The world of cryptocurrencies is bracing for significant events in the coming weeks, with Bitcoin (BTC) showing resilience despite rising inflation figures. Today, BTC remains stable at $26,000, accompanied by a modest weekly growth of 2.65%, while the largest altcoin by market cap, Ethereum (ETH), has exhibited neutral performance.
Market participants are closely monitoring US inflation and Producer Price Index (PPI) data, along with the impending interest rate decision from the Federal Reserve (FED). The FED has signaled that future monetary policy decisions will be influenced by incoming inflation data. Despite inflation surpassing projections, market expectations suggest a high probability (97%) that the FED will not raise interest rates this month.
In the altcoin market, data from Coinmarketcap reveals notable movements in the last 24 hours. Axie Infinity (AXS) led the pack with a surge of 12%, followed by THORChain (RUNE) which rose by 8.47%. Bitcoin Cash (BCH) also saw a significant increase of 6.77%, placing it third in terms of gains.
However, not all altcoins are shared in these gains. IOTA (MIOTA) fell by 1.73%, Hedera (HBAR) decreased by 2.21%, and ApeCoin (APE) suffered a substantial drop of 5.31%.
The "fear and greed index," which gauges the emotional responses of cryptocurrency investors based on factors such as market volatility trends, acceleration in market volume, social media interest, Bitcoin dominance chart, and types of cryptocurrency research conducted online, currently stands at 45 out of 100. This score reflects a cautious sentiment among investors as they await key economic data and policy decisions that could shape the trajectory of cryptocurrencies in the upcoming weeks.
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