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Bitcoin price began the day at $61,000 and has not significantly moved away from a key support level. This situation, becoming increasingly frustrating for altcoins, could result in the loss of support levels. So, what is the current situation in the market? Which altcoins are attracting attention? What are the latest predictions for Bitcoin and altcoins?
Cryptocurrency Commentary
Within the next hour, we will also touch on important developments for the coming seven days, and there are many details that investors should be cautious about. However, currently, BTC and altcoins continue to show shallow volatility. Following the statements by Fed members on Friday, Bitcoin fell back to the $60,000 support level and has not moved away from there.
Fed members are not pleased with the first quarter data due to the halt in the decrease of inflation. In fact, some think that the neutral interest rate might have risen. What does this mean? If the inflation data for April also exceeds expectations, Fed members might consider additional tightening measures instead of a rate cut.
The good news is that employment and economic growth data are coming in poor. The Fed might extend its path aimed at combating inflation to prevent the economy from taking lethal hits. This could mean 2+ rate cuts by 2024, pushing the 2% inflation target back by 1-2 years.
Bitcoin and Altcoins
Interest is waning. Due to the macroeconomic negativity mentioned in the first section, investors are becoming more withdrawn. The daily trading volume across all exchanges has decreased by 44% to $37.3 billion as of the time this article was prepared, a frustrating drop from days when it challenged $140 billion.
This week’s losers include BONK and CORE Coin, which lost over 15%. Other double-digit losers among the top 100 cryptocurrencies include STX, PENDLE, W, TAO, SEI, LDO, WIF, and HNT Coin.
TON Coin continued to make its mark this past week, rising over 22% and still hovering near the $7 level. The anticipated rise for RNDR Coin has begun, now at the $11 mark. With the NVIDIA earnings report due on May 22, investors are likely to keep their expectations high for AI tokens in the coming days.
