Crypto Markets Today Altcoins Make Their Mark Before Fed Rate Decision

Bitcoin (BTC) rose to its highest point since Aug. 22 on Wednesday, reaching $117,300 before receding to $116,400.
Much of Wednesday’s excitement is yet to come, hinging on the Federal Reserve’s interest-rate decision at 18:00 UTC and subsequent press conference. The Fed is expected to cut rates by 25 basis points,
The early move was intriguing because it stopped at the same point as a notable “CME gap,” the disparity between where bitcoin futures close on a Friday and open on a Sunday.
With that gap now filled, bitcoin could begin to consolidate in a range away from critical levels of support at $110,000, this will likely lead to more capital rotating into altcoins.
According to CoinMarketCap data, bitcoin dominance has ticked down to 57%, the lowest point since January, suggesting the market is leaning toward speculative altcoin plays as opposed to BTC in a period of low volatility.
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By Oliver Knight