Major cryptocurrencies rose after a sharp drop

Despite tough statements from the US Federal Reserve that lowered expectations of a rapid rate cut, the cryptocurrency market showed a recovery on Wednesday.

Thus, Bitcoin BTC $114,129.00 Mezo Wrapped BTC -0.41% Market capitalization $41.25 million VOL. 24 hours $1.54 billion rose by 0.73% to $ 114,093, returning to the green zone after falling below $ 113,000 the day before. Ethereum ETH $4,287.85 Bridged Ether (StarkGate) 2.28% Market capitalization $0.1 billion VOL. 24 hours $2.73 billion gained 4.78% to reach $ 4,306, with an intraday high of $ 4,376. ETH’s market dominance increased to 13.4%, the highest since November 2024, while BTC’s share fell to 58.6%.

Other top assets also recorded growth: XRP XRP $2.90 XRP 0.67% Market capitalization $172.17 billion VOL. 24 hours $0.39 billion (1.78% to $ 2.93), Solana SOL $184.41 Binance-Peg SOL 2.23% Market capitalization $0.2 billion VOL. 24 hours $0.71 billion (4.89% to $ 187.07), and Dogecoin DOGE $0.22 Binance-Peg Dogecoin 1.83% Market capitalization $0.56 billion VOL. 24 hours $0.28 billion (4.96% to $ 0.2208). Among the leaders of the daily growth were OKB (40.82% to $ 177.49), Conflux (CFX) (15.74%) and Morpho (MORPHO) (12.21%). The total capitalization of the crypto market reached $ 3.88 trillion, which is 2.05% more than the previous day.

Over the past 24 hours, more than $ 340 million has been liquidated from the market, of which $ 217 million was accounted for by short positions. At the same time, about $ 530 million in bitcoin shorts may be at risk of liquidation if BTC rises to $ 117,000. The open interest in BTC grew by 0.53% to $ 80.76 billion, and more than 60% of traders on Binance remain in longs.

Analysts note a change in sentiment from «fear» to «neutral». According to CryptoQuant, the market has entered the «bullish cooldown» phase, which means that the positive mood remains, but the growth momentum has weakened. The potential support level for Bitcoin is $ 110,000, and for Ethereum — $ 4,000 and $ 3,700.

Investor attention is now focused on Fed Chairman Jerome Powell’s speech at the Jackson Hole Symposium on Friday. His statement may determine the future direction of the markets in the context of monetary policy.