Bitcoin Reclaims $83K Ahead of FOMC Meeting, HYPE Explodes by 11% (Market Watch)

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Bitcoin Prepares for FOMC

Bitcoin’s Price Stabilizes Above $83,000

Bitcoin’s price tumbled towards $81,000 yesterday but managed to defend that level and now sits above $83,000 ahead of the second FOMC meeting for the year. The cryptocurrency has traded mostly above $80,000, preventing a price drop below that level.

Recent Market Volatility

Following the massive volatility experienced at the start of the previous week, when BTC plunged below $77,000 for the first time in four months, the cryptocurrency has traded mostly above $80,000 and has been able to prevent a price drop beneath that line. The bulls attempted a few leg-ups that pushed the asset north to $85,000, but each was followed by an immediate rejection. There was an obvious example during the weekend when bitcoin plunged below $82,000, and another on Monday when it was stopped even ahead of $85,000. The decline came on Tuesday as BTC dropped below $81,500 to mark a multi-day low. However, it bounced off that level and now trades about two grand higher.

FOMC Meeting Expected to Affect Market

More volatility is expected later today as the US central bank is set to announce whether there will be any changes to the key interest rates. Although almost everyone anticipates that the rates will be left unchanged, BTC tends to react with at least minor fluctuations after each meeting.

Market Capitalization and Dominance

For now, its market capitalization stands above $1.650 trillion, while its dominance over the alts has declined slightly to 58.5% on CG.

Altcoins in the Green

Most altcoins are slightly in the green on a daily scale today, led by HYPE and PEPE. In contrast, BNB has dropped by 4%. The biggest gainers from the mid-cap alts are HYPE and PEPE. The former has added over 12% of value and trades at $15, while the meme coin is up by 8% and stands north of $0.000072.

Cryptocurrency Market Overview

The total crypto market cap is up by $25 billion since yesterday to $2.830 trillion on CG.

Conclusion

As the FOMC meeting approaches, the cryptocurrency market is expected to experience more volatility. With most altcoins in the green, investors remain optimistic about the future of the market. However, it is essential to be cautious and conduct thorough research before making any investment decisions.

FAQs

Q: What is the current price of Bitcoin?
A: Bitcoin is currently trading above $83,000.

Q: What is the current market capitalization of Bitcoin?
A: Bitcoin’s market capitalization stands at $1.650 trillion.

Q: What is the current dominance of Bitcoin over the alts?
A: Bitcoin’s dominance over the alts has declined slightly to 58.5%.

Q: What is the current price of HYPE?
A: HYPE is currently trading at $15, up 12% from yesterday.

Q: What is the current price of PEPE?
A: PEPE is currently trading at $0.000072, up 8% from yesterday.

Q: What is the current total crypto market cap?
A: The total crypto market cap is $2.830 trillion, up $25 billion from yesterday.