Bitcoin is trading cautiously near $115,000 as investors await the Federal Reserve’s rate decision this week, while altcoins surge to 85% of futures trading volume, according to data from CoinGecko and CryptoQuant.
Bitcoin steadies ahead of Fed
The Federal Open Market Committee (FOMC) begins its two-day meeting on Tuesday, with investors bracing for Wednesday’s outcome. Bitcoin, which set an all-time high of $124,533 in August before slipping to $109,907 on September 1, has since rebounded to trade between $114,395 and $116,833.
At press time, Bitcoin was at $114,992, marking a modest 0.08% daily gain but still down 2.7% over 30 days. On a yearly view, however, the cryptocurrency is up 99%.
Altcoins seize 85% of futures volume as traders bet on Fed outcome
With Bitcoin’s momentum stalling, altcoins have seized the spotlight, now accounting for 85.2% of total futures trading volume, according to CryptoQuant analyst Maartunn. Ethereum and other major tokens are driving the surge as the gap between Bitcoin and altcoin open interest widens to record levels.
Traders are betting heavily on this shift, but whether altcoin dominance proves lasting or merely speculative will hinge on Bitcoin’s next move following the Fed’s policy decision.
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