Despite the price drop, BTC has increased its dominance over the altcoins to over 57%.
Bitcoin (BTC) made another attempt to reach $95,000 but failed and returned 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 this year, lowering the benchmark by 0.25% to a range of 3.50% – 3.75%. While this move was expected and may have already been priced in, it caused additional volatility for Bitcoin.
The primary cryptocurrency shot above $94,000 just hours after its official unveiling, but the bears intercepted the move and got in. Shortly after, they suppressed the valuation to a low of $89,600, while the asset is currently trading around $90,200.
Some X users remembered that a trajectory of that type was followed the previous FOMC meetings and was later followed by a significant increase. Rate cuts are seen as bullish for the cryptocurrency market, but we have yet to see if the latter will have a positive impact on BTC’s long-term performance.
After the latest turbulence, the asset’s market capitalization fell to around $1.8 trillion, while its dominance against alternative currencies increased to around 57.1%.
These Alts are bleeding out
Most well-known altcoins followed BTC’s steps and jumped after the Fed’s announcement, but later retreated harder than the primary cryptocurrency.
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Cardano (ADA) is the worst performing digital asset in the top 100 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 with declines of 6-8%.
It’s not all doom and gloom though, as some alts are well in the green on a daily basis. Origin Blockchain (HASH) is up 8%, while MemeCore (M) is up 4%. The total cryptocurrency market capitalization fell 2.2% to the current $3.17 trillion.
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