Cryptocurrency Price Today: Bitcoin Dips Below $40,000, Global Market Cap In Freefall
Cryptocurrency price on January 24 quick take: The global market cap dipped to $1.58 trillion.
Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, slipped below the $40,000 mark early Wednesday, continuing its recent spell of slump. 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 AKT token emerged to be the biggest gainer of the lot, with a 24-hour jump of over 14 percent. ORDI became the biggest loser, with a 24-hour dip of over 15 percent.
The global crypto market cap stood at $1.54 trillion at the time of writing, registering a 24-hour dip of 2.32 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $39,671.24, registering a 24-hour loss of 1.03 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 35.27 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,214.95, marking a 24-hour dip of 5.61 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.97 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 3.29 percent, as per CoinMarketCap data, currently priced at $0.07839. As per WazirX, Dogecoin price in India stood at Rs 7.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 4.54 percent. At the time of writing, it was trading at $65.03. LTC price in India stood at Rs 5,659.36.
Ripple (XRP) Price Today
XRP price stood at $0.5156, seeing a 24-hour loss of 2.83 percent. As per WazirX, Ripple price stood at Rs 45.50.
Solana (SOL) Price Today
Solana price stood at $83.86, marking a 24-hour dip of 2.05 percent. As per WazirX, SOL price in India stood at Rs 7,498.98.
Top Crypto Gainers Today (January 24)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Akash Network (AKT)
Price: $2.76
24-hour gain: 14.28 percent
Blur (BLUR)
Price: 0.668
24-hour gain: 8.69 percent
Sui (SUI)
Price: $1.17
24-hour gain: 5.69 percent
Sei (SEI)
Price: $0.6376
24-hour gain: 4.63 percent
Aptos (APT)
Price: $8.65
24-hour gain: 3.97 percent
Top Crypto Losers Today (January 24)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
ORDI (ORDI)
Price: $53.68
24-hour loss: 15.35 percent
SATS (1000SATS)
Price: $0.0004319
24-hour loss: 12.81 percent
OKB (OKB)
Price: $47.37
24-hour loss: 9.56 percent
Pyth Network (PYTH)
Price: $0.3679
24-hour loss: 8.98 percent
Kava (KAVA)
Price: $0.6815
24-hour loss: 8.12 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin remains below the critical threshold of $40,000, currently undergoing correction at $39,700 after a recent dip. The existing trading level could witness increased buying, given the support at $38,500. In case of a support breakdown, the next support level is expected at $37,800, while upward resistance is identified at $40,350.”
CoinSwitch Markets Desk noted, “BTC seems to have found the first level of strong support at $38.5k as a two-week-long sell-off post-ETF approval continues to keep new crypto investors from participating. It is worth noting that the next big support for BTC lies directly around the $32k mark so it is very important for the bulls to hold the $38.5k mark. While investors are turning fearful for the Bitcoin support to not hold with more than 300 million dollars worth of liquidations in the last 24 hours as per the data from Coinglass, a U-shaped recovery to take Bitcoin back to nearing $50k should is still a possibility.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin encountered a significant drop, breaching the $40,000 threshold and briefly reaching $39,500, attributed to notable sales influenced by the Grayscale GBTC Bitcoin ETF. This decline raises concerns about a potential descent to $38,000. In parallel, Ethereum grappled with its bearish momentum, experiencing a nearly 3% drop to $2,347 in 24 hours. This market movement unfolds amid a larger context where Bitcoin has seen a 20% decline post-major ETF launches by BlackRock and Fidelity. The downturn pressured Bitcoin miners with low transaction fees while institutional players strategically accumulated BTC, impacting short-term dynamics. Google Bard's AI hints at a possible further decline to $35,000, considering inflation, interest rates, and regulatory factors. Investors navigate cautiously as Bitcoin hovers just under $39,000, indicating potential price oscillation between $35,000 and $45,000.”
Shivam Thakral, CEO of BuyUcoin, said, “The crypto market continues to witness selling pressure as Bitcoin ETFs have made entry and exit into the investment vehicle very easy. Users may have liquidated their positions to book profits and created new positions anticipating the next rally. Bitcoin and Ether dropped by roughly 1% and 6% respectively which resulted in a 2.14% drop in the overall crypto market cap. The next market mover can be the rate cut announcement by the US Fed which it signalled at the end of 2023.”
CoinDCX Research Team told ABP Live, “In the last 24 hours, the crypto market witnessed a decline, with BTC and ETH experiencing sharp drops. Although BTC managed to recover and close in the green, ETH remained weaker, influenced by panic selling triggered by news of GBTC ETFs selling. Technically, BTC found support at the 100 EMA D, a positive sign if it continues to rise from this level. ETH, on the other hand, is at a key support level but is yet to show signs of recovery. Critical support levels for ETH include $2,170, $2,125, and a notable support coinciding with the 200 EMA D at $2,016.”
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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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