The cryptocurrency market experienced volatility overnight, with Bitcoin and Ether tumbling before returning to levels 15% above Wednesday's low. Wednesday's decline was attributed to last week's higher profit-taking and a lot of leverage bets on higher prices, with some traders suggesting a technical downtrend.

After Fed Chairman Jerome Powell delivered a mild FOMC speech, sentiment reversed, raising prices for BTC, ETH and other major tokens, particularly the Layer 2 platforms and Meme tokens.

With Bitcoin (BTC) and Ethereum (ETH) tumbling, the inherent volatility of the cryptocurrency market was fully demonstrated overnight and then returned to levels 15% above Wednesday's low.

BTC and ETH have risen as much as 11% in the past 24 hours, leading the major tokens higher. Data from CoinGecko showed that SOL of Solana, ADA of Cardano and BNB of BNB Chain increased by up to 8%. The CoinDesk 20 index, which measures the broader cryptocurrency market, recently rose 7. [] 62%.

CoinGecko Tokens (Ethereum-based blockchain) have risen by an average of 25 percent in the past 24 hours, becoming the leader in the field. Meme then rose 16%.

The market slipped on Wednesday in early Asian trading on profit-taking from last week's gains and heavy leverage bets on higher prices. Total market value has reportedly fallen more than 15% in the past week, with some traders saying that bitcoin shows signs of a technical downward trend, a sign of a further decline.

Sentiment reversed later that day after Fed Chairman Jerome Powell delivered a dovish tone to the Federal Open Market Committee (FOMC). Despite the higher-than-expected inflation data, the central bank has maintained expectations of three interest rate cuts this year.

Singapore-based trading company QCP Capital said in a daily report that spot trading dominated the buying, reflecting demand better than the normally more speculative futures-dominated trading.

QCP said on Telegram radio: " Demand seems to be mainly driven by spot, with financing rates almost unchanged.(The BTC spot ETF flow data in the next few hours will confirm the spot demand).”

Shares of Dogecoin (DOGE) rose by 18% on the X, after Coinbase, which said the company plans to offer DOGE, Litecoin (LTC) and Bitcoin Cash (BCH) futures as early as April 1.

Some traders believe the move could be a pioneer of the final spot DOGE exchange-traded fund (ETF).

Coinbase Known for its strict listing standards and regulatory compliance, it says in the filing that DOGE is more than just a joke token in the current investment environment.