Bitcoin remains stable, trading around $65,800, reflecting a minor decline of 0.3% over the past 24 hours but remaining up 7.4% for the week, according to CoinDesk data. This steadiness comes as traders anticipate the Federal Reserve’s forthcoming rate decision under new Chairman Kevin Warsh. While Bitcoin’s price holds close to the $66,000 mark, the attention has shifted towards the altcoin market, which shows signs of significant capital rotation.
One of the most notable movers in this environment is Uniswap’s token, UNI, which surged by 22.5% to reach $3.53. This momentum follows an announcement from Standard Chartered, which initiated coverage of the token with a price target of $100 by 2030. Geoffrey Kendrick, the bank’s head of digital assets research, highlighted Uniswap as a foundational layer of the on-chain economy, further fueling investor interest.
Other altcoins have also experienced positive movements; Hyperliquid’s HYPE increased by 7.8% for the day and an impressive 34.3% over the week. Meanwhile, Solana registered a growth of 14.7% during the week, although it remained stable on Wednesday. In comparison, Ethereum saw a modest rise of 1.4%, bringing its price to $1,793, marking a weekly increase of 10.4%. XRP, however, experienced a slight dip, falling 0.9% to $1.22.
Against this backdrop, broader macroeconomic conditions are improving for risk assets, although Bitcoin appears to be lagging. The price of Brent crude oil has dipped below $79 a barrel, its lowest level in over three months. This decline follows a 15% drop in the price during the last four sessions, marking the longest losing streak for crude oil this year. As market dynamics continue to evolve, traders remain vigilant for further developments, particularly related to cryptocurrency and economic indicators.
