Synopsis
Major altcoins saw positive movement, with Ethereum (ETH), XRP, BNB, Solana, Dogecoin, Cardano, Shiba Inu, Toncoin, and Avalanche gaining up to 7%. Tether remained flat, though with a slightly negative bias.
Bitcoin slipped below the $95,000 mark on Tuesday and was trading at $94,035.31 around 1 pm India time, going down by 1.3% over the past 24 hours. After a cracking rally following President-elect Donald Trump’s re-election, BTC has been in consolidation mode and has corrected by 13% from its all-time high of $108,268.45.
However, most major altcoins were trading positively around this time with gainers including Ethereum (ETH), XRP, BNB, Solana, Dogecoin, Cardano, Shiba Inu, Toncoin and Avalanche. They were higher by up to 7% around this time. Tether was flat though the bias was negative.
The weakness in crypto assets has been on account of the hawkish Federal Reserve commentary which has hinted at a shallower rate cut in 2025. In its December monetary policy announcements, the Central Bank said that its 2% inflation target was unlikely to be achieved in the coming year.
Crypto Tracker
TOP COIN SETSWeb3 Tracker-8.12% BuyDeFi Tracker-10.92% BuyCrypto Blue Chip – 5-11.25% BuyBTC 50 :: ETH 50-11.90% BuyNFT & Metaverse Tracker-12.89% BuyTOP COINS (₹) BNB59,002 (4.48%)BuyXRP192 (3.18%)BuyEthereum289,763 (3.16%)BuyTether85 (0.15%)BuyBitcoin8,041,489 (-0.81%)Buy
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Avinash Shekhar, Co-Founder & CEO at Pi42 acknowledged the resilience shown by the BTC amid the current volatility. “Bitcoin shows resilience in this volatile market, gathering inflows totaling $375 million this week despite witnessing an 11.8% fall in price over the week. Having fallen from its all-time high of $108,135 to around $93,878, BTC faced the pressure of bears, although with some key technical support at $90,000. Investors are cautious, suggesting a correction could happen if the 50-day SMA is lost, but the bulls are nevertheless encouraged as major buyers, including MicroStrategy’s acquisition of 5,262 Bitcoin during the week, take the lead,” Shekhar said.
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Despite the presence of some volatility in the short term, there seems to be an ongoing tug of war between the bulls and bears in determining the trajectory of Bitcoin going forward,” the Pi42 analyst said.
Meanwhile, the response from the broader market to the Federal Reserve’s careful monetary policy has reduced the number of given projected interest rate cuts in 2025.
Altcoins like ETH and XRP have mirrored Bitcoin’s struggle in recent times while undergoing consolidation and making attempts at rebounds.
In a recent development, US President-elect Donald Trump on Sunday said that he was appointing Bo Hines, who previously ran to represent a North Carolina district in Congress, as executive director of the Presidential Council of Advisers for Digital Assets that will be chaired by incoming crypto czar David Sacks.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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