Bitcoin collapses amid growth of top cryptocurrencies

Bitcoin BTC $117,734.69 Bitcoin 0.17% Market capitalization $2.34 trillion VOL. 24 hours $1.5 billion is trading in a narrow range ahead of the US Federal Reserve’s decision on the discount rate. As of July 29, the cryptocurrency is holding at around $ 118,000, showing little fluctuation over the past day. At the same time, Ethereum ETH $3,802.30 Bridged Ether (StarkGate) 1.36% Market capitalization $0.1 billion VOL. 24 hours $1.57 billion and Dogecoin ETH $3,802.30 Bridged Ether (StarkGate) 1.36% Market capitalization $0.1 billion VOL. 24 hours $1.57 billion showed modest growth, with ETH up 1.5% and DOGE up almost 2%.

Market analysts note that the main intrigue is the Federal Reserve’s decision on further monetary policy. Most market participants do not expect a rate cut in the near future, so volatility may increase after the meeting results are made public.

According to technical analyst Ali Martinez, bitcoin is currently at the consolidation stage, but the next strong impulse could raise its value to $ 130,000. Martinez emphasizes that large trading volumes indicate the accumulation of the asset and the expectation of a new wave of growth.

In addition, experts note the growing activity in the altcoin market, in particular Ethereum and Dogecoin, which may be due to the redistribution of investors' capital in anticipation of the Fed’s decision.

The situation on the cryptocurrency market remains tense, and further dynamics will largely depend on the signals coming from Washington after the Fed meeting.