Crypto market update: Algorand jumps while Bitcoin and XRP stay range-bound
Bitcoin failed to hold its weekend move near $79,000 as traders weighed the latest FOMC decision, U.S.-Iran tension, and mixed altcoin action.
- Bitcoin rejected near $79,000 as traders stayed cautious after the Fed left rates unchanged again.
- Iran peace talks affected risk appetite, limiting Bitcoin’s follow-through despite support near $78,000 this week.
- XRP held its range while Algorand led altcoin gains with a strong daily advance.
The wider crypto market stayed calm, while XRP held near $1.39 and Algorand led daily gains.
Bitcoin traded near $78,402 after touching an intraday high of $78,963, according to live market data. The asset held above its intraday low of $78,081, showing limited selling after the rejected breakout.
The move kept BTC close to a key resistance area. Market data from crypto.news showed the global crypto market cap at $2.69 trillion, with Bitcoin dominance near 58.5%.
FOMC decision keeps traders cautious
The latest price action followed the Federal Reserve’s April 29 FOMC meeting. The Fed kept interest rates at 3.5% to 3.75%, while officials remained split on future policy language.
Bitcoin moved sharply around the decision before returning near $78,000. The unchanged rate decision reduced one source of market stress, but uncertainty over future cuts kept traders cautious.
Geopolitical tension also remained a key market driver. Reports said Iran sent a revised peace proposal to the U.S., while Washington continued to review the terms.
Bitcoin had recovered from earlier weakness as peace hopes improved risk appetite. However, Trump’s skeptical tone toward Iran’s proposal limited follow-through and kept traders to fresh headlines.
XRP holds range as Ethereum stays firm
XRP traded near $1.39 with about $1.15 billion in 24-hour volume, according to crypto.news data. The token stayed almost flat on the day, leaving traders focused on the $1.35 support and $1.45 resistance area.
A break above $1.45 could open a move toward $1.82, while a fall below $1.35 could expose the $1.00 area, “depending on the bigger trend direction.”
Ethereum traded near $2,312 after holding above the $2,300 level. Its intraday range stayed narrow, with a high near $2,334 and a low near $2,298.
Algorand leads altcoin gainers
Algorand stood out among major altcoins. ALGO traded near $0.117 after rising about 9% on the day, based on live market data.
Most other large-cap tokens moved within tight ranges. That kept Bitcoin in control of the wider market direction as traders waited for a clear break above $79,000 or renewed weakness below nearby support.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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