Bitcoin Failed at $27K but There’s a Surprising Winner This Week (Market Update)

Bitcoin’s price increased by a little less than 1% in the past seven days. The week was, overall, positive for the industry as the total market capitalization approaches the $1.1 trillion cap.

The biggest news of the week is undoubtedly the US FOMC meeting that happened on Wednesday.

According to the official announcement, the central bank took the decision to maintain the target range for the federal fund rate at 5-1/4 to 5/12 percent. The statement also noted that job gains have slowed but also that they remain elevated altogether. The unemployment rate in the country is also reported as low, while the inflation remains above its target.

Bitcoin’s price didn’t react to the news and remained flat. All in all, it couldn’t initiate a leg-up, although it did try to poak above $27K on a few occasions. Every time the price increased above that level, though, bears were quick to intercept and push it back down.

Some altcoins saw action. Namely, this week’s top performer was Toncoin (TON). It’s up a whopping 17% in a market where the second-best performer is up 3.7%. This is Ripple’s XRP.

Interestingly enough, for XRP, it also became the most-traded altcoin across US-based exchanges. This is a very curious fact, given that most of them had delisted it until July when a Judge ruled that secondary XRP sales are not securities. This is when Coinbase, amongst a bunch of other exchanges, re-listed it, and the volumes skyrocketed.

All in all, the week was exciting, but Bitcoin failed to capitalize on the momentum and is trading more or less where it was this time last week. It’s curious to see if the next seven days will be any different.

Market Data

Market Cap: $1.09B | 24H Vol: $44B | BTC Dominance: 47.4%

BTC: $26,644 (+1.5%) | ETH: $1,597 (-1.5%) | BNB: $210 (-0.6%)

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