The cryptocurrency market is experiencing volatility ahead of the anticipated Federal Reserve interest rate decision. Leading cryptocurrencies, including XRP and Solana, are under selling pressure.
Increasing Volatility Before Fed Decision
The cryptocurrency market, which witnessed significant growth last week, is now facing selling pressure in light of the upcoming Fed interest rate decision. A total of $240 million has been liquidated market-wide over the past 24 hours, with $176 million attributed to long positions. Predictions indicate a possible 15-20% decline in altcoins.
Bitcoin's Market Share and Altcoin Season Expectations
CoinMarketCap’s Altcoin Season Index recently rose to 72, yet technical indicators suggest a full-blown altcoin season may not initiate in the short term. Bitcoin's market share (BTC.D) is showing signs of recovery, and surpassing the 57.5% mark could bring it back to 60%.
Investor Recommendations
Experts advise investors to exercise caution concerning market direction during the week of the Fed's interest rate announcement. An increase in risk appetite could lead to subsequent selling pressure, which will also impact price fluctuations in the cryptocurrency realm.
In the face of uncertainty and volatility in the cryptocurrency market, it is crucial for investors to monitor the Fed's decision and its impact on prices.
