The cryptocurrency market remains volatile as the Federal Reserve's hawkish stance on interest rates continues to pressure investor sentiment. Major companies like Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) are under pressure amid this uncertainty. Below is a detailed analysis of today's market performance.

Bitcoin and Ethereum: Market Leaders Struggling

Bitcoin has dropped 2.5% in the past 24 hours and is currently trading at $96,236. The daily low was $95,137, while the high reached $98,973. Despite the decline, Bitcoin's market dominance remains strong at 57.05%. Long-term indicators remain positive, supported by KULR Technology's recent purchase of $21 million in BTC, signaling ongoing optimism among institutional investors.

Ethereum has dropped 2% to $3,380, with daily lows and highs of $3,302.31 and $3,446, respectively. While Ethereum's decline reflects the overall market trend, data from Coinglass shows a slight increase in optimism. The open interest of ETH in futures contracts rose 1% to $23.47 billion, and derivatives trading volume surged 29% to $35.69 billion.

Solana and XRP: Volatility Continues

Solana has dropped 3% in the past day, trading at $190.31. Its daily low and high are $186.86 and $195.27, respectively. The future price volatility of Solana remains uncertain due to market momentum fluctuations. Coinglass reports that Solana's open interest in futures contracts has declined by 3%, even as its derivatives trading volume increased by 24%.

XRP fell 3.5% to $2.18, with a daily low of $2.13 and a high of $2.25. The Ripple community remains hopeful, driven by favorable legal developments and technical analysis. Speculation about XRP's future includes a bold price target of $27, as stated in a recent report. However, market pressure continues to weigh on this token.

Meme coins are not escaping the downturn. Dogecoin is down 3%, trading at $0.3156, while Shiba Inu fell 2% to $0.00002182. Other meme coins like PEPE, BONK, and PENGU have experienced losses ranging from 1% to 13% on the day.

Despite current challenges, market experts believe the bullish cycle is not over yet. Both BTC and ETH recorded slight hourly gains of 0.06% and 0.15%, respectively, igniting new hope among investors.

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