Cryptocurrency Price Today: Bitcoin Dips Below $43,000 Once Again As Top Coins Land In Reds
Cryptocurrency price on January 31 quick take: The global market cap dipped to $1.65 trillion.
Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, dipped below the $43,000 mark early Wednesday. Ethereum (ETH) managed to rise above the $2,300 mark with a minor gain. Other top coins, including the likes of — Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the reds across the board. The Render (RNDR) token emerged to be the biggest gainer of the lot, with a 24-hour jump of nearly 8 percent. BLUR, on the other hand, became the biggest loser, with a 24-hour dip of over 7 percent.
The global crypto market cap stood at $1.65 trillion at the time of writing, registering a 24-hour dip of 0.86 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $42,911.16, registering a 24-hour dip of 1.46 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 37.77 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,343.84, marking a 24-hour gain of 1.74 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.07 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 2.01 percent, as per CoinMarketCap data, currently priced at $0.08017. As per WazirX, Dogecoin price in India stood at Rs 7.01.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 0.32 percent. At the time of writing, it was trading at $67.96. LTC price in India stood at Rs 5,950.
Ripple (XRP) Price Today
XRP price stood at $0.5103, seeing a 24-hour loss of 5.07 percent. As per WazirX, Ripple price stood at Rs 44.67.
Solana (SOL) Price Today
Solana price stood at $101.15, marking a 24-hour dip of 1.52 percent. As per WazirX, SOL price in India stood at Rs 8,799.16.
Top Crypto Gainers Today (January 31)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Render (RNDR)
Price: $4.67
24-hour gain: 7.90 percent
Chainlink (LINK)
Price: $15.89
24-hour gain: 6.13 percent
Pyth Network (PYTH)
Price: $0.4182
24-hour gain: 5.59 percent
Ronin (RON)
Price: $2.72
24-hour gain: 4.87 percent
Neo (NEO)
Price: $11.67
24-hour gain: 4.58 percent
Top Crypto Losers Today (January 31)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Blur (BLUR)
Price: $0.6251
24-hour loss: 7.21 percent
Bonk (BONK)
Price: $0.00001115
24-hour loss: 7.18 percent
Manta Network (MANTA)
Price: $3.36
24-hour loss: 7.03 percent
Internet Computer (ICP)
Price: $11.68
24-hour loss: 6.16 percent
Helium (HNT)
Price: $7.48
24-hour loss: 5.67 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin surpassed $43,000 yesterday and is currently stabilising at $42,000. The market's attention is on the Federal Reserve's interest rate decision today, widely expected to remain unchanged. Should Bitcoin maintain its current price level until the month's end, it will achieve its fifth consecutive monthly increase, marking the longest streak. This is likely to continue until Bitcoin halving takes place.”
CoinSwitch Markets Desk noted, “Even as Bitcoin found some resistance near the $43.8k mark, the overall market structure still remains bullish in shorter time frames as well with the immediate strong support lying at $42.3k. All eyes will be on Federal Reserve today as Fed is expected to keep rates unchanged in their interest rate decision meeting today. Interestingly, markets are giving it a 44 percent chance that the Fed will start cutting rates from the next meeting. If the Fed Chair indicates otherwise in his speech, we can say another red day.”
Rajagopal Menon, Vice President, WazirX, said, “In terms of momentum, the MACD Level (12, 26) at -164 signals a ‘Buy.’ The Stochastic RSI Fast (3, 3, 14, 14) at 92 and William's Percentage at -20 both indicate a ‘Neutral’ position. The market has slipped into a ‘Neutral’ sentiment after a week of ‘Greed’ with the price of Bitcoin rising. However, the Fed’s interest rate decision might alter that. The market is on edge awaiting the SEC's interest rate verdict, causing uncertainty about Bitcoin's next support level, contrary to Q4 2023 expectations of a rate cut. Ethereum remains optimistic, poised for a potential ETF approval in May. Altcoins like Litecoin and Astar faced recent declines amid market fluctuations. Despite the current downturn, an impending alt season is anticipated post-Bitcoin halving.”
Shivam Thakral, CEO of BuyUcoin, said, “The crypto market is in a wait-and-watch mode as the Fed meeting on the first interest rate decision of 2024 is underway. A decision to cut the interest rate will boost market liquidity and spark economic activity across sectors, there are some reports that the Fed may keep the rates unchanged. It is important to note that interest rates are at a high level due to continuous hikes in 2023 to tame inflation. Bitcoin is well-positioned to start another growth cycle owing to positive macroeconomic factors.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin rose more than 10% to surpass $43,000 and Ethereum neared $2,500, fueling discussions about price predictions. Grayscale's reduction in bitcoin sales and the performance of the US stock market fueled the rally. Despite the optimism, the upcoming US Federal Reserve meeting and January jobs numbers are emerging, weighing on forecasts. Bitcoin's $43,000 recapture boosted its market cap by 2% to $1.66 trillion in 24 hours. Whales piled up more BTC despite a temporary drop to $38,000, giving Bitcoin its fifth consecutive monthly gain. Google's approval of Bitcoin ETF ads marks cryptocurrency mainstreaming, albeit with risks. Ethereum's cautious rally to $2,346.5 with resistance at $2,477.2 and support at $2,240.6 suggests neutral to slightly bullish sentiment. In particular, vigilance is recommended near key points.”
CoinDCX Research Team told ABP Live, “In the last 24 hours, the crypto market has witnessed positive momentum, with ETH standing out by outperforming BTC. This surge in ETH is attributed to the smooth implementation of the Ethereum Dencun Upgrade on Sepolia. As of now, ETH is positioned slightly below the crucial range resistance level at $2380. The fact that it has reclaimed the 20EMA Daily is a positive indicator. Breaking above this range is pivotal for signalling a potential upward move. On the other hand, BTC has maintained stability, hovering around $43,000. It remains above both the 20 and 50 EMA Daily. For a substantial upside move, BTC needs to overcome the key resistance level at $44,500.”
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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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