The world’s two largest cryptocurrencies — Bitcoin and Ethereum — have remained relatively stable despite the recent rate hike by the fed.
Since Bitcoin’s price jumped to $20,000 and Ethereum reached $1500, the two cryptos have generally remained uneventful with minimal price volatility. This stands in sharp contrast to the stock market, which has undergone numerous fluctuations over the past few weeks.
However, the biggest surprise is despite the Federal Reserve’s latest 75-basis points increase in rate, the price of the two crypto giants is still generally stable. After all, the crypto market has had an adverse reaction every time rates went up this year.
But, this time, crypto prices seem to be holding.
Nevertheless, if cryptocurrency has taught us anything, it is that there is no guarantee that Bitcoin and Ethereum prices will keep stable.
Besides, many experts predict prices will still plummet into the bearish market before they rally and trade up.
Speaking about the two giant crypto prices, crypto expert Wendy O, founder of CryptoWendyO media, said, “Until proven otherwise, I think bitcoin and ethereum will retrace approximately 85%. That places Ethereum around $750 and Bitcoin around $10,000. Obviously, those aren’t exact targets. I just think that we are going to get another drop-down.”