Recent days have witnessed variable performances among alternative cryptocurrencies (altcoins) as Bitcoin‘s price experienced a downturn. This downtrend in Bitcoin’s value came following expectations of the Federal Reserve’s meeting minutes and a decrease in Exchange-Traded Fund (ETF) inflows, conditions many had predicted. In contrast to Bitcoin’s slump, altcoins have taken divergent paths, with some showing resilience and others succumbing to market pressures. Here’s a look at the recent trajectories of notable altcoins.
WLD Coin Gains from AI Sector Developments
WLD Coin has enjoyed a positive trend, buoyed by its founder’s leadership role at OpenAI, and an uptick in Worldcoin’s active user base. Despite facing legal challenges, the advances in the artificial intelligence sector spearheaded by OpenAI could bode well for the future price of WLD Coin. Despite spiking to a record $8, WLD Coin has retraced to $6.4, and further declines in Bitcoin could drag altcoin prices down, potentially leading to a retest of lower support levels.
FET Coin Rides AI Enthusiasm
Mirroring WLD’s AI-driven momentum, FET Coin has also capitalized on the AI excitement, surpassing the $1 mark. Although it pulled back due to Bitcoin’s volatility, it currently trades at $0.981. Should it breach the $0.82-$0.8 support zone, FET Coin could see new lows. However, a resurgence in ETF inflows could swiftly restore its value.
AR Coin Faces Resistance
AR Coin, on the other hand, has seen a dramatic 100% increase in the last two weeks, challenging previous resistance levels. Nevertheless, the recent Bitcoin price drop has prompted selling, bringing the price down to $13.2. A continued decline could see AR Coin testing further support levels, with the market’s direction influenced by Bitcoin’s movements and investor sentiment.
The closing prices of today’s market will be pivotal for these altcoins, with Bitcoin’s ability to maintain certain price levels being critical for the broader market’s medium-term upward trend.