Cryptocurrencies continue to struggle after sharp declines earlier in the week.
This sees Bitcoin (BTC) hover below $100,000 and most altcoins battling to hold onto recent gains.
However, Litecoin (LTC) and FTX Token (FTT) are among top gainers on February 6, 2025.
Here’s an update for the crypto market today.
Crypto news:
Bitcoin bounces to $98K but are bears done?
Bitcoin continued to show some resilience on Thursday, with price bouncing from lows of $96,174 to trade above $98,700.
However, the gains still see the top digital asset stuck below the psychological $100K level.
This follows bears’ rejection of bulls’ attempts to build momentum following last week’s brutal sell-off for equities and digital assets.
The DeepSeek AI impact and tariffs added to the overall struggles for TradiFi, while a lack of clear catalysts for crypto means BTC remains weak.
According to on-chain and financial metrics platform glassnode, Bitcoin’s realized volatility over a three-month rolling window has dropped to 50%.
In previous bull markets, it has exceeded 80%, suggesting a change in BTC volatility profile.
#BTC‘s Realized Volatility on a 3-month rolling window is typically below 50% this cycle, whereas it regularly exceeded 80% to 100% in the prior two bull runs. These historically low levels for a bull market show #Bitcoin‘s volatility profile is changing: glassno.de/4hLnLqL
Altcoin market update
Despite Bitcoin’s price outlook, crypto analyst Rekt Capital pointed to BTC Dominance as rising 6% since the end of 2024.
Per CoinMarketCap, Bitcoin dominance stood at 60.4% and Ethereum at 10.6% – the ETH price having dipped to lows of $2,100 amid the recent sell-off not helping the top altcoin.
Ethereum was nonetheless up to $2,850 at the time of writing, up 3% in the past 24 hours.
Bitcoin’s The resilience shown by BTC means most altcoins have not picked up upward momentum as expected. Ripple (XRP), Solana (SOL) and BNB (BNB) trade near key support levels.
Avalanche (AVAX) and Cardano (ADA) prices managed 1.6% uptick and -2% respectively early in the day.
This is despise bullish developments related to Swedish digital asset manager Virtune, which announced the launch of AVAX and ADA exchange-traded products (ETPs) on Nasdaq Helsinki.
Litecoin, FTX Token among top gainers
Despite top coins struggling, Litecoin (LTC) and FTX Token were among top gainers.
For LTC, a proof of work coin, much of the latest positive moves is down to developments around ETFs.
LTC rose to above $109, up 5% after the NYSE filed to convert Grayscale’ Litecoin Trust into a spot LTC ETF.
FTX Token’s surge on the other hand comes amid news of FTX payout distributions.
On Wednesday, FTX Recovery Trust noted that distributions to creditors with claims under $50,000 will begin on February 18, 2025.
The FTT price is up nearly 8% and could mirror previous trends where the token’s price has pumped on announcements related to repayments.
Apart from LTC and FTT, other top gainers among 100 largest cryptocurrencies by market cap are Sonic (S), Official Trump (TRUMP) and Lido DAO (LDO).
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