Bitcoin reached another all-time high yesterday, surpassing $108,300, but has since retraced to $104,400. This pullback has caused pain in altcoins, signaling an increase in Bitcoin’s dominance. It’s believed that Bitcoin’s dominance is at a resistance level and may soon correct, allowing altcoins to regain momentum.
In other news, the launch of the PENGU token from Pudgy Penguins yesterday saw significant hype, but despite the buzz, it experienced a sharp 50%+ crash due to heavy selling pressure from airdrop participants.
The market’s focus now shifts to the upcoming FOMC meeting. While the expected outcome is a 25 basis point rate cut, all eyes are on the Federal Reserve’s decision and its potential impact on the markets.
