In brief
- Layer 1 tokens take the lead as investors prepare for the highly anticipated FOMC meeting.
- Analyst attributes XRP, BNB, and Hyperliquid’s out-of-pocket performance to coin-specific development.
- With altcoin open interest briefly surging above Bitcoin’s, investor appetite continues to remain elevated.
With the Fed’s crucial interest rate decision in less than 12 hours, a select few altcoins have taken the lead, outperforming others.
BNB takes the lead with a 2.5% return in 24 hours, closely followed by Sui, Hyperliquid, and XRP with 2.2%, 1% and 0.7% growth, respectively.
Altcoins are riding on the coattails of coin-specific developments and not due to the U.S. Federal Reserve’s rate cut decision scheduled on Wednesday at 2 pm ET, Lai Yuen, investment analyst at Fischer8 Capital, told Decrypt.
Hyperliquid and BNB are benefitting from “chatter around digital asset treasury buying flows, underpinned by solid businesses and clear value-accrual models,” Yuen explained.
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Author: Akash Girimath
