Bitcoin the primary crypto asset has improved in price level as the asset shook off the September curse to surge to $61,000 for the first time in three weeks.
At the time of the report, the crypto asset is exchanging hands for $59,669 a little under the $60,000 mark, and surged by 1.2% in the last 24 hours. Crypto assets like Bitcoin and other Altcoins are expected to experience volatility as the United States Federal Reserve is set to meet to discuss a possible reduction in key interest rates.
The Federal Open Market Committee meeting is expected to be held today and the outcome of this meeting has historically affected the price of crypto assets.
Bitcoin through the week
The flagship crypto asset ended last week on a high as the bulls pushed it from under $58,000 to almost $61,000 on Friday and Saturday morning.
The Crypto asset cooled off over the weekend dropping slightly in price value but remained above $60,000.
Bitcoin price level took a hit on Monday when the asset dropped by $2000 to as low as $57,500 but the bulls took control the next day driving the asset to as high as $61,300 its highest price level in three weeks.
At the moment Bitcoin has retraced from this price peak of $61,300 but is still currently 1.2% up in the last 24 hours.
Bitcoin price is expected to undergo some volatility as the US Federal Reserve holds its first FOMC meeting in two months.
Federal Reserve Chairman Jerome Powell hinted that the Central Bank might begin to start cutting the interest rates which will likely have a resounding impact in the crypto market.
Altcoin See
Aside from Bitcoin, the altcoins are having a mixed reaction with some outperforming the others.
Altcoins with larger market caps are underperforming with most stuck in red. SOL, XRP, AVAX, TON, SHIB, LINK, and BCH recorded losses and are in the red zone.
ETH, DOGE, BNB, and TRX are slightly in the green following a sluggish performance.
Other mid-sized altcoins showed impressive performance surging significantly in price level. SUI, TAO, and IMX have all soared by 6–8% daily. As a result, SUI is exchanging hands for $1.2, TAO is close to $320, and IMX is above $1.35.
What to Know
The total market capitalization of all cryptocurrencies gained significant value and currently sits at $2.144 trillion.
It has been proven historically that Bitcoin price action always affects other crypto assets. Bitcoins’ latest surge is expected to nudge other altcoins northwards in the coming days.