Crypto Markets Today: Bitcoin (BTC) Price Reclaims $92K as Altcoins Lag
Bitcoin surpassed $92,000 amid expectations of a Fed rate cut, while altcoins, especially memecoins and metaverse tokens, continued to underperform.Summary
Bitcoin reclaimed the $92,000 level during Monday's Asia session, reversing Friday's losses and approaching last week's high of $94,200, driven by market anticipation of an 87% probable 25 basis point Federal Reserve interest rate cut scheduled for Wednesday. While Bitcoin and Ether saw modest gains, the broader altcoin market remained weak, evidenced by the "altcoin season" indicator hitting a record low of 19/100. Speculative interest is suppressed, with the CoinDesk 80 index (CD80) losing value while the market leader index (CD20) gained. Privacy coins, notably Zcash which is up 600% this year, are outperforming, whereas memecoins and metaverse tokens are among the year's weakest performers. Derivatives data shows positive funding rates for major tokens, suggesting bullish leveraged bets, but options markets still show lingering downside fears, with puts trading pricier than calls.
(Source：CoinDesk)