The past 24 hours have been quite eventful for the cryptocurrency market, which has naturally seen heightened volatility.

Bitcoin (BTC ($90,309.00)) made another attempt to reach $95,000, but failed and retraced to around $90,000. Some of the leading altcoins are deep in the red today (December 11), with Cardano (ADA ($0.42)) heading south by double digits.

Pump and Dump for BTC

The Federal Reserve announced its third rate cut for this year, lowering the benchmark by 0.25% to the 3.50% – 3.75% range. While the move was expected and perhaps priced in, it triggered additional volatility for Bitcoin.

The primary cryptocurrency shot above $94,000 mere hours after the official disclosure, but the bears intercepted the move and stepped in. Shortly after, they suppressed the valuation to as low as $89,600, whereas the asset currently trades at around $90,200.

BTC Price, Source: TradingView

Some X users reminded that a trajectory of that type was observed following the previous FOMC meetings and was later followed by a significant surge. Rate cuts are seen as bullish for the cryptocurrency market, but we have yet to see whether the latest one will positively impact BTC’s long-term performance.

Following the latest turbulence, the asset’s market capitalization slipped to approximately $1.8 trillion, whereas its dominance against the alternative coins increased to roughly 57.1%.

These Alts Bleed Out

Most of the well-known altcoins followed BTC’s steps and jumped after the Fed’s announcement, but later retreated harder than the primary cryptocurrency.

Cardano (ADA) is the worst-performing top 100 digital asset today (December 11), posting a 10% loss and currently hovering around $0.42. Pump.fun (PUMP ($0.00)), Ethena (ENA ($0.25)), Avalanche (AVAX ($13.32)), Polkadot (DOT ($2.04)), Internet Computer (ICP ($3.35)), and Dogecoin (DOGE ($0.14)) follow next with declines of 6-8%.

However, it’s not all doom and gloom as some alts are well in the green on a daily scale. Provenance Blockchain (HASH ($0.03)) has spiked by 8%, whereas MemeCore (M) is up 4%. The total cryptocurrency market capitalization retraced by 2.2% to the current $3.17 trillion.

Cryptocurrency Market Overview, Source: QuantifyCrypto

The post Bitcoin (BTC) Stops at $90K After the FOMC Meeting, Cardano (ADA) Plunges by 10%: Market Watch appeared first on CryptoPotato.