The crypto price chart reflected an unstable market sentiment on Tuesday, September 16. Bitcoin registered a minor dip of 0.30 percent in the last 24 hours. With this, the price of the oldest, most expensive cryptocurrency has dropped to $115,830. One day ago, the asset hit its two week high price point to have exceeded $116,000. That minor rally, however, was short-lived.
The Fed is the single biggest catalyst that will set the tone for the next leg of the market. A dovish signal around interest rate cuts could accelerate inflows into the market, analysts told CoinHeadlines.
“Traders absorb renewed whale selling and short term profit taking. For Bitcoin, many traders now view the $113,000 area as potentially the last discount of this cycle, explaining pockets of accumulation even as momentum softens,” said Avinash Shekhar, the Co-Founder and CEO of the Pi42 crypto exchange.
Ether saw a price dip of 2.69 percent in the last 24 hours. With this, the price of the asset slipped to $4,530 from its last day’s value of over $4,600.
“Whales are driving broader market momentum, accumulating nearly 23,000 ETH in a single day. Ethereum ETFs have also seen $638 million in net inflows over the past week, indicating renewed institutional appetite,” Edul Patel, CEO of Mudrex told CoinHeadlines.
On Tuesday, a majority of altcoins reflected losses next to BTC and ETH. These include Ripple, Binance Coin, Solana, Dogecoin, Tron, and Cardano — all of which tumbled by price by under four percent in the last 24 hours. Tokens Pepe and Worldcoin saw bigger losses of nearly seven percent each which requires investors to be cautious.
For altcoins that did not see losses, also failed to register any notable gains on Tuesday. These include Pi and MYX Finance among others.
The crypto market cap slipped by 1.17 percent, bringing its valuation to $4.01 trillion, showed CoinMarketCap.
“Market watches whether long term holders and institutional buyers absorb this supply; their actions will decide if this becomes a durable buying opportunity or an extended consolidation.” Shekhar added.