Crypto Price Today: Bitcoin tops $24,000; Shiba Inu, Avalanche, Solana rally up to 12%

Crypto market extended its gains on Thursday as Bitcoin and other digital coins were trading sharply higher. Tepid US consumer data boosted investors' morale over Fed's next monetary policy moves. Also, short covering in select tokens also supported the sentiments.

Bitcoin surged sharply to race past $24,000-mark as the top crypto token extended its gains and rallied 12 per cent. Its largest peer, Ethereum also posted double digit gains and was just shy off $1,700-level. A few altcoins rallied up to 22 per cent.

After a month of ups and downs, the crypto market is gearing up for a positive outlook. The Federal Reserve has raised interest rates by one percentage point in three quarters, the largest hike since 1994, said ZepPay Trade Desk.

Bitcoin has surpassed $21,000 and is currently trading above $24,000. Other crypto assets that move alongside Bitcoin, such as Ethereum (ETH) and Binance's native token BNB, also rallied sharply.

Barring the US dollar pegged stablecoins, all major top crypto tokens were trading with big gains on Thursday. Other than Bitcoin, Avalanche also surged 12 per cent, whereas Solana gained 11 per cent. Ethereum, Shiba Inu and BNB advanced 9 per cent each, whereas Dogecoin was up 8 per cent.

The global cryptocurrency market cap was trading sharply higher to $1.12 trillion mark, jumping almost 9 per cent in the last 24 hours. However, the total trading volumes gained more than 23 per cent close to $71.47 billion.

Crypto updates
A federal judge ruled the names of Sam Bankman-Fried's bond co-signers should be revealed after Bankman-Fried did not apply to the appeals court.

LDO, the governance token of the decentralized autonomous organization behind liquid staking system Lido, has gained 10 per cent on the day after it submitted a proposal over whether it should sell or stake the $30 million in ether from its treasury.

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