Bitcoin’s price surge following the Fed’s rate cut hit a ceiling at $64,000 and has since dropped by about $1,000. The altcoins are also facing daily declines, with TON, AVAX, and NEAR among the larger caps experiencing significant corrections.
BTC Down to $63K
Bitcoin started the business week with a correction that took it from over $60,000 to below $58,000 on Monday. Anticipation of the US Federal Reserve’s meeting on Wednesday, where a key interest rate reduction was discussed, suggested a volatile week ahead. Just before the event, BTC spiked to over $61,000 but then experienced a rollercoaster ride when the US central bank cut rates by 0.5% on Wednesday. Despite this, the bulls managed to drive the cryptocurrency to just over $64,000 yesterday, marking its highest price in more than three weeks. However, it couldn’t sustain the momentum and has since fallen to around $63,000. There are other signs indicating that the rally may be over for now, and BTC could decline further. Its market capitalization has dipped to just under $1.250 trillion, with its dominance over altcoins, which peaked at 55%, now reduced to 54.3%.
Alts in Retracement Mode
Alternative coins, which saw impressive gains since Wednesday, have now stabilized on a daily scale. ETH, XRP, BNB, TRX, and SHIB have shown price movements of less than 1%. Meanwhile, SOL, DOGE, ADA, LINK, and BCH have dropped by 1-2%. Significant declines have also been noted in Toncoin, Avalanche, and NEAR Protocol. TON has fallen by 5% to $5.5, AVAX by 4% to $27, and NEAR by 4% to $4.3. WIF is the biggest loser among the top 100 alts, plunging by almost 10%, followed by NOT, BRETT, POPCAT, and AR. The total crypto market cap has decreased by about $40 billion since yesterday, now standing below $2.3 trillion.
