- Bitcoin breaks through the $60K barrier just before the FOMC meeting.
- Ethereum price climbs, despite experiencing ETF outflows.
- Altcoins largely shadow the market movements, with XRP lagging behind.
Bitcoin, Ethereum, and Solana surge, while XRP struggles against the broader market trend. Explore the latest crypto price movements and insights.
Bitcoin Hits $60K Amid FOMC Anticipation
Bitcoin’s price movement has been a focal point as it surged past the $60K mark. This development comes just as the Federal Open Market Committee (FOMC) is set to convene, with many investors speculating on potential rate cuts by the Federal Reserve. The cryptocurrency’s daily low was noted at $58,035.24, while the high touched $61,316.09. Significant inflows into Bitcoin ETFs, amounting to $186.76 million as reported on September 17, are largely responsible for this bullish behaviour. Consequently, Bitcoin’s market capitalization today stands at $1.2 trillion, accompanied by a dominance increase to 57.27%.
Ethereum’s Resilience Despite ETF Outflows
Ethereum, too, has shown a resilient upward trend, climbing 2% over the last 24 hours to trade at $2,334. The coin’s intraday fluctuations saw it dip to a low of $2,282.34 and peak at $2,392.15. Despite witnessing outflows worth $15.11 million from spot Ethereum ETFs, the asset’s market cap remains solid at $281.11 billion. This growth trajectory has been fuelled by heightened investor interest and various significant factors underpinning ETH’s bullish stance, as detailed in recent analyses.
Altcoins Keep Pace with Market Trends, XRP Falls Behind
Altcoins have generally mirrored the main market’s upward movement. Solana (SOL) exhibited a modest gain of 0.4%, now trading at $131. The crypto touched a 24-hour low of $130.37 and a high of $135.49. Solana’s market cap is currently $61.64 billion.
XRP’s Contradictory Movement
Despite the overall positive sentiment, XRP has diverged from this trend, experiencing a 1% drop in the past 24 hours, settling at $0.5805. Its market cap today is $32.73 billion. The decline follows the significant transfer of 50 million XRP by Ripple’s Chris Larsen, an event that stirred extensive market discussions and likely influenced its bearish movement.
Meme Coins and Top Gainers Today
The meme coin segment displays an optimistic sentiment as Dogecoin and Shiba Inu both gained 1%, trading at $0.113 and $0.00001338, respectively. Additionally, PEPE, WIF, and FLOKI saw a 2-3% rise.
The top gainers in the crypto sphere include Nervos Network (CKB) with a 26% surge, currently at $0.01968, Bittensor (TAO) which rose by 14% to $328.63, and Sui (SUI) which pumped 11% to $1.19.
Top Losers in the Current Market
Meanwhile, losses were observed with Helium (HNT) dipping 3% to $6.76, Maker (MKR) falling 2% to $1,485, and Arweave (AR) seeing a 1.5% decline to $18.72.
Conclusion
The overall crypto market sentiment today is buoyant with Bitcoin and Ethereum leading the charge, breaking key psychological barriers despite specific headwinds such as ETF outflows. While XRP lags due to internal market moves, various altcoins underscore the sector’s dynamic nature. As market participants keenly await FOMC decisions, the next few days will likely provide more volatility and opportunities in the crypto space.
