Cryptocurrency prices joined American stocks in a major rally as traders waited for the important Federal Open Market Committee (FOMC) decision. The Dow Jones jumped by more than 250 points while the S&P 500 and Nasdaq 100 soared by over 0.80%.
Near, Tron, Zilliqa tokens surge
Near Protocol (NEAR) coin was the best-performing token on Wednesday as it jumped to the highest level since July. It has jumped in the past 12 days straight and by almost 50% from its lowest level in October.
Near has jumped ahead of the coming NearCon event scheduled for November 7th. The event tends to have several big events that moves its ecosystem
Tron (TRX) price also continued its bullish rally, which makes it the best-performing big cryptocurrency this year. The coin jumped to $0.1007, the highest point since November 2021.
Tron has jumped because of the strong performance of its ecosystem. The total value locked (TVL) in JustLend’s ecosystem has soared to more than $5.7 billion, making it the third-biggest player in the industry after Lido and Maker. Indeed, Just’s JST token, a governance token, is hovering near the highest point since May last year.
Zilliqa price also continued surging. The ZIL token rose to a high of $0.020, the highest point since August this year. Unlike Near Protocol and Tron, Zilliqa’s ecosystem has been relatively muted in the past few months. Data by DeFi Llama and DappRadar shows that most dApps in the ecosystem are seeing little market action.
Zilliqa vs Near Protocol vs Tron
Federal Reserve decision
The next key catalyst for the Near Protocol, Zilliqa, and Tron prices is the upcoming Fed decision. Most analysts believe that the Fed will pause its rate hikes for the second meeting straight.
The Fed is battling with numerous challenges in the American economy. Inflation is still stubbornly high while the economy seems resilient. Economic data published last week showed that the GDP expanded by 4.9% in Q3 as consumer spending remained resilient.
However, the bond market is flashing red signs as the 10-year and 30-year bond yields remains at the highest point in more than a decade. As a result, the government is now spending over $800 billion to pay its debt and the figure could soon hit $1 trillion. These altcoins will likely react to the next action by the Securities and Exchange Commission (SEC). Analysts believe that the regulator will finally approve Bitcoin ETFs by the likes of Blackrock, Invesco, and Ark Invest before the end of the year.
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