Midweek trading in the cryptocurrency market shifted the spotlight to standout altcoins. Bitcoin continued to trade sideways near $65,800, while investors searching for higher returns appeared to pivot toward alternative tokens. Although Bitcoin rose nearly 7.4 percent on the week, its intraday price movement remained limited.
UNI and altcoins record robust gains
The day’s top performer was Uniswap’s token UNI, which surged 22.5 percent to $3.53 after Standard Chartered published a notably positive report on the protocol. The bank set an ambitious long-term price target of $100 for UNI by 2030.
Uniswap has emerged as a key player in the crypto ecosystem by offering a decentralized protocol for exchanging tokens. The platform allows users to swap assets directly on-chain without relying on intermediaries.
Geoffrey Kendrick, who leads the digital asset research unit at Standard Chartered, described Uniswap as a foundational pillar of the on-chain economy.
Momentum in altcoins wasn’t confined to UNI. Hyperliquid’s HYPE token climbed 7.8 percent in the past 24 hours and 34.3 percent over the week. Solana posted a 14.7 percent gain in seven days, while Ether rose 1.4 percent on the day to reach $1,793, bringing its weekly increase to 10.4 percent. In contrast, XRP weakened 0.9 percent over the same period, sliding to $1.22.
Bitcoin awaits Fed policy decision
On a broader scale, the market is now focused on the US Federal Reserve and its next interest rate decision. This meeting is particularly notable as it marks the first policy announcement under chair Kevin Warsh. Bitcoin has hovered close to the $66,000 threshold, a sign that investors are waiting to gauge the new leadership’s tone on future monetary policy.
The macro outlook discussed in the report suggested a moderately supportive backdrop for risk assets. Brent crude prices fell below $79 per barrel, marking the lowest point in over three months. The drop in oil could ease inflationary pressures, increasing the significance of the Fed’s forthcoming policy signals.
Macro factors shape risk appetite
The decline in oil prices was linked to expectations of a possible US-Iran agreement that may reopen the Strait of Hormuz. This potential deal has fueled speculation about increased oil supply in the market. Bond markets also saw stronger demand, with yields on 10-year government bonds in Australia and Japan falling by roughly five basis points.
Meanwhile, US equities posted a weaker performance. The Nasdaq 100 dropped around 2 percent on Tuesday, with chipmakers seeing the most pronounced sell-off. Conversely, S&P 500 futures edged up 0.2 percent. These trends indicate that while appetite for risk remains, investors are becoming more selective in their allocations.
Recent data shows that Bitcoin’s price moves have mirrored broader trends in geopolitics and risk sentiment. As a result, analysts believe that the Fed’s language regarding interest rates could prove decisive in charting Bitcoin’s next direction. Yet for now, capital appears to be flowing from the largest cryptocurrencies toward promising altcoins.
