Altcoins
Here are the best Altcoins to watch with next week’s FOMC minutes in focus
The crypto market has been very volatile this week as investors have begun to tread cautiously ahead of next week’s key events. Meanwhile, the market has seen an uptrend over the past few weeks, as evidenced by the price action of Bitcoin as well as other altcoins.
Now, according to market experts, several traders may view the recent slowing momentum as an opportunity to buy the dip. According to analyst Michaël van de Poppe, the altcoins are attracting attention and could continue to perform well, given the increasing volatility in the price of Bitcoin recently.
So let’s take a look at next week’s key events, which can have a significant impact on overall market sentiment, before exploring this week’s top performers.
Why are next week’s FOMC minutes important?
Macroeconomic events tend to affect sentiment in global financial markets, not to mention the digital asset space. At the same time, investors’ recent cautious attitude also suggests the market is seeking more clarity on recent economic performance and where the Fed might move forward with its rate hike plans.
Hotter than expected inflation dampened market sentiment throughout the year as rising interest rates forced investors to flee. However, recent economic data, particularly in the United States Consumer Price Index (CPI) and producer price index (PPI) data showed inflation slowed in October.
However, despite the slowdown in CPI and PPI data, inflation remained above the Fed’s 2% target range, weighing on some investors’ confidence. Some investors still expect that the US Central Bank will have the possibility to raise its key rates.
Now, investors are eagerly awaiting the minutes of the Fed’s October FOMC meeting, which would shed light on the Federal Reserve’s potential future stance. The FOMC minutes, scheduled for Tuesday, November 21, will be closely watched by market participants for clues on current economic health.
Additionally, consumer sentiment data is also scheduled for Wednesday next week, which would provide insight into the current market sentiment. According to market observers, this data could trigger a potential market rally or vice versa.
How is the crypto market performing?
As said previously, the cryptocurrency The market has been volatile lately, especially after BlackRock filed for a Spot Ethereum ETF earlier this week. Notably, soon after the filing, a massive sell-off was observed in the crypto market.
At the time of writing on November 18, the global crypto market cap was down 0.43% over the past 24 hours to $1.38 trillion, with total market volume down 23 .34% to $53.32 billion. However, the crypto market’s Fear and Greed Index stood at 72, indicating bullish sentiment in the market.
Among individual cryptos, the Bitcoin Price erased some of its recent losses and added 0.22% to $36,470.42 at the time of writing. However, over the past seven days, its price has fallen by more than 1.5%. Simultaneously, the Ethereum Price has lost about 6% over the past week.
Furthermore, the XRP Price has plunged nearly 10% over the past week, with the Cardano Price down about 5% over the past seven days. On the other hand, the Solana Price added around 1.5% over the week.
The meme parts segment posted mixed performance, with the Dogecoin Price up more than 6% this week. On the other hand, the weekly Shiba Inu Price was down about 7% over the past seven days.
Read also: Cardano founder invites former OpenAI (ChatGPT) CEO to create decentralized LLM
Best Altcoins This Week
Celestia (TIA) jumps 92%
THE Celestia Cryptocurrency was among the highest winning percentages this week, adding over 93% to its price over the past seven days. Meanwhile, at the time of writing, Celestia price increased by 13.35% from yesterday and is trading at $6.63, while its one-day volume plunged by 0.56% to $519.93 million.
Celestia (TIA) Crypto Chart
Kaspa soars by 50%
Kaspa (KAS) is another best performing altcoin this week, whose price increased by over 50% this week. Additionally, Kaspa price increased by 9.66% to $0.1311 at the time of writing, and its volume over the past 24 hours plunged by 20% to $166.94 million.
Kaspa (KAS) Crypto Chart
Avalanche adds 49%
THE Avalanche prices noted a 3.17% decline over the past 24 hours and was trading at $21.20 at the time of writing on November 18, while its volume plunged 49.86% to $990.38 million . However, over the past seven days, the price of the crypto has surged over 48% to its current price. It also touched its 30-day high of $24.54 on Friday, November 17.
Avalanche (AVAX) Chart
Read also: Here are the best Altcoins to watch with next week’s FOMC minutes in focus