AVAX, SOL Dump Hard Daily, BTC Struggles at $41K Ahead of Last 2023 FOMC Meeting (Market Watch)

Bitcoin still cannot shake off the recent market decline and has remained relatively still at around $41,000.

Most altcoins are also in the red, with SOL losing the $70 mark and AVAX dumping to way below $40.

BTC Struggles Ahead of FOMC Meeting

The primary cryptocurrency was on a roll lately, which culminated on Saturday with a price pump to $44,700. This became the asset’s highest price tag in over a year and a half.

However, the bears reminded of their presence at that point. It all began on Monday with a price slump to under $41,000. After a brief recovery, BTC headed south once again and slipped to just over $40,000 on Tuesday.

It bounced off to $42,000 almost immediately, and even the November CPI numbers in the US didn’t move it all that much. Yet, another retracement began hours later, and bitcoin dipped below $41,000.

As of now, the cryptocurrency trades inches above that line. However, more volatility is to be expected later today as the US Federal Reserve is scheduled to complete the latest FOMC meeting for this year.

BTC’s market cap has declined to $805 billion, but its dominance over the alts has regained some traction and is up to 52.2%.

BTCUSD. Source: TradingView

SOL, AVAX Turn Red

Avalanche’s native token was among the top performers lately. While there might be many reasons why, which you can check here, AVAX shot up by more than 80% weekly and charted a multi-month peak of its own at over $40. However, the token has lost 12% of its value on a daily scale and now trades at $36.

Solana was another prominent performer. Now, though, SOL sits below $70 after a 7% daily drop. Ethereum Ripple, Cardano, Dogecoin, Tron, Polkadot, Chainlink, and Polygon are also in the red on a 24-hour scale.

There are some exceptions amid this market-wide retracement. ELF is up by more than 13%, followed by FTT (6%), NEO (5%), and ATOM (5%).

The total crypto market cap, though, has seen more than $30 billion gone overnight and is down to $1.540 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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