of 19.5% in the last 24 hours, trading at $0.012. In just one week, the meme cryptocurrency BOME has seen an impressive increase of 1021.8%. BOME is also the only memecoin among the top eight that has shown growth in the last seven days.
Floki (FLOKI) had the second highest growth observed in this period. At the time of publication, Floki's price was quoted at US$0.0002297, up 27.7% in the last 24 hours.
Dogecoin (DOGE), Dogwifhat (WIF) and CorgiAI (CORGIAI) showed growth similar to the increase in their respective over 14% in the last day. PEPE, in turn, appreciated 12.7% in the same period. The memecoins Shiba Inu (SHIB) and Bonk (BONK) have seen a significant price increase of over 5% in the last 24 hours.
Cryptocurrency analytics platform Santiment noted the Positive sentiment in the market after the Fed's interest rate decision amid the benefit in the correlation of stocks and cryptocurrencies with the SP500. “After the FOMC announced that interest rates will remain stable for now, crypto markets have rebounded with a vengeance. Traders' optimism is high, as the government's decision Fed benefits the correlation of stocks and cryptocurrencies with the SP500.”
