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Current status in the crypto market: Does the drop in Bitcoin indicate a market correction?
Cryptocurrency News - The highly anticipated Fed interest rate decision was announced this evening. The Fed interest rate decision came in line with market expectations and was reduced by 25 basis points to 4.5-4.75 percent. The Fed has been cutting interest rates since September, and this is the third consecutive interest rate cut. The Fed interest rate cut is having a positive impact on altcoin assets.
According to the observed data, Bitcoin dominance has decreased and altcoins have started to recover after the last three Fed decisions. However, if the Fed stops interest rate cuts in the future, this would not be good for risky assets. On the contrary, if the Fed continues with interest rate cuts, it would create a positive outlook for Bitcoin and altcoins. Bitcoin is currently fluctuating around $102,000 with a 4% loss during the day. Ethereum is trading at $3,768 with a similar decline. Crypto assets are currently trading with slight losses. In this article, we will share a few strategies that you can follow in the coming days.
What to Expect in the Short Term Market?
According to popular crypto analysts, we are currently in a mild correction phase. However, during these corrections, altcoins are gaining strength against Bitcoin. According to Michael Van de Poppe, Ethereum is performing better than Bitcoin because the ETH/BTC ratio has not shown a significant decrease. The analyst expects altcoins to perform really well when Bitcoin enters consolidation.
*"ETH/BTC, showing stronger behavior than Bitcoin because it has not fallen so much. When Bitcoin consolidates, I expect altcoins to perform really well."
The analyst also gave a few tips to crypto investors and revealed the key to success in the market.
“As people queue up to buy XRP or SUI, many altcoins have yet to see any movement or hype fundamentally. If you want to be successful in the markets, you need to exchange this with any reputable altcoin that has seen a 60-70% drop last year, which is usually where you can kick-start yourself in the markets.”
In short, the crypto analyst says that the more a asset is talked about, the more it should be avoided. He also argues that it is necessary to focus on altcoin projects that have not yet realized their potential. Please enter the text to be translated.
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The information in the text is purely for informational purposes. It does not constitute any investment advice. Cryptoparahaber.com is not responsible for any profit or loss resulting from your investments. Ultimately, investment is based on many factors such as knowledge, experience, research, and personal decisions.
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