Cryptocurrency prices were mixed as traders focused on the upcoming Federal Reserve meeting, with the crypto fear and greed index remaining in the fear zone.
Immutable X (IMX), the gaming and non-fungible token-focused coin, was the best performer, rising by 17.7% to its highest point since Aug. 31. It has jumped by almost 60% from its lowest level in August.
Immutable’s jump occurred as total NFT sales in its ecosystem surged by over 125% in the last 24 hours. These sales were primarily driven by Guild of Guardians Heroes, whose sales rose by 145% to $647,067.
Still, like other chains, Immutable’s NFT sales have been in a long-term downward trend over the past few months. Sales dropped by 33% in the last 30 days to $15 million, while the number of buyers fell by 31% to 12,177.
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Celestia (TIA), a leading player in modular data, rose by 15% to its August 26 high, while Bittensor (TAO) jumped by 13% to its June 24 high. These tokens gained as demand among investors increased, with Celestia’s 24-hour volume rising by 23% to $138 million and Bittensor’s volume rising by 5% to $85 million.
Bittensor also benefited from the rising interest in artificial intelligence-focused coins and stocks. Nvidia shares have rallied by 9% in the last five days, while Microsoft rose by 7%. Microsoft, a major investor in OpenAI, the maker of ChatGPT, saw increased positive sentiment, with 85% of CMC users being bullish.
Looking ahead, the main catalyst for these altcoins will be Wednesday’s Federal Reserve decision. 52% of participants in a Polymarket poll with over $45 million in assets expect the Fed to cut rates by 0.50%. 47% of them see a 0.25% cut.
In theory, these tokens should perform well when the Fed starts cutting interest rates, as it would incentivize investors to move to riskier assets. However, there is also a risk that these coins could retreat, as the rate cut may already be priced in by market participants
This likely explains why the crypto fear and greed index has remained in the fear zone at 34. Historically, cryptocurrencies tend to drop when fear dominates market sentiment.
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