The overall crypto market reflected a slowed sentiment stepping into the second week of September. Bitcoin on Monday, September 8 showed a small gain of 0.24 percent on CoinMarketCap. With this, the price of the asset stood at $110,945 at the time of writing.
Market analysts say that Bitcoin is stabilizing near resistance levels — from where, a breakout could trigger a massive rally for a broader upside for itself as well as the overall market.
“Fed rate cut hopes remain a supportive macro tailwind, but it is the combination of resilient accumulation and altcoin leadership that is shaping near-term optimism. Encouragingly, BTC’s illiquid supply has hit a record 14.3 million, showing long-term holders continue to accumulate, though weakening treasury demand hints at shifting conviction drivers,” Avinash Shekhar, Co-Founder and CEO, Pi42 told CoinHeadlines on Monday.
Ether price dipped by under one percent in the last 24 hours, CoinMarketCap showed. The second most expensive crypto asset is trading at $4,299 — having clocked a 2.11 percent price drop over the last seven days.
“Ether is creating a strong accumulation zone as exchange balances drop to multi-year lows with whales accumulating over 218,000 ETH in just two days, easing sell-side pressure. While steady accumulation indicates strong investor confidence, it is yet to reflect in price action. A positive macro number, such as softer inflation data, could trigger the next leg of the rally,” said Edul Patel, the CEO of Mudrex.
The Fed’s decision on interest rates revision is slated for release on September 16-17. Ahead of its release, majority altcoins have been unstable.
Ripple, Binance Coin, Solana, Dogecoin, Tron, Polkadot, and Monero are among altcoins that managed to rope-in small but notable gains over the weekends. On Monday, however, most altcoins showed losses on the price charts.
The Trump-backed World Liberty Financial (WLFI) token continues to drop in its value since being listed on Binance and other centralized exchanges last week. At the time of writing, WLFI was trading at $0.20 — having tumbled by 11.24 percent in the last 24 hours.
The overall crypto market cap rose by 0.55 percent over the last day to stand at 3.83 trillion, showed CoinMarketCap.
Market analysts believe that the market is expected to be volatile for a few more days leading up to the Fed’s interest rate decision. The Web3 ecosystem, meanwhile, continues to expand.
“On the innovation front, Paxos has proposed USDH, a Hyperliquid-first stablecoin fully compliant with the GENIUS Act and MiCA standards. Notably, 95% of reserve yields will be allocated to HYPE buybacks, creating a value loop that directly benefits users, validators, and ecosystem protocols. If approved, this model could redefine how stablecoins align incentives with ecosystem growth,” Himanshu Maradiya, the chairman of the CIFDAQ exchange told CoinHeadlines.