Altcoins experienced a sharp decline on Tuesday as traders prepared for a series of economic events, including a Federal Reserve interest rate decision scheduled for Wednesday.
XRP, Solana (SOL), and Cardano (ADA) led the downturn, each dropping over 3% in the past 24 hours, while Dogecoin (DOGE), Avalanche (AVAX), and Sui (SUI) fell more than 5%.
This ongoing sell-off has caused XRP and SOL to lose approximately 13% over the past week, with DOGE suffering an even steeper drop of around 18% during the same timeframe.
In contrast, Bitcoin (BTC) has remained relatively stable over the last 24 hours, trading at around $117,312.
Altcoins have faced mounting pressure since early last week, as traders engaged in leveraged positions. A busy schedule of economic data is heightening stress in both the crypto and equity markets.
The U.S. Federal Reserve began its two-day meeting on Tuesday, with Jerome Powell’s team expected to maintain current interest rates despite pressure from President Donald Trump to lower them.
Traders are also looking ahead to Friday, when a new U.S. nonfarm payrolls report will be released, alongside several deadlines related to Trump tariffs.
U.S. stocks have erased earlier gains, with both the Nasdaq and the S&P 500 now showing modest declines.
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