Market Update 17th September 2024
By Manoj Dharra
Crypto markets have declined by a further 1.4% on the day, with total capitalization sinking to $2.11 trillion.
Bitcoin has reclaimed the $58,000 level during the Tuesday morning Asian trading session following a dip below it in late trading on Monday. Bitcoin was trading at $58,770 down 0.25% in the last 24 hours.
Ethereum is still struggling and could not climb above $2,300, trading at $2,289 at the time of writing.
Investors are now closely watching market expectations for the Federal Reserve’s upcoming interest rate decision. In a notable shift, the likelihood of a 50 basis point rate cut has skyrocketed from 2% to 59% within a few hours. This dramatic change is unexpected, as it comes without any new economic data or guidance from the Fed, with a 25 basis point cut having previously been the dominant forecast.
Additionally, on September 16, Bitcoin dominance reached 58%, its highest level since April 2021, after nearly two years of steady increases. This rise follows a period in November 2022 when BTC dominance fell below 40% due to the FTX collapse, which saw Bitcoin’s price drop to $16,000. Since then, Bitcoin’s dominance has grown, while altcoins like Ethereum have seen their market shares decrease.
Talking about the top gainers of the day, Fantom (FTM) has emerged as the top-performing altcoin, with an impressive 11.7% increase, currently trading at $0.55. Conversely, Bittensor (TAO) has seen the most significant decline, dropping by 6.1% to $0.273.
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