Bitcoin’s price run after the Fed’s rate cut was halted at $64,000 and the asset was pushed down by around a grand.
The altcoins are also in the red on a daily scale, with the biggest corrections coming from the likes of TON, AVAX, and NEAR from the larger caps.
BTC Down to $63K
Bitcoin started the business week with a correction that drove it from over $60,000 to under $58,000 on Monday. It was expected to be a highly volatile week for the asset as the US Federal Reserve had a meeting on Wednesday to discuss a reduction in the key interest rates.
In the hours ahead of the event, BTC skyrocketed to over $61,000 but went on a rollercoaster once the US central bank indeed cut the rates by 0.5% on Wednesday. Nevertheless, the bulls prevailed and initiated another massive leg-up that drove the cryptocurrency to just over $64,000 yesterday, which became its highest price tag in over three weeks.
However, the asset failed to maintain its run and has declined by a grand since then, currently trading around $63,000. Additionally, there are other signs that the run could be over for now, and BTC could drop even further.
Its market capitalization has retraced to just under $1.250 trillion, and its dominance over the alts, which shot up to 55% at one point, is now down to 54.3% on CG.
Bitcoin/Price/Chart 21.09.2024. Source: TradingView
Alts in Retracement Mode
The alternative coins registered impressive gains since Wednesday as well but have calmed on a daily scale. ETH, XRP, BNB, TRX, and SHIB have seen price movements of less than 1%. Others, such as SOL, DOGE, ADA, LINK, and BCH, have declined by 1-2%.
More notable price drops have come from the likes of Toncoin, Avalance, and NEAR Protocol. TON has tanked by 5% and now sits at $5.5, AVAX is down by 4% to $27, and NEAR (-4%) sits at $4.3.
WIF is the biggest loser from the top 100 alts, having dumped by almost 10%. NOT, BRETT, POPCAT, and AR follow suit.
The total crypto market cap has shed about $40 billion since yesterday and is below $2.3 trillion now.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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