Bitcoin's price was mostly flat as the U.S. Federal Reserve held interest rates at their current level on Wednesday, as expected. Altcoins rallied, with Solana's SOL surging 24%.

The Federal Open Market Committee did what the majority of analysts predicted and held the benchmark federal funds rate in the current range of 5.25%-5.50%. The move marked the third rate pause of the year, after the central bank held rates steady in September and June.

"Recent indicators suggest that economic activity expanded at a strong pace in the third quarter," the central bank said in a statement. "Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation remains elevated."

"The U.S. banking system is sound and resilient," it continued. …