The cryptocurrency sector valuation declined 4% on Wednesday, dropping toward $3.8 trillion. While Bitcoin price dipped 2% to consolidate around the $104,600 mark, top altcoins like XRP, AVAX, and SOL suffered excess of 5% losses on the day. The sell-the-news frenzy comes as the Fed projects fewer rate cuts in 2025. As the US central bank’s governors on Wednesday projected fewer rate cuts in 2025, crypto traders opted to take profits off the table.
This effectively ended a week-long rally that has seen Bitcoin (BTC), Ripple (XRP), and Avalanche (AVAX) all score double-digit gains since December 10. According to data aggregated by Coingecko, the global crypto market capitalization declined 4.2% on Wednesday, reflecting a sector wide sell-off after the US Fed cut its main policy rate by 25 basis points but projected fewer cuts next year. XRP price dipped 5.2%, tumbling under the $2.50 mark as market euphoria peaked after the RLUSD stablecoin’s official launch on December 17. Solana (SOL) price also declined by 5% before finding support around the $215 level. Avalanche traders also booked profits on Wednesday, sparking a 5.6% price retracement before settling at the $47 level. Chart of the day: Bitcoin traders maintain positive outlook despite Fed Jitters As the US Fed meeting kicked off on Tuesday, the market had priced in a 25-basis-point rate cut, which has come to pass. Widespread anxiety around this major market event had already triggered a 4.2% outflow from the global crypto sector valuation over the last 24 hours. However, market data suggests the majority of speculative traders still maintain a positive outlook on Bitcoin’s short-term price prospect
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