Cardano’s ADA, XRP Slide as Bitcoin Traders Await ‘Coin-Flip’ FOMC Meeting
Defi tokens such as Hyperliquid’s HYPE are up 70% in the past week, a sign of traders favoring fundamentals as capital allocators remain cautious with their money.
What to know:
Cardano's ADA and XRP led losses among major cryptocurrencies as traders anticipate the Federal Reserve's decision on interest rates.
Bitcoi$BTC prices remained stable above $94,000, while other cryptocurrencies like Ether and $DOGE Dogecoin experienced slight declines.
DeFi tokens such as AAVE and CRV saw increased demand, reflecting a shift in trader interest towards projects with strong fundamentals.
Cardano’s ADA and XRP led losses among majors on Tuesday as traders await the outcome of the upcoming Federal Reserve (FOMC) meeting, where rates are expected to stay unchanged but Fed chair Jerome Powell’s comments could provide cues on further market positioning.
Bitcoin (BTC) prices held above $94,000 after briefly dipping below that level on Sunday, continuing its recent range-bound behavior.
ADA price dropped nearly 4% while XRP slid similarly. Ether (ETH) fell nearly 1%, BNB Chain’s BNB rose 1.3% and memecoin dogecoin (DOGE) was down 2% in the past 24 hours.
The broad-based CoinDesk 20 (CD20), a liquid index that tracks the largest tokens by market capitalization, dropped a little over 1.8%.
Elsewhere, some DeFi tokens such as AAVE, Curve’s CRV, and Hyperliquid’s HYPE have seen a bump in demand over the past week in a sign of trader interest toward projects with utility and yield mechanisms, some say.