Is the cryptocurrency rally over?

What’s happening with cryptocurrencies today?

Today the cryptocurrency market was tense amid the ongoing turmoil caused by interest rate cuts and liquidation from the Federal Reserve. With an intraday decline of 8.71%, the market cap at the time of writing was $3.22 trillion. Despite the sharp decline, trading volumes rose by 30.14% to reach a peak of $341.17 billion.

However, the Fear and Greed Index now stands at a “greed” score of 62, warning of optimism among market players, even as prices decline. Amid the ongoing turmoil, Bitcoin and Ethereum have taken a big step back, raising concerns about their year-end targets.

Bitcoin dominance grows while prices fall?

Bitcoin has been facing rough waters since yesterday. At the time of writing, it is down 7.89% to $93,937.54. The current correction has traders taking trades, resulting in a 24.14% intraday spike in trading volumes to $118.97 billion. However, Bitcoin enjoyed the lion’s share of the market at 57.79%.

For insights into the future of Bitcoin, explore our website Bitcoin price forecast.

Altcoins Watch: ETH and SOL post double-digit losses

The price of Ethereum saw a sharp decline, falling 12.09% to trade at $3,234.16, one of the largest declines among major altcoins. Solana and XRP recorded notable losses of 11.41% and 9.24% to $3,234.16 and $2.16, respectively.

For detailed analysis of Ethereum, check out our website Ethereum price prediction.

Top winners:

• moves: $0.8242 (+10.93%)
• Habbar: $0.2786 (+2.01%)
• MNT: $1.16 (+0.41%)

Biggest losers:

• Ayuz: $0.07739 (-27.72%)
• CRV: $0.6976 (-26.50%)
• Brett: $0.1113 (-26.01%)

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