Polkadot's price movement today is largely influenced by the anticipation surrounding the Federal Open Market Committee's (FOMC) first interest rate decision of the year. As the market awaits the outcome, Bitcoin and other altcoins, including Polkadot, have been trading within a tight range. Economists, such as Mohamed El-Erian, expect the FOMC to maintain interest rates at 4.50%, with little change in their statement. This expectation of a pause in rate changes has kept the market relatively stable, as investors look to Federal Reserve Chair Jerome Powell's comments for future guidance.
Despite the overall market caution, Polkadot has experienced a modest increase today. The cryptocurrency's price has risen by 2.77%, reaching a current level of $5.811885. It hit a high of $5.840555 earlier in the day, reflecting a positive sentiment among investors.