Polkadot's price movement today has been influenced by broader market trends, particularly the ongoing impact of the Federal Reserve's recent policy announcements. The Fed's decision to adopt a more cautious approach to rate cuts next year has dampened investor sentiment across the cryptocurrency market. This hawkish stance has led to a decline in risk assets, including Polkadot, as investors reassess their portfolios in light of potentially fewer rate cuts than previously anticipated. The absence of a "Santa Claus rally," which typically boosts markets during the holiday season, has further contributed to the downward pressure on Polkadot.
The broader crypto market has been experiencing a downturn, with major cryptocurrencies like Bitcoin and Ethereum also seeing significant declines. Bitcoin, for instance, has fallen to its lowest price in nearly a month, as the market reacts to the Fed's signals. This negative sentiment has spilled over into altcoins, including Polkadot, which has struggled to maintain its value amidst the broader market rout. The lack of a festive rally has left investors cautious, with many opting to hold off on making significant moves until the new year.
Polkadot's price has decreased by 1.76% today, reaching a low of $7.239601.