Bitcoin Got Stuck Despite Interest Rate Cut, Altcoins Are Down

Current Status of Bitcoin

Bitcoin temporarily dropped below $90,000 following the Federal Reserve interest rate cut of 25 basis points that occurred on Wednesday. However, price movements lacked a clear fundamental catalyst and experienced a swift recovery.

Developments in the Altcoin Market

On the other hand, tokens such as JUP, KAS, and QNT faced double-digit losses on a weekly basis. The altcoin season index from CoinMarketCap fell to 16/100, marking its lowest level in the cycle.

Impact on the Memecoin Market

CoinDesk's Memecoin Index has shown a decline of 59% since the beginning of the year. This situation is interpreted as a sign of a shift from retail investors to institutional investors. This shift indicates that more slowly moving, institutionally focused dynamics are coming to the forefront in the markets.