If the US rate cuts happen, "Bitcoin could climb toward $150,000-$200,000 by year-end, while Ethereum may advance to the $5,800-$8,000 range on the back of ETF rotations and network expansion," says Bitget's Chief Analyst Ryan Lee.
The crypto market is down today, with the cryptocurrency market capitalization dropping another 0.5% to $4.11 trillion. Most of the top 100 coins have decreased over the past 24 hours. At the same time, the total crypto trading volume is at $159 billion.
TLDR: The crypto market capitalization is down 0.5% on Tuesday morning (UTC); 88 of the top 100 coins are red, as are all top 10 coins; BTC and ETH are down to $115,864 and $4,508, respectively; The US FOMC decision "could spark sharp volatility"; BTC could climb toward $150,000-$200,000 by year-end; ETH could climb to the $5,800-$8,000 range on the back of ETF rotations and network expansion; Tom Lee argued that BTC and ETH could see 'a monster move' in the next three months; US BTC and ETH spot ETFs both recorded inflows of $260.02 million and $359.73 million, respectively; Next Technology Holding could soon hold more than $8,000 BTC; Caution remains among investors, as they wait for economic and geopolitical signals.
At the time of writing, nine of the top 10 coins per market capitalization have decreased over the past 24 hours.
Bitcoin (BTC) fell 0.5% at the time of writing, currently trading at $115,864. This is among the smallest drops in this category.
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Ethereum (ETH) is down 2.6%, now changing hands at $4,508. It's the second-highest drop in the category.
The highest decrease is 3% by Dogecoin (DOGE), currently standing at $0.2669.
One coin, however, is green, but its change is so low that it's practically unchanged. Binance Coin (BNB) is up 0.2% to $931.
When it comes to the top 100 coins, of the 12 green coins, Pump.fun (PUMP) appreciated the most: 6.6% to $0.00834.
Meanwhile, Tom Lee, chairman of Ethereum treasury BitMine, argued that Bitcoin and Ethereum could see 'a monster move' if the US Federal Reserve approves the much-anticipated rate cut this week.
Bitunix analysts commented that markets widely expect the US Federal Reserve to announce its first rate cut since last year this Wednesday.
With internal policy divisions and political pressure intertwining, they write, the Federal Open Market Committee (FOMC) decision "could spark sharp volatility." Traders should reduce leverage exposure and "closely watch the battle between BTC 117,000 resistance and 114,000 support."