Hassan Maishera
TL;DR
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Bitcoin reached a new all-time high of $108,268 on Tuesday after adding 2% to its value.
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The leading cryptocurrency has lost 3% of its value since then and now trades around $104k per coin.
BTC Reaches $108k Before Cooling Off
Bitcoin, the leading cryptocurrency by market cap, has had a rollercoaster performance in the last 24 hours. It rallied to a new all-time high of $108,268 early on Tuesday after adding more than 2% to its value.
However, it has since retraced and now trades around $104,100 per coin. BTC is now down 2.5% in the last 24 hours, with altcoins also recording losses during that period. The performance comes as the Fed is expected to cut rates Wednesday while signaling slower easing next year.
The Fed will announce the rate decision, the interest rate dot plot, projections, and economic forecasts at 14:00 ET later today. Fed Chair Jerome Powell's press conference will be held a half hour later.
According to market analysts, the Fed will cut rates by 25 basis points to 4.25% to 4.5%. However, the dot plot is expected to show fewer rate cuts next year.
Altcoins Also Underperform
With Bitcoin cooling off following its recent rally, altcoins are also trading in the red. Ether, the leading altcoin by market cap, is down 4%, trading at $3,847 per coin. XRP remains the third-largest crypto by market cap after overtaking Tether’s USDT over the weekend.
Tron’s TRX is the worst performer among the top 10 cryptocurrencies by market cap, having lost 7% of its value in the last 24 hours. Thanks to the market correction, the total cryptocurrency market cap has declined to $3.64 trillion.
