After US Federal Reserve Chair Jerome Powell signalled that a series of super-sized interest-rate hikes are unlikely, battered cryptocurrencies recovered amid tangible relief in global markets. Bitcoin is currently priced at USD22,391 after rising over 2% today. The world's largest cryptocurrency is down more than 51% year to date (YTD), and is trading well below its all-time high of USD69,000 set in November of last year.

On the other hand, Ether, the second-largest cryptocurrency and the coin tied to the Ethereum blockchain, increased by over a percent to USD1,220. Meanwhile, the price of dogecoin has risen by more than 9% to USD0.09, while the price of Shiba Inu has risen by 5% to USD0.000009. Today, the worldwide cryptocurrency market valuation surpassed USD1 trillion for the first time, up around 2% in the last 24 hours.

Other crypto values rose today as well, with Stellar, Uniswap, XRP, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin, and Tron all are seen rising by 4-17 percent in the last 24 hours.

Crypto prices have risen, after a long period of decline that has seen the crypto market worth plummet by more than USD1 trillion this year. With rising interest rates affecting the business and its prospects, crypto began to fall late last year on forecasts of a less supportive Fed.

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