However, Ethereum, the second-largest cryptocurrency, has also lost a little over 6% during the last week. At some point, it came to light that Ethereum was near $4k this month, however, it is shown that this project went down to $3,360 with Coingecko data.
Federal Reserve’s Impact on Crypto
The final statement on left the benchmark interest rate of the Federal Reserve unchanged, yet it insinuated only one cut in the future this year, contrary to the three cuts that were anticipated in the past. Thus, The Central Bank has experienced stable or deceleration in price pressures, but it is still below the 2% pace that it wants to reach in a year.
Cryptocurrencies like Bitcoin, which are speculative, high risk and price-driven, are usually less demanded when the general interest rates are high.
Major Altcoins Price Follow Suit
The crypto market at large has also undergone a drop in the value of its sum market cap, amounting to $2.39 trillion, that has been a 3.5% correction just in the last 24 hours. On the other hand, altcoins which are the leaders have faced big plunges. For instance, Binance Coin (BNB) decreased by 6.6%, Solana (SOL) 16%, XRP 4% during the past week.
The price TON by Telegram is showing cracks as it is now 12.7% shy of its record high of $8.25 which it reached on September 1, 2022.
The favorite meme coins are not the only ones that have come under the avalanche. Dogecoin, Shiba Inu, and PEPE have reduced their market value by 5%, 6%, and 11% for the last 24 hours. Dogwifhat was the toughest hit, having lost more than 40% of the amount it had gotten the previous week.
How do the market participants deal with the deepening of the market correction? Every investor is very attentive to the reflections it provides.
