Cryptocurrency Price Today: Bitcoin Briefly Dips Below $40,000, SUI Becomes Biggest Gainer

Cryptocurrency price on January 23 quick take: The global market cap dipped to $1.58 trillion.

Bitcoin price stood at $40,108.25 on Tuesday.

Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, slipped below the $40,000 mark early Tuesday, going as low as $39,474.66 before recovering. It is largely expected that the upcoming policy meeting of the US central bank may provide some insights into the future behaviour of the coin. Other top coins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the reds across the board. The SUI token emerged to be the biggest gainer of the lot, with a 24-hour jump of over 7 percent. Astar (ASTR) became the biggest loser, with a 24-hour dip of over 10 percent.

The global crypto market cap stood at $1.58 trillion at the time of writing, registering a 24-hour dip of 2.42 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $40,108.25, registering a 24-hour loss of 2.13 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 35.32 lakh.

Ethereum (ETH) Price Today

ETH price stood at $2,347.37, marking a 24-hour dip of 3.13 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.06 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour loss of 2.28 percent, as per CoinMarketCap data, currently priced at $0.08124. As per WazirX, Dogecoin price in India stood at Rs 7.19.

Litecoin (LTC) Price Today

Litecoin saw a 24-hour dip of 5.30 percent. At the time of writing, it was trading at $68.23. LTC price in India stood at Rs 6,094.99.

Ripple (XRP) Price Today

XRP price stood at $0.531, seeing a 24-hour loss of 1.74 percent. As per WazirX, Ripple price stood at Rs 46.65.

Solana (SOL) Price Today

Solana price stood at $85.67, marking a 24-hour dip of 3.65 percent. As per WazirX, SOL price in India stood at Rs 7,460. 

Top Crypto Gainers Today (January 23)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Sui (SUI)

Price: $1.10
24-hour gain: 7.98 percent

FTX Token (FTT)

Price: $2.76
24-hour gain: 6.70 percent

Kava (KAVA)

Price: $0.7442
24-hour gain: 5.88 percent

Blur (BLUR)

Price: $0.6089
24-hour gain: 4.19 percent

Pyth Network (PYTH)

Price: $0.4015
24-hour gain: 3.52 percent

Top Crypto Losers Today (January 23)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Astar (ASTR)

Price: $0.1694
24-hour loss: 10.77 percent

Terra Classic (LUNC)

Price: $0.00009849
24-hour loss: 6.30 percent

Avalanche (AVAX)

Price: $30.04
24-hour loss: 6.15 percent

Neo (NEO)

Price: $10.69
24-hour loss: 5.94 percent

Flow (FLOW)

Price: $0.7577
24-hour loss: 5.90 percent

What Crypto Exchanges Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “In the past 24 hours, Bitcoin briefly dropped to $39,000 but promptly recovered to $40,000 amid increasing selling pressure. The immediate support rests at $39,500, while resistance levels are identified at $40,700 and $42,700. Surpassing these resistance levels is critical for Bitcoin to stabilise and exhibit indications of a potential recovery. Concurrently, market participants are anticipating insights from the US central bank's upcoming policy meeting on January 30th and 31st.”

CoinSwitch Markets Desk noted, “After several days of sideways trading, BTC slumped below the $40k mark for the first time in 50 days as the Bulls failed to hold the support line. New investors who had put a big amount of money during the spot ETF announcement are now sitting at almost a 25% loss. Markets usually go up only when there is sufficient fear in the market and it seems like people are now starting to get afraid. BTC must stay above the $32k mark for the Bulls to make a comeback soon.”

Rajagopal Menon, Vice President, WazirX, said, “Major cryptos faced a bearish start to the week, influenced by apprehensions of substantial Bitcoin (BTC) sales, prompting investors to reduce exposure amid expectations of lower prices. Bitcoin, losing the $41,000 support, raises concerns of a dip to $38,000 in the coming weeks, potentially impacting other cryptos. Analysts attribute recent Bitcoin pressure to sales linked to Grayscale's GBTC Bitcoin Exchange-Traded Fund (ETF).”

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin struggles with a bearish trajectory, touching $41,000 for a 1.65% loss in global cryptocurrency market cap. Ethereum is trading uncertainly at $2,350, facing resistance at $2,457.1 and potential support tests at $2,301.9. Recent market momentum, fueled by the $2.14 billion bitcoin selloff and Grayscale's ETF approval, adds to the complexity. ETF approval triggers selling pressure, with Bitcoin and Ethereum witnessing significant outflows. Altcoins like Litecoin and Solana are experiencing challenges that reflect the tug-of-war between bulls and bears. Despite Grayscale's selloff temporarily impacting prices, market fundamentals, fueled by growing cryptocurrency adoption and institutional interest, point to a potential recovery for Bitcoin, which is historically known for bouncing back from corrections.”

Shivam Thakral, CEO of BuyUcoin, said, “The crypto market is witnessing a healthy pullback after a massive bull run. Bitcoin, which almost touched $50,000 due to ETF euphoria is showing signs of cooling down mainly due to heavy outflows to Bitcoin ETFs. We may see a more stable Bitcoin as ETFs grow their AUM and drive mass adoption of the world’s largest digital asset. Top Trader Henrik Zeberg shared a new Bitcoin price prediction of $120,000 but we will have to wait and see how the market moves in the coming weeks.” 

CoinDCX Research Team told ABP Live, “In the last 24 hours, the entire crypto market declined over 4%, with BTC and ETH both dropping over 5%. Selling pressure from GBTC, notably the FTX estate selling two-thirds of its 22.28 million shares at the start of spot ETF trading, contributed to this downturn. Technically, BTC is on a downward path, currently below the 7 EMA Weekly, suggesting a bearish sentiment. Key support levels are around $37,000-$38,000 and $34,375, with resistance at $43,000, $44,500, and $48,000.”

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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.