- The crypto market has been quite volatile since investors began taking cautious steps towards decisive events this week.
- According to analyst Michaël van de Poppe, altcoins are catching attention and may continue to perform well due to increased volatility in Bitcoin
- The FOMC minutes scheduled for Tuesday, November 21, will be closely watched by market participants for clues about the current economic health.
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FED’s meeting minutes will be announced next week; Why are these minutes so important for the markets? Here are the details!
FOMC Minutes Approaching: Why Important?
The crypto market has been quite volatile since investors began taking cautious steps towards decisive events this week. Meanwhile, the market has been on a bullish run for the past few weeks, as evidenced by changes in the prices of not only Bitcoin but also other altcoins, confirming the bullish sentiment.
Now, according to market experts, many traders may view the recent downward trend as a “buy the dip” opportunity. According to analyst Michaël van de Poppe, altcoins are catching attention and may continue to perform well due to increased volatility in Bitcoin’s price. Therefore, before focusing on key events that could have a significant impact on overall market sentiment next week, let’s explore the top performers of this week.
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Macroeconomic events typically affect global financial markets, and the digital asset space is no exception. Meanwhile, the careful stance exhibited by investors recently indicates that the market is looking for more clarity on recent economic performance and potential moves by the Fed regarding interest rate hikes.
Higher-than-expected inflation weakened market sensitivity throughout the year, prompting investors to flee as interest rates rose. However, recent Consumer Price Index (CPI) and Producer Price Index (PPI) data showed a slight easing of inflation in October. Despite the cooling CPI and PPI data, inflation remained above the Fed’s target range of 2%, which suppressed the sensitivity of some investors. Some investors still anticipate that the Federal Reserve has room to raise policy interest rates.
Now investors are awaiting the release of the minutes from the Federal Reserve’s October FOMC meeting. The FOMC minutes, scheduled for Tuesday, November 21, will be closely watched by market participants for clues about the current economic health. Additionally, consumer sentiment data is scheduled for Wednesday next week, providing further insights into the current market sensitivity. According to market observers, this data could trigger a potential rally in the market or, conversely, have the opposite effect.
How is the Crypto Market Performing?
As mentioned earlier, the crypto market has been volatile lately, especially after BlackRock applied for a Spot Ethereum ETF earlier this week. Notably, a sell-off was observed in the crypto market immediately after the application. As of November 18, the global crypto market cap decreased by around 0.43% in the last 24 hours, reaching $1.38 trillion, and the total market volume decreased by 23.34% to $53.32 billion. However, with a fear and greed index of 72, indicating a bullish trend in the market, the crypto market seems to be in a positive direction.
Among individual cryptocurrencies, the price of Bitcoin has recovered some of its recent losses and is currently trading around $36,750. However, it has declined by approximately 1.5% in the last seven days. Meanwhile, the price of Ethereum has dropped by around 6% over the past week. Additionally, while XRP’s price has fallen by nearly 10% in the last week, Cardano’s price has dropped by 5% in the past seven days. In contrast, the price of Solana has added approximately 1.5% during the week.