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Shiba Inu (SHIB), Cardano (ADA) and Chainlink's prices turned green as bulls attempted a comeback on the cryptocurrency market. The price increases came as Bitcoin jumped past the $27,000 mark in a surprising start to the week.
Markets were mostly flat over the weekend, but the bulls' attempt on Monday increased the market capitalization of cryptocurrencies by 1.66% to 1.08 trillion at press time.
Shiba Inu, Cardano and Chainlink stood in the green, as did several alternative cryptocurrencies otherwise referred to as altcoins.
SHIB and ADA were up nearly 2% in the last 24 hours, while Chainlink saw higher gains of 10% despite profit-taking occurring over the weekend.
According to crypto analyst Ali, over 52.3 million LINKs were sent to crypto exchanges on Sept. 15.
Ali observed that Chainlink experienced a huge spike in on-chain activity on Sept. 15, with nearly 52.3 million LINK worth over $326 million transferred to crypto exchange wallets. One of the likely reasons tokens are often moved to exchanges is to be sold.
LINK sharply recovered, printing a big green daily candlestick and hitting an intraday high of $6.82 in today's session.
Markets await Fed's policy decision later in week
Markets rose on Monday as focus switched to the Federal Reserve meeting this week, which could provide an indication as to what will happen to interest rates in the coming months.
The Fed is likely to announce its policy decision on Wednesday at 2:00 p.m. ET, along with a statement and comprehensive projection update in the Summary of Economic Projections, which will include a fresh "dot plot" of interest-rate predictions. Thirty minutes later, Fed Chair Jerome Powell will hold a press conference.
Tomiwabold OlajideIn addition to the current interest rate decision, investors will be seeking guidance from the central bank on the future of monetary policy. According to CME's FedWatch, which monitors pricing in Fed funds futures, markets are giving it a 99% chance that the Fed will hold rates steady this week.
Godfrey Benjamin
Vladislav Sopov
Dan Burgin