On January 27, the cryptocurrency market was gripped by the bears, as investors exhibited caution ahead of the FOMC meeting scheduled for January 29.
The global crypto market cap crashed by over 5% to $3.43 trillion.
Bitcoin (BTC) and major altcoins like Ethereum (ETH), XRP, and Solana (SOL) saw substantial losses, with meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) also facing declines.
The crypto market saw a notable uptick in trading volume over the past 24 hours, reaching $111 billion, which represents a 36.16% rise.
Bitcoin (BTC) price today
Bitcoin (BTC) price took a hit, falling over 4% in the past 24 hours, trading at $99,984.86.
Its price reached a low of $99,984.86 and a high of $105,227.30 during the day.
Trading volume for the coin soared 66% in the past 24 hours to $36 billion.
Bitcoin’s market dominance climbed to 58.02%, up by 0.42% from the previous day.
The market saw $57 million in Bitcoin liquidations. Analyst Ali Martinez remains optimistic, setting a price target of $122,000 for the leading cryptocurrency.
Ethereum (ETH) price today
Ethereum (ETH) also took a 5% hit, trading at $3,172. Its 24-hour low and high were $3,161.93 and $3,359.31, respectively.
Ethereum’s price drop mirrors broader market trends, and the asset saw $30 million in liquidations.
However, it recorded $139.32 million in weekly net inflows into Ethereum ETFs as of January 24.
XRP and SOL price today
The XRP price today sank below the $3 mark.
XRP price dipped around 6% decline, reaching $2.94.
It hit an intraday low of $2.94 and a high of $3.14.
The ongoing legal battle with the US SEC and market volatility could be contributing factors to the price movement.
Solana (SOL) saw one of the largest drops among the top altcoins, plunging by 10% to $233.18.
Its 24-hour low and high were $230.15 and $259.57, respectively.
SOL also recorded over $10 million in liquidations, following the broader trend of market uncertainty.
Meme coins continue decline
Meme cryptocurrencies also followed the downward trend. Dogecoin (DOGE) dropped around 9%, trading at $0.3232, while Shiba Inu (SHIB) fell by 8%, sitting at $0.00001837.
Other meme coins like PEPE and TRUMP saw significant losses, with PEPE slipping 14% and TRUMP losing nearly 16%, trading at $0.00001301 and $26.60, respectively.
Top crypto gainers and losers
The top cryptocurrency gainers today include Jupiter (JUP) with a 7% increase, reaching $0.9743, while AIOZ Network (AIOZ) gained 6%, trading at $0.8215.
On the flipside, Fartcoin (FARTCOIN) suffered a massive 25% drop, falling to $1.01. Virtuals Protocol (VIRTUAL) saw a 17% decline at $2.06, and HyperLiquid (HYPE) experienced a 15% decrease, reaching $20.67.
Broader crypto price action
Polkadot (DOT) is currently trading at $5.86, showing a 7.56% decrease in the last 24 hours.
Ondo (ONDO) is currently trading at $1.30, showing a 10.21% decrease over the past 24 hours.
PAX Gold (PAXG) has decreased by 0.61% in the last 24 hours, currently trading at $2,750.30.
OKB (OKB) is currently trading at $51.75, showing a 6.15% decrease over the past 24 hours.
PancakeSwap (CAKE) has decreased by 9.74% in the last 24 hours, currently trading at $1.91.
Qtum (QTUM) has decreased by 7.39% in the last 24 hours, currently trading at $2.77.
Osmosis (OSMO) has decreased by 7.20% in the last 24 hours, currently trading at $0.3861.
Raydium (RAY) is currently trading at $6.80, showing a 12.81% decrease over the past 24 hours.
Optimism (OP) is currently trading at $1.42, showing a 14.49% increase over the past 24 hours.
Ravencoin (RVN) has decreased by 5.30% in the last 24 hours, currently trading at $0.01782.
Quant (QNT) is currently trading at $102.25, showing a 4.48% decrease over the past 24 hours.
Pyth Network (PYTH) is currently trading at $0.2894, showing a 9.05% decrease over the past 24 hours.
Polygon (MATIC) is currently trading at $0.4164, showing a 5.12% decrease over the past 24 hours.
Pendle (PENDLE) is currently trading at $3.45, showing a 8.97% increase over the past 24 hours.
Ontology (ONT) has decreased by 6.75% in the last 24 hours, currently trading at $0.2135.
Powerledger (POWR) has increased by 8.97% in the last 24 hours, currently trading at $0.2525.
Pundi X (New) (PUNDIX) has decreased by 5.01% in the last 24 hours, currently trading at $0.4265.
Orbs (ORBS) has decreased by 6.42% in the last 24 hours, currently trading at $0.02601.
Orchid (OXT) has decreased by 3.91% in the last 24 hours, currently trading at $0.103.
Pax Dollar (USDP) is currently trading at $0.9997, registering a 0.02% increase in the last 24 hours.
QuarkChain (QKC) is currently trading at $0.0104, registering a 1.34% decrease in the last 24 hours.
Origin Protocol (OGN) is currently trading at $0.09141, registering a 6.95% decrease in the last 24 hours.
OMG Network (OMG) is currently trading at $0.2996, registering a 8.94% decrease in the last 24 hours.
Peercoin (PPC) is currently trading at $0.4502, registering a 6.55% decrease in the last 24 hours.
Standard (STND) is currently trading at $0.009845, registering a 3.38% decrease in the last 24 hours.
RED TOKEN (RED) is currently trading at $0.051533, registering a 0.34% decrease in the last 24 hours.
PotCoin (POT) is currently trading at $0.003066, registering a 5.48% increase in the last 24 hours.
ReddCoin (RDD) is currently trading at $0.00006097, registering a 0.03% decrease in the last 24 hours.
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