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The market's bearish sentiment comes as investors react to the Federal Reserve's hawkish outlook
Crypto Price Update December 19, 2024 -The cryptocurrency market is experiencing significant declines today following the Federal Open Market Committee's (FOMC) announcement to slow the pace of rate cuts in 2025. Bitcoin (BTC), Ethereum (ETH), and several other major cryptocurrencies have all seen notable decreases in their prices. The market's bearish sentiment comes as investors react to the Federal Reserve's hawkish outlook for the upcoming year, which includes revised projections for inflation and fewer rate cuts than previously expected.
Bitcoin (BTC)
Bitcoin, the largest cryptocurrency by market capitalization, is trading at $101,014.36, reflecting a 2.83% decrease in the past 24 hours. The 24-hour trading volume stands at $99.86 billion, with a market cap of $1.99 trillion. Bitcoin's price decline follows a bullish rally earlier this week but highlights growing concerns about the Fed’s outlook for 2025.
Ethereum (ETH)
Ethereum, the second-largest cryptocurrency, is trading at $3,669.68, down by 4.12% over the past day. With a 24-hour volume of $52.58 billion, Ethereum's market capitalization is now at $441.92 billion. The decline mirrors Bitcoin’s trajectory, reflecting broader market sentiment and caution among investors.
XRP (XRP)
XRP is trading at $2.35, marking a significant drop of 5.59% in the last 24 hours. Its trading volume reached $22.72 billion, while the market cap stands at $134.41 billion. XRP’s performance reflects the intensified sell-off across altcoins following the Fed announcement.
BNB (BNB)
BNB, Binance’s native token, shows relative resilience compared to other top cryptocurrencies, trading at $699.60 with a minor decline of 0.99%. The trading volume is $2.93 billion, and the market capitalization stands at $100.74 billion. BNB's price drop remains subdued amid broader market losses, showcasing its relative stability.
Solana (SOL)
Solana's price is currently $208.64, reflecting a decline of 3.44% over the past day. The 24-hour trading volume is $7.4 billion, with a market capitalization of $99.96 billion. Solana continues to experience volatility as investors weigh its potential growth against macroeconomic factors.
Dogecoin (DOGE)
Dogecoin trades at $0.3617, down by 5.55% in the last 24 hours. The meme-inspired cryptocurrency has a trading volume of $6.64 billion and a market cap of $53.29 billion. The recent sell-off underscores the challenges facing speculative assets in the current economic climate.
Cardano (ADA)
Cardano is priced at $0.9756, registering a decline of 4.40% in 24 hours. The trading volume reached $2.22 billion, with a market capitalization of $34.28 billion. Cardano's dip reflects the broader altcoin market's bearish sentiment following the Fed’s announcement.
TRON (TRX)
TRON is trading at $0.2625, down by 3.16% in the last 24 hours. The 24-hour trading volume is $1.93 billion, and the market cap is $22.63 billion. TRON’s decline aligns with the overall downward trend in the crypto market.
Avalanche (AVAX)
Avalanche shows one of the sharpest declines among major cryptocurrencies, trading at $42.83, down by 7.56%. Its trading volume is $1.3 billion, and the market cap stands at $17.56 billion. AVAX’s performance highlights the vulnerability of smaller market cap assets to macroeconomic changes.
Wrapped Bitcoin (WBTC)
Wrapped Bitcoin is trading at $100,766.58, down by 2.70% over the past day. The trading volume reached $609.29 million, with a market cap of $16.44 billion. WBTC, closely tied to Bitcoin, mirrors BTC’s price trajectory.
The cryptocurrency market is navigating a challenging phase as it reacts to macroeconomic shifts and revised projections from the Federal Reserve. Bitcoin, Ethereum, and other major cryptocurrencies have experienced declines, reflecting the cautious sentiment among investors. While short-term volatility remains, the broader adoption of blockchain technology and the evolution of the crypto ecosystem suggest a resilient future.
The focus on innovation, institutional involvement, and regulatory developments will determine how the market evolves in the coming year. Investors and stakeholders will closely monitor these factors as they shape the outlook for cryptocurrencies in 2025.