Cryptocurrencies gained a little less than half a percent over the past 24 hours amidst anxiety ahead of the Fed’s policy decision to be announced on Wednesday afternoon.
The Fed is widely expected to raise rates by 25 points in its current review, that would raise the target funds rate from the current level of 500 – 525 bps to 525-550 bps. The CME FedWatch tool currently shows a 98.9 percent probability for this outcome.
Based on current expectations, there is a close to 79-percent probability that rates will be retained at the 525-550 bps level in the next review in September. Only around 21 percent probability is assigned to another rate hike of 25 basis points that would take rates to the 550-575 bps level.
Insofar as the Fed’s November meeting is concerned, market expectation about rates rising to the 550-575 bps level increases to 36 percent and the probability for the rates to be retained at 525-550 bps level falls to 59 percent.
Amidst the uncertainty about the Fed’s forward guidance, overall crypto market capitalization has risen to $1.18 trillion, from $1.17 trillion a day earlier.
Bitcoin (BTC), the leading cryptocurrency has edged up overnight to trade at $29,254.86. The 24-hour trading range was between $29,382.11 and $29,113.91. Year-to-date gains are a little less than 76 percent.
Ethereum traded between $1,867.32 and $1,849.44 in the past 24 hours. It is currently changing hands at $1,855.89, having erased 0.3 percent overnight. Ether has also shed 2.8 percent over the past week. Year-to-date gains are a little less than 55 percent.
Bitcoin dominates 48.38 percent of the overall crypto market followed by Ethereum which accounts for 19.02 percent.
4th ranked XRP (XRP) added more than half percent in the past 24 hours but has shed 12.8 percent in the past week. In the backdrop of a partially favorable win against the SEC, the cryptocurrency has gained 44 percent over the past 30 days and 107 percent on a year-to-date basis. The cryptocurrency is currently changing hands at $0.70.
5th ranked BNB (BNB) gained 0.3 percent overnight but has shed 1.6 percent in the past week. It is also yet to recoup losses of 2.6 percent made on a year-to-date basis.
7th ranked Dogecoin (DOGE) has added 2.2 percent overnight. The meme cryptocurrency has gained 13.9 percent in the past week and 18.7 percent over the past 30 days amidst hopes of an integration with X, the rebranded version of the microblogging platform Twitter. Year-to-date gains now exceed 12 percent.
8th ranked Cardano (ADA) has dropped 0.5 percent overnight and 4.2 percent over the past week. Year-to-date however exceed 21 percent.
9th ranked shed Solana (SOL) surged 5.4 percent overnight but has shed 7.5 percent over the past week. With the day’s rally, year-to-date gains exceed 145 percent.
10th ranked TRON (TRX) edged 0.5 percent higher overnight and 2 percent over the past week.
72nd ranked Compound (COMP) topped the price charts with an overnight rally of 12.9 percent. COMP also tops gains over the 30-day horizon with a surge of more than 85 percent.
52nd ranked XDC Network (XDC) is the biggest laggard, shedding 6.1 percent in the past 24 hours. 76th ranked Pepe (PEPE) also declined 5.6 percent overnight.
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