- Bitcoin has gained 99% in value over the last year despite recent fluctuations and a 2.7% decline in the past month.
- Altcoins are leading the market, as they account for 85.2% of futures trading volume, with Ethereum and others gaining traction.
- Investors are adopting a cautious stance ahead of the Federal Reserve’s interest rate decision, stalling Bitcoin’s momentum.
Bitcoin, the leading cryptocurrency, has experienced a 2.7% decline in the last 30 days, according to CoinGecko data. Despite this recent drop, the digital asset shows a positive performance over the past year. It reached an all-time high of $124,533 in August before retreating to a low of $109,907 on September 1. Since then, Bitcoin has gradually risen, reaching $116,833 on September 12. However, it has faced resistance at this level, fluctuating between $114,395 and $116,833 as market participants wait for the Federal Reserve’s upcoming interest rate decision.
Yearly Growth Remains Strong
While Bitcoin has faced challenges in recent weeks, its performance over the last year remains impressive. The cryptocurrency has gained 99% in value, highlighting its long-term growth potential. Despite a slowdown in momentum, Bitcoin’s recent performance suggests a healthy recovery following the sharp drop earlier this month. As of the latest data, Bitcoin is trading at $114,992, showing a slight uptick of 0.08% in the past 24 hours.
As Bitcoin’s momentum stalls, altcoins are beginning to take the lead in the market. Ethereum and other altcoins have experienced an increase in trading volume, with altcoins now making up 85.2% of total futures trading volume. According to Maartunn, a community analyst at CryptoQuant, this shift signals a growing interest in altcoin speculation. Additionally, the gap between Bitcoin and altcoin open interest has recently reached new highs, further indicating the dominance of altcoins in the current market environment.
Investor Caution and the Fed’s Interest Rate Decision
Investor sentiment has become more cautious ahead of the Federal Reserve’s Federal Open Market Committee meeting, scheduled to conclude on Wednesday. The uncertainty surrounding the Fed’s interest rate decision is contributing to Bitcoin’s stalled momentum. As traders await the outcome, many are holding off on making significant moves, opting to wait for clearer signals before committing to larger trades.
Bitcoin’s struggle to break through resistance levels highlights the current state of the market. Despite recent fluctuations, the cryptocurrency has managed to maintain its positive growth yearly. The outcome of the Federal Reserve’s upcoming decision could determine whether Bitcoin can regain momentum or if altcoins will continue to dominate market activity.
