Despite positive macroeconomic developments, Bitcoin's price experienced a significant drop in the past 12 hours, reaching a multi-day low of under $108,000. The cryptocurrency has struggled to achieve a substantial recovery since then.
Most other large-cap altcoins have mirrored Bitcoin's downward trend, including Ethereum (ETH) and Ripple (XRP). However, Zcash (ZEC), TrumpCoin (TRUMP), and Mooncoin (M) have charted impressive gains.
BTC Falls Despite Interest Rate Cut
The week began on a positive note for Bitcoin, with the primary cryptocurrency spiking towards $116,000 on Monday and Tuesday. However, this progress was halted at a crucial resistance level, and the subsequent rejection after a failed breakout attempt on Tuesday proved to be quite significant.
Nevertheless, Bitcoin managed to stabilize around $112,000 on Wednesday, preceding the FOMC meeting where the US Federal Reserve was expected to implement a 25 basis point interest rate cut. Once this decision became official, BTC's price began to decline. It initially dropped to $110,000 before the bears pushed it down to just under $108,000 on Thursday morning.
Further positive news emerged on the macroeconomic front after a meeting between the presidents of China and the US, where President Trump announced a reduction in some tariffs on Chinese products. Bitcoin initially reacted well to this development, jumping to over $111,500. However, this rally was short-lived, and as of press time, the asset is once again approaching the $110,000 support level.
Bitcoin's market capitalization has fallen below $2.2 trillion, while its dominance over altcoins remains close to 58% according to CoinGecko.
Major Altcoins Decline, ZEC Shows Strength
As previously mentioned, most larger-cap altcoins have also experienced declines over the past day, including Ethereum (ETH) and Ripple (XRP). Ethereum has lost nearly 3% of its value and is trading below $3,900, while XRP is down by 3.5% and currently trades at $2.55. Other cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Stellar (XLM) are also in the red. Meanwhile, Binance Coin (BNB), High Performance (HYPE), Chainlink (LINK), Bitcoin Cash (BCH), and Hedera Hashgraph (HBAR) are showing minor gains.
More significant price increases are being observed in Zcash (ZEC), TrumpCoin (TRUMP), and Mooncoin (M). ZEC has surged by 9% in the last 24 hours, exceeding $350, while M and TRUMP have risen by approximately 6-7%.
The total cryptocurrency market capitalization has decreased by around $80 billion in a single day, falling to $3.810 trillion according to CoinGecko.
