A day after falling 0.77%, the overall market capitalization of cryptocurrencies is $2.29 trillion, as investors anticipate Powell's rate-cutting speech.

Leading cryptocurrencies, such as Dogecoin, Ethereum, and Bitcoin, saw a decline in value on Monday as traders anticipated a speech by Federal Reserve Chair Jerome Powell regarding probable interest rate reductions in the upcoming months.

Ethereum price has seen volatility, while Bitcoin—the largest cryptocurrency in market capitalization—has demonstrated steady growth. In the meanwhile, despite having a passionate community, Dogecoin has had difficulty holding onto its value.

After rising momentarily above $66,000, Bitcoin price fell to $64,247 overnight. Notwithstanding this decline, September saw a noteworthy increase in Bitcoin's value of 8.90% as opposed to its usual monthly loss of 3.47%. The Fed's 0.5% rate reduction early in the month provided the catalyst for this rise.

Ethereum fluctuated as well, trading at about $2,600. Approximately $45 million value of ETH was shifted by large investors, which alarmed traders. The price of Ethereum price is currently $2,620, down 1.88% over the previous day.

Dogecoin price experienced a significant decline, dropping 6.37% to $0.1211 over the last day, according to CoinMarketCap. Its price has been affected by bearish sentiment and a rise in short holdings. In spite of this, Dogecoin's devoted community keeps it popular.

With a decrease of 0.77% during the last day, the market capitalization of all cryptocurrencies is now $2.29 trillion. Powell's speech is being eagerly watched by investors for clues about potential rate reduction that could influence the path of the market.

Ahead of important economic announcements, investors' cautious mindset is reflected in the current declines in Bitcoin, Ethereum, & Dogecoin. Market players are keen to observe how future changes in interest rates may affect the price of cryptocurrencies.