Although the US Federal Reserve’s decision to keep rates steady was in line with expectations, BTC’s price still experienced some major fluctuations, with the latest being a drop below $80,000.
The altcoins have dived in the Red Sea today, with almost all posting notable losses, led by BCH and NEAR. BTW, though, has defied the overall trend again.
BTC Slides to $80K
After last Wednesday’s rejection at $85,000, bitcoin went into a major correction on the lower timeframe, dumping to $83,000 within hours and to $81,000 by Thursday. The bearish sentiment prevailed in the following days again and culminated on Saturday with a price drop to $79,100 – BTC’s lowest level in five weeks.
Although the cryptocurrency tried to rebound by the end of the weekend, it couldn’t really move past $80,000 for long. It finally started to regain serious traction on Tuesday and Wednesday morning, when it surged to $81,700 ahead of the second-to-last FOMC meeting for the year.
The Federal Reserve’s decision came with little surprise for the markets, as the central bank maintained rates after hiking them in September. Fed Chair Warsh didn’t rule out another increase in December, and BTC’s price volatility ensued. The asset had dipped to $80,500 before the meeting, surged to $81,800 after it, but it was rejected and slumped to $79,600 hours later.
It has been unable to stage a notable comeback since then, and currently struggles at around $80,000. Its market cap is down to $1.61 trillion on CMC, while its dominance over the alts hangs at 60%.
Alts in Red
As it typically happens when BTC heads in one direction, the alts follow tightly. Ethereum is down to $2,320 after a 2.14% decline. XRP has dipped below $1.30 after a 3% decline. SOL is back at $100, while ZEC has tanked by more than 5% to $1,250.
HYPE, DOGE, LINK, and ADA are also well in the red. NEAR and BCH lead the adverse trend, with losses of around 8% each. CC, ENA, and MNT have dropped by up to 7%. BTW is the only major exception. The asset has rocketed by 8% and sits close to $1.90.
The total crypto market cap has dropped by 1.5% since yesterday, and it’s down to $2.680 trillion on CMC.
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