Altcoins Tumble as Bitcoin Holds Steady Ahead of FOMC Meeting
📉 Market Overview
Cardano (ADA) and XRP experienced notable declines, each dropping approximately 3% over the past 24 hours.
Bitcoin (BTC) remained relatively stable, trading just above $94,000, showing resilience amid market fluctuations.
Other major cryptocurrencies:
Ether (ETH): Down nearly 1%.
Dogecoin (DOGE): Decreased by 2%.
BNB Chain’s BNB: Contrarily, it saw an uptick of 1.3%.
🏦 Anticipation of Federal Reserve's Decision
Traders are closely monitoring the upcoming Federal Open Market Committee (FOMC) meeting.
While interest rates are expected to remain unchanged, investors are keenly awaiting Federal Reserve Chair Jerome Powell's statements for insights into future monetary policy directions.
🔄 Shift Towards DeFi Tokens
Decentralized Finance (DeFi) tokens, such as AAVE and CRV, have garnered increased attention, reflecting a shift in trader interest towards projects with robust fundamentals.
Notably, Hyperliquid’s HYPE token surged by 70% over the past week, indicating a growing preference for fundamentally strong assets.