US FOMC Set To Announce Rate Hike "Pause", Wall Street Estimates

others

Here’s Top Altcoins To Watch With Next Week’s FOMC Minutes In Focus – Crypto News

Published

2 years ago

November 18, 2023

Dripp

The crypto market has been highly volatile this week, as investors started walking cautiously ahead of the key events next week. Meanwhile, the market has been on a bullish run for the past few weeks, as evidenced by the price change of Bitcoin as well as other altcoins.

Now, according to market experts, several traders might consider the recent downturn momentum as a “buy-the-dip” opportunity. According to analyst Michaël van de Poppe, the altcoins are gaining attention and might continue to perform well, given the increasing volatility in the Bitcoin price recently.

So, let’s take a look at the key events next week, that can significantly impact the overall market sentiment, before exploring the top performers of this week.

Why Is Next Week’s FOMC Minutes Important?

Macroeconomic events tend to affect the sentiment of the global financial markets, let alone the digital asset space. Meanwhile, the recent cautious stance by the investors also suggests that the market is seeking more clarity on the recent economic performance and the Fed’s potential move with their rate hike plans.

The hotter-than-expected inflation has dampened the market sentiment throughout the year, with increasing interest rates forcing investors to run for the hill. However, the recent economic data, especially the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data showed that the inflation had cooled in October.

However, despite the cooling CPI and PPI data, the inflation remained higher than the Fed’s 2% target range, which has weighed on some investors’ sentiment. Some investors still anticipate that there is room for the U.S. Central Bank to push the policy rates higher.

Now, investors are eagerly waiting for the Minutes of the Fed’s October FOMC meeting, which would shed light on the potential future stance of the Federal Reserve. The FOMC minutes, scheduled for Tuesday, November 21, will be closely watched by the market participants for cues on the current economic health.

In addition, the consumer sentiment data is also scheduled for Wednesday next week, which would provide insights into the current sentiment of the market. According to market watchers, these data could trigger a potential rally in the market or vice-versa.

How The Crypto Market Is Performing?

As said earlier, the cryptocurrency market has been volatile lately, especially after BlackRock filed for Spot Ethereum ETF earlier this week. Notably, soon after the filing, a sell-off was witnessed in the crypto market.

As of writing on November 18, the global crypto market cap was down 0.43% over the last 24 hours to $1.38 trillion, with the total market volume declining 23.34% to $53.32 billion. However, the crypto market fear and greed index stood at 72, indicating a bullish sentiment in the market.

Among individual cryptos, the Bitcoin price has erased some of its recent losses and added 0.22% to $36,470.42 during writing. However, in the last seven days, its price fell over 1.5%. Simultaneously, the Ethereum price lost around 6% over the past week.

In addition, the XRP price plunged nearly 10% over the past week, with the Cardano price declining around 5% in the last seven days. In contrast, the Solana price has added around 1.5% over the week.

The meme coin segment showed mixed performance, with the Dogecoin price rising over 6% this week. On the other hand, the weekly Shiba Inu price was down around 7% over the past seven days.

Top Altcoins This Week

Celestia (TIA) Jumps 92%

The Celestia crypto was among the top percentage gainers this week, adding over 93% in its price over the last seven days. Meanwhile, during writing, the Celestia price added 13.35% from yesterday and traded at $6.63, while its one-day volume plunged 0.56% to $519.93 million.

Kaspa Soars 50%

Another top-performing altcoin from this week was Kaspa (KAS), which witnessed a surge of over 50% in its price this week. In addition, the Kaspa price was up 9.66% to $0.1311 during writing, and its volume over the last 24 hours plunged 20% to $166.94 million.

Avalanche Adds 49%

The Avalanche price noted a slump of 3.17% over the last 24 hours and traded at $21.20 during writing on November 18, while its volume plunged 49.86% to $990.38 million. However, over the last seven days, the price of the crypto jumped over 48% at its current price. It has also touched its 30-day high of $24.54 on Friday, November 17.