Market Watch: BNB Hits New ATH, BTC Eyes $117K Before FOMC
With just hours left until the highly anticipated FOMC meeting scheduled for later today, bitcoin’s price jumped to a new multi-week peak of just over $117,200.
Most altcoins have failed to produce any big moves over the past day, while BNB charted a new all-time high, and HYPE has neared its own.
BTC Stopped at $117K
The primary cryptocurrency has been on an evident uptrend for the past week or so, after bouncing off the $111,000 support last Tuesday. The asset started to recover some of the recently lost ground almost immediately and had risen to over $116,000 by Friday.
It failed there at first and remained sideways for most of the weekend, at least after it jumped to $116,800 on Saturday morning, where it was quickly stopped. The bulls went on the offensive on Monday, but the subsequent rejection at the same level pushed BTC south to $114,400.
However, bitcoin recovered again and headed north to just over $117,200 earlier today, which became a four-week peak. Although it has slipped slightly since then, it’s still in the green on a daily scale.
More volatility is expected later today when the US Federal Reserve will announce whether it will indeed lower the interest rates as many anticipate. For now, though, BTC’s market cap sits at just over $2.325 trillion on CG, while its dominance over the alts is up to 56.2%.
BTCUSD. Source: TradingView
BNB New Peak
Most larger-cap alts have remained at essentially the same price levels as yesterday, including ETH, XRP, SOL, ADA, DOGE, TRX, and SUI.
In contrast, BNB topped $960 earlier today to mark a new all-time high. HYPE also neared its own record but now trades at $55. LINK, AVAX, XLM, and HBAR are slightly in the red on a daily scale.
MYX has skyrocketed the most from the larger-cap alts, gaining over 50% in a day to trade above $16. IP and SKY are far behind with 6% and 5%, respectively.
The total crypto market cap has risen to $4.140 trillion on CG, gaining more than $140 billion in the past several days.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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