Bitcoin (CRYPTO: BTC) and other major coins have seen a sudden spike. The apex coin is up 5.5% and is trading above the $41,000 mark.
What Happened: BTC traded 5.5% higher at $41,073.46 over 24 hours at press time. Ethereum (CRYPTO: ETH), the second-largest coin by market cap, traded 5.7% higher at $2,699.04 over 24 hours.
Meme cryptocurrency, Dogecoin (CRYPTO: DOGE) was seen trading 1.9% higher at $0.11 over 24 hours.
Significant spikes were also seen in Solana (SOL), Cardano (ADA), and Avalanche (AVAX). They were up 5.6%, 3.7% and 4.65% respectively over 24 hours.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: BTC trading volume is up 12.8% at $27.725 billion over 24 hours. ETH trading volume spiked 23.2% at $14.02 billion in the same period.
The spike in cryptocurrencies comes ahead of a possible rate hike by the U.S. Federal Reserve on Wednesday.
Edward Moya, a senior market analyst with OANDA, said that if the U.S. central bank takes a “more gradual approach with tightening,” Bitcoin could test its recent ceiling of $45,000.
Read Next: Ethereum Co-Founder Says Russia-Ukraine War Has Pushed Crypto Adoption To A Point Of ‘No Return’
