- Altcoin open interest skyrockets to $38.9 billion.
- This sudden spark in altcoin interest comes just before the Fed’s rate cut decision.
- Is this the long-awaited trigger for altseason peak to arrive.
The crypto market is gearing up to respond to what could be a market-shaking announcement from the Fed. In detail, the Fed’s Wednesday rate cut decision should be made in just a few hours. Amidst this event, altcoin open interest skyrockets to $38.9 billion, surpassing Ethereum’s $29.4 billion and closing in on Bitcoin’s $40.5 billion, according to Coinalyze data.
Altcoin Open Interest Skyrockets to $38.9 Billion
The month of September has reached the highly anticipated date of the Fed interest rate cut announcement. What will be the Fed’s decision and how will it affect the crypto market in the short-term and the long-term? According to reputed crypto analysts, differing outcomes are being debated. Some believe the announcement is already priced in, meaning the crypto market will enter a brutal correction phase.
If that plays out, then the price of BTC could fall below $100,000 to hit 5-digit prices as low as $90,000. Some believe this is to simply close a CME Gap before a rally will take BTC to new ATH prices in the $140,000 price range. In the eyes of others, the dip will trigger recession fears leading to the end of the bull market and possibly no new ATHs for Bitcoin (BTC). However, sentiments for a bullish altseason to play out are still strong.
As we can see from the post above, the altcoin open interest has skyrocketed to $38.9 billion ahead of the Fed’s Wednesday interest rate cut decision, surpassing Ethereum’s $29.4 billion and closing in on Bitcoin’s $40.5 billion, according to Coinalyze data. The image in the post shows how all assets besides the top 10 crypto assets are highly bullish, meaning interest in these assets is beating out interest in the top 10 assets.
In detail, this means that BTC, ETH, SOL, XRP, DOGE, HYPE, BNB, PUMP, ENA, and SUI may not see pumps as significant as those of the other altcoin assets as the crypto market enters the long-awaited altseason peak phase. This does not mean that the top 10 assets won’t pump, just that other assets may see a greater pump, meaning that if the top 10 assets see as impressive pump the other altcoins could pump even greater.
Bitcoin Dominance Looks Ready to Retest Breakdown Origin
As we can see from the post above, Bitcoin Dominance seems to be looking close to its top again as it retests the breakdown origin. Meanwhile, the post says that Ethereum (ETH) doesn’t look great relative to Bitcoin Dominance at this time. In addition, the post states that Ripple’s XRP is showing strength on the 12-hour price chart, and if BTC tops and starts pulling back, then XRP could lead an altcoin market surge instead of ETH.
