Bitcoin and Ethereum smash key targets in a bullish crypto session that saw Metaverse tokens surge

Bitcoin (BTC) successfully broke through $24,000 this morning for the first time in over five months before breaking below the psychological barrier that has been the target for long traders since the beginning of the year.

The benchmark cryptocurrency reacted positively to the Federal Reserve’s 25 basis point rate hike despite broad expectations by investors.

Traders have obviously cashed out their profits, leading to a minor correction, although the BTC/USDT pair appears to be in a strong position.

Bitcoin (BTC) tops 24,000 before traders cash out – Source: currency.com

Ethereum tested its own critical resistance line by finally recapturing all of the gains lost in the wake of last November’s FTX collapse.

The world’s second-largest cryptocurrency is lagging Bitcoin on recovery stakes for 2023, but a 3.5% surge yesterday and more gains this morning had the ETH/USDT pair test $1,700.

ETH is currently hovering just below this resistance point as there is a strong sell wall near $1,700 that could prove difficult for the bull.

Metaverse Coins

Meta (formerly Facebook) just experienced its first revenue slump in history, forcing Mark Zuckerberg to announce a multibillion-dollar share buyback to investors.

News of the buyback had the desired effect, sending Meta shares up more than 25%.

Meta’s Reality Labs division, responsible for developing Zuckerberg’s Metaverse vision, increased its operating losses to a staggering $13 billion. Regardless, has the META Rally rubbed off on other Metaverse projects?

It seems so.

Arguably the two most popular Metaverse cryptocurrencies, Decentraland (MANA) and The Sandbox (SAND) surged in the high single digits overnight, taking their respective market caps to $1.47 and $1.1 billion, respectively.

Axie Infinity (AXS) is up 8%, although it is still down week-on-week, while Bored Ape Yacht Club’s ApeCoin (APE) is up around 6%.

All of the above have outperformed Bitcoin, but their trading volume remains low, which is likely to hinder further momentum. MANA, for example, has 66% less trading activity compared to this time last year.

Top altcoin movers

The biggest climber in the top 100 group today was hybrid centralized/decentralized exchange project Loopring, which rallied 25 percent to take its market value near the $580 million mark.

Layer 2 Protocol Optimism (OP) was also up over 20%, while decentralized finance (DeFi) projects Convex Finance (CVX), dYdX (DYDX) and Synthetix (SNX) were also trending.

The CoinDesk Market Index (CMI) gained 4.45% overnight, suggesting a net positive session for the broader cryptocurrency market.

The global cryptocurrency market cap currently stands at $1.09 trillion, while the total value locked across the DeFi protocols is slightly over $49 billion.

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