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Cryptocurrency prices were mixed as traders focused on the upcoming Federal Reserve meeting, with the crypto Fear and Greed Index remaining in the fear zone.
Immutable x (IMX), the gaming and non-fungible token-focused coin, was the top performer, up 17.7% to hit its highest point since Aug. 31. It is up nearly 60% from its low in August.
Immutable's jump came as total nft sales in its ecosystem increased by more than 125% in the last 24 hours. These sales were mainly driven by Guild of Guardians Heroes, whose sales increased by 145% to $647,067.
Still, like other chains, Immutable’s nft sales have been on a long-term downward trend over the past few months. Sales fell 33% over the past 30 days to $15 million, while the number of buyers fell 31% to 12,177.
Celestia (TIA), a leading modular data player, rose 15% to its August 26 high, while Bittensor (TAO) leap by 13% to its June 24 high. These tokens gained as demand among investors increased, with Celestia’s 24-hour volume increasing 23% to $138 million and Bittensor’s volume increasing 5% to $85 million.
Bittensor also benefited from the growing interest in ai-focused coins and stocks. Nvidia shares are up 9% over the past five days, while Microsoft shares are up 7%. Microsoft, a major investor in ChatGPT maker OpenAI, saw increased positive sentiment, with 85% of investors CMC Users be optimistic
Looking ahead, the main catalyst for these altcoins will be the Federal Reserve's decision on Wednesday. 52% of participants in a Polymarket Survey With over $45 billion in assets, they expect the Fed to cut rates by 0.50%. 47% of them see a 0.25% cut.
In theory, these tokens should perform well when the Federal Reserve starts cutting interest rates, as it would incentivize investors to move into riskier assets. However, there is also a risk that these coins could pull back, as market participants may have already priced in the rate cut.
This likely explains why the crypto Fear and Greed Index has remained in the fear zone at 34. Historically, cryptocurrencies tend to fall when fear dominates market sentiment.
