The past 24 hours have been quite eventful for the cryptocurrency market, which has naturally seen heightened volatility.
Bitcoin (BTC) made another attempt to reach $95,000, but failed and retraced to around $90,000. Some of the leading altcoins are deep in the red today (December 11), with Cardano (ADA) heading south by double digits.
Pump and Dump for BTC
The Federal Reserve announced its third rate cut for this year, lowering the benchmark by 0.25% to the 3.50% – 3.75% range. While the move was expected and perhaps priced in, it triggered additional volatility for Bitcoin.
The primary cryptocurrency shot above $94,000 mere hours after the official disclosure, but the bears intercepted the move and stepped in. Shortly after, they suppressed the valuation to as low as $89,600, whereas the asset currently trades at around $90,200.
Some X users reminded that a trajectory of that type was observed following the previous FOMC meetings and was later followed by a significant surge. Rate cuts are seen as bullish for the cryptocurrency market, but we have yet to see whether the latest one will positively impact BTC’s long-term performance.
Following the latest turbulence, the asset’s market capitalization slipped to approximately $1.8 trillion, whereas its dominance against the alternative coins increased to roughly 57.1%.
These Alts Bleed Out
Most of the well-known altcoins followed BTC’s steps and jumped after the Fed’s announcement, but later retreated harder than the primary cryptocurrency.
Cardano (ADA) is the worst-performing top 100 digital asset today (December 11), posting a 10% loss and currently hovering around $0.42. Pump.fun (PUMP), Ethena (ENA), Avalanche (AVAX), Polkadot (DOT), Internet Computer (ICP), and Dogecoin (DOGE) follow next with declines of 6-8%.
However, it’s not all doom and gloom as some alts are well in the green on a daily scale. Provenance Blockchain (HASH) has spiked by 8%, whereas MemeCore (M) is up 4%. The total cryptocurrency market capitalization retraced by 2.2% to the current $3.17 trillion.
