The cryptocurrency market offered a wide range of results overnight, with some coins in the green while others fell prey to a red tide today. Bitcoin and Ethereum remained steady, but Solana made a big jump. Meanwhile, MANTRA (OM) experienced a sharp decline. Investors are closely monitoring economic indicators and potential interest rate decisions.
Bitcoin pumped 0.7 percent overnight, taking it back up to $84,401 to trade. The incumbent crypto swapped in the range of $85,428 to $83,315 over the last 24 hrs trading session. Even with the rise, Bitcoin is still changing hands 23 percent lower than its peak of $109,114 set on January 20.
Ethereum joined in the good times as well, up 1.1 percent on the day to $1,594.
Solana had the best performance, surging 6 percent overnight to $132.89. The increase came at the same time that Raydium launched LaunchLab. LaunchLab is a one-stop decentralized token launchpad designed for creators, developers and the community.
BNB continued its climb as well, rising 0.8 percent overnight to a trading price of $584.14. Dogecoin gained 1.1 percent overnight to trade at $0.1557. As an example, DOGE is still trading 79 percent lower than its all-time high. Third-ranking Cardano is up a percent on the day to $0.6147. Cardano’s current trading price is 80 percent off the cryptocurrency’s all-time high.
TRON took the biggest hit though, down 3.6 percent overnight and now trading at $0.2449. MANTRA (OM) suffered the worst overnight losses among the top 100 cryptocurrencies, shedding 12 percent of its value. The OM token has lost almost 90 percent during the last 90 days under forced liquidations.
Market sentiment is very probably being driven by wider economic concerns. According to the CME FedWatch tool, there is a 13.6 percent chance of a quarter-percentage rate cut by May. This indicates that investors are expecting a lot of changes in monetary policy.
