The gains followed the Fed’s decision to hike benchmark lending rates in the U.S. to between 5.25 per cent and 5.50 per cent, the highest in 22 years, to check inflation

Bitcoin rose Thursday morning, but not enough to break through resistance at $29,500 after the US Federal Reserve hiked interest rates by 25 bps as expected. The Fed left open the possibility for further hike in September. Ether increased with most other cryptocurrencies. Solana led the advancers as its trading volume more than doubled during the last 24 hours. Dogecoin led the decliners as it declined after rising more than 11 per cent for the week.

Bitcoin advanced 0.90 per cent during the past 24 hours to $29,459, but was still 1.37 per cent lower for the week, as per data from CoinMarketCap. The cryptocurrency briefly infringed $29,600 early Thursday morning.

Ether rose 0.88 per cent to $1,874, but stayed down 0.68 per cent for the seven-day period.

The small gains followed the Fed’s decision to hike benchmark lending rates in the U.S. to between 5.25 per cent and 5.50 per cent, the highest in 22 years, to check inflation. In a press conference, Fed Chair Jerome Powell said another rate hike in September is possible, but said decisions will depend on the data at the time.

An interesting time for crypto markets although you would not be able to tell when looking at the price action. With macro markets timidly risk-on, bitcoin and ether increased marginally to reclaim levels lost earlier this week, said Justin d’Anethan, head of APAC business development at Keyrock.

Apart from Dogecoin, all other leading cryptocurrencies traded higher during the last 24 hours.

Solana’s SOL led the advancers, climbing 9.51 per cent to $25.35, but still sitting on a 3.80 per cent loss for the full week. The token’s 24-hour trading volume soared more than 100 per cent to over $682 million, exceeding that of Ether and suggesting investors are speculating a solid bounce back.

Dogecoin declined after being the favourite of the week as the rebranding of Twitter raised speculation it could be part of a payments system on the social media network. It dropped 3.52 per cent to $0.0784, though is still holding a weekly gain of 11.82 per cent.

The total crypto market cap advanced 0.85 per cent during the last 24 hours to $1.19 trillion, while trading volume increased 20.51 per cent to $30.91 billion.