The cryptocurrency market continues to exhibit caution as Bitcoin remains stuck in a range between $92K and $96K. The market has experienced notable declines, particularly in altcoins, including significant losses in meme coins such as Dogecoin and Shiba Inu.
Market Overview: Bitcoin (BTC) traded at $94,275, with a 24-hour movement between $93,743 and $95,869. Despite being a hot topic, Bitcoin’s price action remains largely range-bound, with the market cap slipping under $2 trillion, now sitting at approximately $1.86 trillion. The market has been under pressure due to growing concerns about FTX liquidations and the potential U.S. government sell-off of Silk Road-related Bitcoin holdings.
Ethereum (ETH): Ethereum traded at $3,257, down 1% over the last 24 hours. Ethereum experienced $7.7 million in liquidations, highlighting increased market volatility. The price fluctuated between $3,225 and $3,336, adding to the uncertainty surrounding the market’s short-term outlook.
Altcoins:
Ripple (XRP) saw a slight decrease of less than 1%, trading at $2.52, with its high and low at $2.47 and $2.56, respectively. Veteran trader Peter Brandt pointed out that XRP’s chart is forming a potential bull flag pattern, which could target a rise to $3.40.
Solana (SOL) traded at $185, with a small range from $184 to $191, maintaining its position amidst the broader market decline.
Crypto Market Losers:
- Virtual Protocols (VIRTUAL): Down 11%, trading at $2.58.
- AI16Z (AI16Z): Dropped 8%, at $1.08.
- SPX6900 (SPX): Fell 7.5%, to $0.997.
- Ondo (ONDO): Down by 7%, trading at $1.16.
- Bitget Token (BGB): Saw a 6.35% loss, at $6.78.
Meme Coin Market: Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced losses:
Dogecoin (DOGE) fell 1.87%, trading at $0.3329, with highs and lows ranging from $0.3319 to $0.3453.
Shiba Inu (SHIB) declined by 3.2%, now trading at $0.00002101. Other meme coins such as PEPE, BONK, PENGU, and WIF also saw a 3-5% drop in the last 24 hours.
Key Takeaways:
The overall cryptocurrency market has fallen by approximately 1%, with the global market cap at $3.3 trillion and a decrease in trading volume to $74 billion.
Bitcoin is holding its range despite recent developments surrounding the upcoming inauguration of pro-crypto President Donald Trump, which has investors cautiously watching for any potential shifts in the market.
While Bitcoin showed slight recovery with a 0.2% increase in the last hour, most altcoins remain in the red, reflecting ongoing market uncertainty.
Related topics:
Galaxy Digital Forecasts Dogecoin to Reach $1 by 2025
Gemini to Pay $5M in Settlement with CFTC
Bitwise CEO Anticipates Boost in Crypto Mergers Under Trump Administration
