A day after surging more than 41% following Bitcoin’s green, altcoins are once again in the “sea of red”. The altcoin market seems rocky after the Federal Reserve chair Jerome Powell restated plans to raise the federal funds rate in March.
Image 1: Altcoins as per CoinMarketCap
The biggest losers seem to be the altcoin, as per the CoinMarketCap chart, as they lost all that they had gained in the past 24-hours. Earlier this week, Ripple, Cardano, and Solana exhibited similar price gains up by 3% to 5% from Tuesday from Monday lows, with popular meme token Dogecoin shooting up more than 11%.
Meanwhile, the biggest gainer Polygon (MATIC) is down by nearly 5% in the past 24-hours and is trading at $1.53. MATIC is a native token of the easy-to-use platform Polygon, which supports building multiple types of applications. After the slump of the past seven days, MATIC had bounced back and even attempted to make a run for resistance at $1.77.
Cosmos (ATOM) is considered the biggest loser as it has been down by a little over 20% in the last seven days. Trading at $30.36, ATOM has been down by 13.27% in the last 24-hours. While Cosmos claims to offer an antidote to slow, expensive, unscalable, and environmentally harmful proof-of-work (PoW) protocols, it dipped at the $36.25 resistance level.
Now, with the Fed’s wanting to raise rates, as early as March, the crypto market is crumbling. Arthur Hayes, the co-founder of BitMEX, believes the Federal Reserve is bluffing. He says the US central bank can’t actually raise rates without hurting the market. But Powell thinks otherwise. He feels there is plenty of room to raise rates.
