Cryptocurrency Daily Market Review

Crypto markets looked as if they were headed for a third consecutive losing session, with Bitcoin falling below the $65,000 level early in the session. However, the latest news from the Federal Reserve, in which the central bank kept interest rates on hold in the U.S. while forecasting three upcoming rate cuts by the end of 2024, reversed course for the market. By late afternoon in the U.S. the market was back in the green for the day, although the weekly picture still shows losses for many of the top cryptocurrencies.

Within the top cryptocurrencies Bitcoin (BTC) was able to reverse its early losses to trade 2% higher for the day, although it is still holding a 10% weekly loss. Ethereum (ETH), the second largest cryptocurrency by market capitalization, is up 1.7% for the day, while trading down by 15% for the week. The rest of the top ten cryptocurrencies also had gains, although there were some pockets of weakness.

Solana (SOL), which recently leapfrogged into the fourth position was 1.1% higher and has a 13% gain over the past week. Binance Coin (BNB) was enjoying a 1.8% increase for the day, although it remains down by 9% for the week. Ripple (XRP) was flat on the day, trading nearly unchanged and with an 11% loss for the past week.

Cardano advanced by 2.8%, though it is also trading 15% lower over the past seven days. Dogecoin (DOGE) was the best performer in the top ten altcoins, gaining an impressive 8.5% for the day, though remaining 13% lower for the week. Finally, Avalanche (AVAX) was the lone loser in the top ten altcoins, falling by 5.4%, although it is the only weekly winner with a 2.5% weekly advance, so Wednesday’s loss was likely at least partially due to profit taking.