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As the article was prepared, BTC price is attempting to drop below 100,000 dollars again. Following the six-figure price, profit-taking was expected, but the extent of this will be observed in the coming hours. The cryptocurrency market is on the brink of another weekend, facing potential increased volatility. What is the current situation?
Current State of Bitcoin (BTC)
BTC price stands at 100,450 dollars after reaching 104,000 dollars today, redirecting downward due to profit-taking. It is not surprising that the satisfactory price increase for short-term investors shows a degree of consolidation and pullback. However, how this affects altcoins is crucial. If the BTC price attempts to drop to 97,000 dollars or lower, it may lead to unfavorable results this weekend as volumes weaken.
Meanwhile, the Federal Reserve’s interest rate decision on December 18 is approaching. In about two weeks, Powell will announce the new interest rate alongside the rationale. The expectation for this year was a 100bp cut, with 75bp already implemented. However, due to high inflation data in October and a rebound in labor market figures, some members suggest that there may be a pause in the cuts.
Update on Cryptocurrencies
Volumes are reaching desired levels. The total market cap of cryptocurrencies has surpassed 353 billion dollars. Last year’s mid-year saw total daily volumes of 14 billion dollars, and this increase in volume is promising for altcoins. Market dominance for BTC has slightly loosened, and ETH is struggling to settle above 3,800 dollars.
The total market value of cryptocurrencies has broken its new record, exceeding 3.65 trillion dollars, while the fear index stands at 84. Among the top 100 cryptocurrencies, the biggest gainers of the day include JASMY, SUI, WLD, RENDER, and PNUT, which experienced gains between 12% and 40%.
