Bitcoin Struggles Below $80,000 Ahead of FOMC Meeting
Bitcoin continues to face price pressure, dipping below the $80,000 mark late last night and remaining there as the market anticipates the upcoming Federal Open Market Committee (FOMC) meeting.
Mixed Performance Across Altcoins
While Bitcoin falters, Quant (QNT) is extending its strong performance that began Monday. In contrast, smaller-cap altcoins like BitTorrent (BWT) and Rain (RAIN) have seen double-digit declines. Bitcoin Cash (BCH), Monero (XMR), Hyper (HYPE), and Zcash (ZEC) have all posted modest gains.
Ethereum and Solana See Declines, XRP Defies Trend
Ethereum has edged closer to $2,300 following another minor downturn. Solana (SOL) has fallen below $100, and Tron (TRX) is trading under $0.33.
However, XRP is trading at $1.30, buoyed by significant news from Ripple. The company announced it has received final approval for its national bank trust, a development that may explain XRP’s resilience. The token is up nearly 2% on the day and is currently testing the key $1.30 resistance level.
Zcash, Monero, and Quant Show Strength
Zcash has climbed over 3% and is approaching $1,250. Monero has neared $600 after another 2% surge. Hyper has experienced a similar percentage increase, trading at $78. Quant has once again risen by over 7%, seemingly reclaiming the $200 level.
BitTorrent and Rain Plummet
Conversely, BitTorrent and Rain have experienced significant drops, each falling by more than 12%. BitTorrent is now struggling at $1.40, while Rain has fallen to $0.072.
Overall Market Cap Sees Slight Dip
The total cryptocurrency market capitalization has declined by 0.4% over the past 24 hours, settling at $2.670 trillion according to CoinMarketCap.
Bitcoin’s Volatile Week
This downturn follows a sharp rejection of Bitcoin at the $85,000 level less than a week ago. The subsequent pullback has been significant, with the asset initially dropping to $83,000. The bearish momentum continued, pushing Bitcoin below $81,000 before a further substantial decline over the weekend brought it to a five-week low of $79,100.
Attempts to rebound were capped at $81,000, and Bitcoin dipped below $80,000 on multiple occasions Sunday. It failed to regain this level on Monday and has largely hovered around $79,500 for the past day, with only brief fluctuations.
Bitcoin’s market capitalization has fallen to $1.6 trillion on CoinMarketCap, and its dominance over altcoins has dipped below 60%. Further volatility is anticipated tomorrow following the conclusion of the second-to-last FOMC meeting of the year.
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