Although the Fed kept interest rates unchanged last night as expected, Fed Chairman Jerome Powell’s hawkish remarks caused sharp declines in Bitcoin (BTC) and altcoins.
Bitcoin fell below $70,000, while Ethereum also dropped to around $2,100.
While other altcoins experienced significant losses, some altcoins, despite the correction, outperformed the market, leaving those expecting a decline wrong-footed.
Among the altcoins that outperformed BTC and most other altcoins were Dexe (DEXE), Quant (QNT), River (RIVER), Kaspa (KAS), and JUST (JST).
According to CoinMarketCap data, DEXE (13.05%), QNT (9.8%), RIVER (4.1%), KAS (3.9%), and JST (2.9%) were among the top-performing altcoins, outperforming the market.
According to Coinmarketcap data, the biggest losers in the last 24 hours are as follows: 1st place Mantle (MNT) with a 10.5% loss, 2nd place Worldcoin (WLD) with a 9.9% loss, 3rd place Bittensor (TAO) with an 8.9% loss, 4th place Zcash (ZEC) with a 7.5% loss, and 5th place RENDER with a 6.7% loss.
A popular analytics company that attempts to measure the emotional reflexes of cryptocurrency investors calculated a “fear and greed index” today with a score of 23 out of 100, indicating extreme fear. This index is calculated based on market volatility, market volume momentum, social media interest, Bitcoin dominance graph, and trends in online research related to cryptocurrencies.
*This is not investment advice.
