Cryptocurrency Price Today: Bitcoin Dips Below $43,000, Ronin Loses Over 25%
Cryptocurrency price on February 6 quick take: The global market cap dipped to $1.63 trillion.
Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, dipped below the $43,000 mark early Tuesday. Other top coins, including the likes of — Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — saw minor gains and losses across the board. The Ethereum Name Service (ENS) token emerged to be the biggest gainer of the lot, with a 24-hour jump of over 13 percent. Ronin (RON), on the other hand, became the biggest loser, with a 24-hour dip of over 25 percent.
The global crypto market cap stood at $1.64 trillion at the time of writing, registering a 24-hour gain of 0.42 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $42,792.43, registering a 24-hour gain of 0.27 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 37.74 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,312.58, marking a 24-hour gain of 0.81 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.02 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour jump of 0.21 percent, as per CoinMarketCap data, currently priced at $0.07834. As per WazirX, Dogecoin price in India stood at Rs 6.90.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 0.86 percent. At the time of writing, it was trading at $67.73. LTC price in India stood at Rs 5,871.87.
Ripple (XRP) Price Today
XRP price stood at $0.5066, seeing a 24-hour jump of 0.17 percent. As per WazirX, Ripple price stood at Rs 44.50.
Solana (SOL) Price Today
Solana price stood at $95.92, marking a 24-hour dip of 0.95 percent. As per WazirX, SOL price in India stood at Rs 8,401.
Top Crypto Gainers Today (February 6)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Ethereum Name Service (ENS)
Price: $20.80
24-hour gain: 13.70 percent
Sui (SUI)
Price: $1.59
24-hour gain: 8.87 percent
Optimism (OP)
Price: $3.21
24-hour gain: 7.02 percent
Gnosis (GNO)
Price: $231.89
24-hour gain: 6.05 percent
Immutable (IMX)
Price: $2.26
24-hour gain: 5.97 percent
Top Crypto Losers Today (February 6)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Ronin (RON)
Price: $2.53
24-hour loss: 25.69 percent
Pyth Network (PYTH)
Price: $0.465
24-hour loss: 7.43 percent
Flare (FLR)
Price: $0.02913
24-hour loss: 6.67 percent
Internet Computer (ICP)
Price: $12.17
24-hour loss: 6.19 percent
Oasis Network (ROSE)
Price: $0.1121
24-hour loss: 3.55 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin held its position above the $42,000 mark despite a 14 basis points increase in the 10-year US Treasury bond yield. Federal Reserve Chair Jerome Powell's statement that the Fed had little intention to cut rates in March did not shake the bullish sentiment, with the $42,000 level being defended. Despite this, the $42,000 level has seen defence by bullish investors. The next resistance for BTC is at $43,800, with support at $41,300. Meanwhile, Ethereum is presently at the $2,300 mark, with a potential bullish move anticipated if it surpasses $2,400, aiming for $2,600. Until then, Ethereum is expected to trade sideways.”
CoinSwitch Markets Desk noted, “As BTC has been trading in a narrow channel for more than a week now, the up-trend still remains intact with $42k being the level to break on the down side and $44k on the up-side. However with Blackrock now holding more than $2 billion worth of BTC, bears will have to instill some massive amount of fear for breaking it to the downside. One of the biggest news from yesterday came from GoDaddy. The company announced that its users can now link domain names with Ethereum Name Service, ENS (+13%) at no extra cost. This is a big boost for both Ethereum (+1.68%) and the ENS token.”
Rajagopal Menon, Vice President, WazirX, said, “The potential liquidation of Genesis's assets could exert a negative impact on market prices. The selling pressure that started after the approval of spot BTC ETFs persists, influencing the market ahead of the anticipated Genesis sell-off. Bitcoin's price has retreated from $43,000 levels and faces a challenging struggle to avoid a further decline back to the $40,000 support level, which held during the bullish market sentiment at the end of last year. Ethereum's pricing signals indicate overbought conditions, suggesting a potential lull at the resistance level and a possible market downturn. Contrary to market expectations of a rally, XRP continues its downward trajectory, surprising investors. The Relative Strength Index signals oversold conditions amid a bearish sentiment, with moving averages indicating a prevailing 'Sell' sentiment.”
Shivam Thakral, CEO of BuyUcoin, said, “The total crypto market cap stands around $1.64T, a 0.73% increase over the last day. The selling pressure by Grayscale which has sold 141,00 Bitcoin is being absorbed by 175,000 Bitcoin bought through ETFs.The Cumulative spot Bitcoin ETF volume has also crossed the $30B threshold reflects a huge demand for Bitcoin in the Spot ETFs. Bitcoin has persistently attempted to breach the $44,000 level for several weeks but it has been hindered by low trading volume.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin's January surge in trading volume to $16.01 billion, the most since September 2022, pushed its value past $43,000. Factors such as reduced grayscale bitcoin sales and a strong US stock market contributed to this. Upcoming events, including the US Federal Reserve meeting, can affect market trends. Despite the potential uncertainty, Bitcoin's market capitalization rose 2% to $1.66 trillion in 24 hours. Federal Reserve Chairman Jerome Powell's plan to cut interest rates three times in 2024 aims to take advantage of the strong US economy and control inflation. Crypto analyst DonAlt predicts that Bitcoin could reach $60,000 if it clears key barriers and maintains a bullish outlook.”
CoinDCX Research Team told ABP Live, “In the past 24 hours, the crypto market initially remained stable but later saw a decline, impacted by the fall in the US market and Coinbase shares. The overall market has been relatively quiet recently as BTC consolidates around the $43,000 level. However, on a higher time frame, BTC exhibits a bullish trend with confirmations from EMAs. ETH is following a similar price action to BTC, and both cryptocurrencies need to break out of their current consolidations to signal a significant move in either direction.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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