Altcoin market updates: Solana, XRP AVAX among top losers, Fed triggers sell-the-news frenzy
As the US central bank’s governors on Wednesday projected fewer rate cuts in 2025, crypto traders opted to take profits off the table.
This effectively ended a week-long rally that has seen Bitcoin (BTC), Ripple (XRP) and Avalanche (AVAX) all score double-digit gains since December 10.
Crypto Market Performance | December 18, 2024 | Source: Coingecko
According to data aggregated by Coingecko, the global crypto market capitalization declined 4.2% on Wednesday, reflecting a sector wide sell-off after the US Fed cut its main policy rate by 25 basis points but projected fewer cuts next year.
XRP price dipped 5.2%, tumbling under the $2.50 mark as market euphoria peaked after the RLUSD stablecoin’s official launch on December 17.
Solana (SOL) price also declined by 5% before finding support around the $215 level.
Avalanche traders also booked profits on Wednesday, sparking a 5.6% price retracement before settling at the $47 level.