Crypto Market Update: IMX and AVAX Surge Amid Fed Meeting Anticipation
- Solana’s open interest in futures reached a near-record high of over 70 million SOL.
- Privacy-focused Monero (XMR) rose by 6% in the last day despite concerns over a blockchain reorganization.
- Immutable’s token (IMX) surged nearly 15%, with trading volume doubling to $144 million, reaching a five-month high.
- Avalanche (AVAX) saw an increase of about 14% in open interest as its market cap approaches $13 billion.
- The ETF MVRV ratio climbed to 2.29, indicating strong institutional interest in the market.
As traders await the Federal Reserve meeting, major cryptocurrencies like Bitcoin and Ethereum are experiencing capital outflows from futures, leading to decreased open interest. Meanwhile, IMX’s notable rise reflects growing optimism around the gaming sector and its partnerships within that space.
With Solana’s futures showing robust demand and IMX hitting significant trading volumes, the market remains poised for potential volatility following the Fed’s decision.(Source)
