Cryptocurrencies XRP, BNB, and Hyperliod take the lead in crypto market as investors anticipate the upcoming pivotal Federal Reserve decision.
In the cryptocurrency market, Layer 1 tokens have been outperforming other sectors such as meme coins, Layer 2s, and gaming over the past 7 and 30 days, according to data from Velo. This trend is particularly noticeable in the last 24 hours, with XRP, Sui, and Binance Coin (BNB) all showing growth.
XRP has seen a 0.7% increase, while BNB and Sui have recorded a 2.5% and 2.2% return respectively. Hyperliquid has also experienced a 1% growth during this period.
The uptick in leverage suggests investors' eagerness for an "alt season" ahead of the fourth quarter's historically bullish performance, according to Stephen Gregory, Vtrader founder.
Analyst Lai Yuen attributes the performance of XRP, BNB, and Hyperliquid to coin-specific developments, not the upcoming U.S. Federal Reserve rate cut decision. The excitement surrounding XRP is due to the newly approved spot ETF, which may launch as early as this week, as per Lai Yuen.
Hyperliquid and BNB are benefiting from discussions about digital asset treasury buying flows, supported by solid businesses and clear value-accrual models, according to Lai Yuen.
Crypto continues to lag major markets with lower highs heading into the FOMC meeting, with gold and equities seeing a strong bid. The Fed's interest rate decision is scheduled within the next 12 hours.
Meanwhile, institutions have accumulated $2.34 billion into U.S. Bitcoin exchange-traded funds last week, pushing global exchange-traded product holdings to new highs, according to a Decrypt report. The surge in altcoin open interest briefly overtook Bitcoin's on September 13, as reported by Coinanalyze data.
In other news, FalconX withdrew 413,075 SOL from Binance, Coinbase, ByBit, and OKX on Tuesday, according to Arkham data.
As the FOMC meeting approaches, the cryptocurrency market remains dynamic, with Layer 1 tokens leading the charge.
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