"Hopefully the crypto market will react during the FOMC minutes, I'm afraid it will be bland later."
The price of the king of cryptocurrency Bitcoin (BTC) which saw a horizontal movement between the range of $36,777 and $35,936 last Friday finally showed a re-strengthening to the level of $37,499 early this morning.
The entire crypto market is increasingly volatile as investors are now awaiting key events that could have a significant impact on overall sentiment before witnessing an encouraging performance.
Investors are still cautious as they want to see more clearly about the economic performance and the actions that will be taken by the Federal Reserve (Fed) during the minutes of the Federal Open Market Committee (FOMC) meeting on Wednesday this week.
There is no denying that the recent release of Consumer Price Index (CPI) and Producer Price Index (PPI) data has shown that inflation is already down for October 2023, but it should be noted that inflation remains higher than the Fed's target range of 2%.
Therefore, investors can't wait for the minutes of the FOMC meeting which will shed light on the Fed's stance in the future plus there is consumer sentiment data which can push the crypto market including BTC to go higher.
Currently, BTC price is up by 2.10% at $37,341 in the last 24 hours with a market cap of $729 billion and has recorded a 0.75% increase over the last week.
Like to be informed that there are some recent altcoins that managed to show exceptional performance, among them is Celestia (TIA) where the price has climbed up to $7.35 from $1 on October 31, 2023 which is when it was launched.
Apart from that, Kaspa (KAS) also saw a significant increase as its price which is currently trading at $0.14 has recorded a gain of 65.77% over the last week.
While Avalanche (AVAX) did not miss the follow-up of the digital asset which has jumped 3.23% in the last 24 hours at $23.17.
So here it can be seen that investors need to pay attention to the three altcoins as they are able to give positive movement during the minutes of the FOMC meeting later.
