After Monday’s brief retracement, bitcoin went on the offensive yesterday, breaking above $60,000 and $61,000 to chart a three-week peak.
Crypto markets are expected to face enhanced volatility today and tomorrow as the US Federal Reserve is set to meet to discuss a reduction in the key interest rates.
BTC Sits Above $60K
The primary cryptocurrency ended last week on a highly positive note as the bulls drove it from under $58,000 to almost $61,000 on Friday and Saturday morning. Expectedly, it calmed over the weekend but still stood predominantly above $60,000.
The landscape changed for the worse on Monday when the asset fell by over two grand in hours and dropped to $57,500. However, the bulls took control once again on Tuesday afternoon by initiating a notable leg-up that drove bitcoin to $61,300. This became its highest price tag in three weeks.
Although it has retraced by over $1,000 since that local peak, BTC is still 2.5% up on the day and remains north of $60,000. More price fluctuations would probably come later today as the US Federal Reserve will hold its first FOMC meeting in two months.
Recall that Fed Chair Jerome Powell hinted last month that the time has come for the central bank to start cutting the interest rates, which will likely have a substantial impact on the entire crypto market.
Bitcoin/Price/Chart 18.09.2024. Source: TradingView SUI, TAO, IMX on the Run
Most larger-cap alts are quite sluggish on a daily scale. ETH, DOGE, BNB, and TRX are slightly in the green, while SOL, XRP, AVAX, TON, SHIB, LINK, and BCH have charted insignificant losses.
The situation with the mid-cap alts is a lot more eventful. SUI, TAO, and IMX have all soared by 6-8% daily. As a result, SUI trades at $1.2, TAO is close to $320, while IMX is above $1.35.
The total crypto market cap has gained around $30 billion overnight and sits at $2.170 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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