BTC Struggles Ahead of FOMC Meeting
Bitcoin has been unable to recover from the recent market decline and has remained relatively stable around $41,000. On Saturday, the price of BTC reached a high of $44,700, the highest it has been in over a year and a half. However, the bears quickly took control, causing the price to drop to under $41,000 on Monday. Although there was a brief recovery to $42,000, bitcoin dipped below $41,000 again. The US Federal Reserve’s completion of the latest FOMC meeting is expected to bring more volatility to the market later today. BTC’s market cap has declined to $805 billion, but its dominance over altcoins has increased to 52.2%.
SOL, AVAX Turn Red
Avalanche’s native token, AVAX, experienced significant gains recently but has now lost 12% of its value on a daily scale and is trading at $36. Similarly, Solana (SOL) dropped by 7% in a day and is currently below $70. Other cryptocurrencies such as Ethereum, Ripple, Cardano, Dogecoin, Tron, Polkadot, Chainlink, and Polygon are also experiencing losses within the past 24 hours. However, there are a few exceptions to this market-wide retracement with ELF up by over 13%, followed by FTT (6%), NEO (5%), and ATOM (5%). The total crypto market cap has decreased by over $30 billion overnight and now stands at $1.540 trillion on CMC.
Hot Take: Market Volatility Continues as Bitcoin Struggles
The cryptocurrency market continues to face volatility as bitcoin struggles to recover from the recent decline. With BTC trading around $41,000, the bears have shown their presence, causing the price to drop from its recent high of $44,700. Altcoins such as AVAX and SOL have also turned red, experiencing significant losses. The upcoming FOMC meeting by the US Federal Reserve is expected to bring further volatility to the market. Despite this, there are a few exceptions with some cryptocurrencies showing gains amid the retracement. As the total crypto market cap decreases, it remains to be seen how the market will evolve in the coming days.
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