Altcoin
BTC & Altcoins Turbulent Ahead Of US PCE Data
Crypto Market Today, January 31: Bitcoin (BTC) and altcoins have again encountered a turbulent action right ahead of vital U.S. economic data release. As the PCE inflation data looms for Friday, traders and investors appear to be uncertain about the market’s performance ahead. Simultaneously, BTC traded near the $104K level as of press time, whereas leading altcoins illustrated mixed price actions.
Here’s a brief overview encompassing some of the most trending coins for the day and how they are performing intraday.
Crypto Market Today Reflects Uncertainty Ahead Of PCE Inflation Data
The broader market eagerly awaits the December U.S PCE (personal consumption expenditures) inflation data, which is set to be released on January 31. Notably, this data remains much eyed by investors as it could pave the way for interest rate changes by the next FOMC.
As a result, market participants are uncertain about future performances. In turn, even the global crypto market cap stagnated around the $3.5 trillion mark. Besides, the global market volume plunged by 16% intraday, reaching $105.07 billion.
So, let’s delve deeper into the coins’ prices today.
Bitcoin Price Briefly Touches $106K
BTC price is currently trading at $104,331, down nearly 1% from yesterday. However, the coin briefly touched the $106K mark in its intraday movement while also reaching a low of $103,962. Notably, the volatile price action comes against the backdrop of looming U.S. PCE inflation data. Also, the flagship crypto’s futures OI dropped nearly 2% to $64.91 billion on Friday.
Ethereum Price Fluxes Amid Broader Crypto Market Turbulence
ETH price saw a marginal 0.5% jump in value over the past day, reaching $3,227. The coin’s 24-hour bottom and peak were $3,179.45 and $3,282.99, respectively.
While the coin faces turbulence in tandem with the broader market trend, renowned analyst Ali Martinez spotlighted a highly bullish metric for Ethereum. Intriguingly, whales have heavily purchased the crypto amid its recent price dip, accumulating nearly 100,000 ETH. This massive accumulation underscores rising market confidence in the asset, signaling that potential gains are imminent.
XRP Price Slips
XRP price slipped by nearly 1% in the past 24 hours and is currently resting at $3.09. The coin’s intraday low and high were $3.08 and $3.15, respectively. It’s noteworthy that the asset has consolidated around the $3 mark for quite some time, signaling that a potential breakout looms.
Solana Price Today
SOL price fell by nearly 2% in the past 24 hours, reaching $235 at the time of reporting. The coin’s 24-hour low and high were $235.39 and $244.33, respectively. Solana currently mirrors volatility in sync with the broader market trend.
How Is The Meme Coin Market Performing?
Simultaneously, Dogecoin (DOGE) price witnessed a 1% dip in value, reaching 0.3272. Further, even Shiba Inu (SHIB) price witnessed a marginal 0.3% decrease in value intraday, reaching $0.00001855. PEPE and TRUMP mimicked the broader sector’s action, exchanging hands at $0.0000128 and $25.49, respectively.
Top Crypto Market Gainers Today
JasmyCoin (JASMY)
Price: $0.03261
24-Hour Gains: +30%
DeXe (DEXE)
Price: $20.48
24-Hour Gains: +21%
Arweave (AR)
Price: $15.76
24-Hour Gains: +18%
Mantra (OM)
Price: $5.57
24-Hour Gains: +15%
Top Crypto Market Losers Today
Official Trump (TRUMP)
Price: $25.50
24-Hour Loss: -9%
Jupiter (JUP)
Price: $1.04
24-Hour Loss: -8%
Pudgy Penguins (PENGU)
Price: $0.01419
24-Hour Loss: -7%
Optimism (OP)
Price: $1.39
24-Hour Loss: -6%
Overall, the broader market faces turbulence ahead of the PCE inflation data, as mentioned above. Nevertheless, market expert Michaël van de Poppe has posted on X, sparking some optimism over future movements.
“I don’t think we’ll see nothing from the FED this year,” Michaël stated. Further, he added that there could be “multiple rate cuts ahead, a weaker Dollar and a strong bull run in Bitcoin, Ethereum, Altcoins and commodities.”
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ethereum’s rough patch is expected to continue into the future, exacerbated by Bitcoin and Solana functionalities. Ordinals co-founder Casey Rodarmor noted that Bitcoin’s prestige and Solana’s speed could be the final nail in Ethereum’s coffin.
Bitcoin and Solana Threaten Ethereum’s Rise
While Ethereum’s recent decline has left investors in shock, the Ordinals co-founder Casey Rodarmor has proffered a theory for the asset. In a post on X (formerly Twitter), Rodarmor disclosed that the duo of Bitcoin and Solana negatively affects Ethereum.
Rodarmor says Bitcoin’s age and first-mover advantage gives it a keen advantage over Ethereum’s claim as “better money.” Conversely, Rodarmor says Solana is living up to its reputation as an ETH killer, improving on a range of metrics.
“Ethereum is getting squeezed by Bitcoin and Solana,” said Rodarmor. “Ethereum has nowhere to go.”
Rodarmor hinged Solana’s speed and scalability to its “centralization,” sparking a reaction from Solana cofounder Anatoly Yakovenko. Yakovenko downplayed Solana’s decentralization claims while pointing accusing fingers of centralization at Rodarmor.
Bitcoin has enjoyed a streak of positives including the executive signing of the Strategic Bitcoin Reserve while Solana is gearing up for a potential ETF approval.
ETH Continues To Falter In Troubling Fashion
Ethereum’s on-chain indicators are painting a sorry picture for the largest altcoin. After falling below $2,000, analysts say the possibility of ETH falling to $1,000 is highly likely.
After losing over 6% over the day, the asset is trading at $2,045, triggering a resistance by investors to buy ETH. However, whales continue to scoop ETH at a discount while institutional interests inch forward.
Sonic Labs co-founder Andre Cronje attempted to rationalize Ethereum’s underperformance, citing a boatload of Layer 2 projects dumping the assets. For Cronje, a below-par user experience contributes to waning interest in Ethereum with rising competition from newer blockchains. Cronje shut down speculation that he could buy ETH, noting that the project’s roadmap and lack of clear representation are major stumbling blocks.
“Hell, I don’t invest, but if I did, I would choose Solana, Tron, and XRP over ETH,” remarked Cronje.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Binance founder Changpeng Zhao (CZ) poked holes at degens over the rush for quick and easy gains in the cryptoverse. CZ says pitching tents with credible projects is a better investment strategy in the long term for investors in the space.#
A Fortune Is Spent Investing In Shady Projects, Says Binance Founder
CZ has taken swipes at “degen” activity in cryptocurrency circles following a string of high-profile rug pools. According to the Binance founder, investors are sinking in massive fortunes to clutch at quick rewards in the ecosystem.
The Binance founder disclosed on X (formerly Twitter) that investors rarely recoup their funds in the pursuit of quick gains. Degens typically invest in low-cap tokens and memecoins, aping into leveraged positions without proper research.
CZ advises investors to turn their gaze to “ethical teams” building projects for long-term growth, rather than short-term hype. Investors chasing trends and hype have lost a fortune in rug pulls, liquidity drains, and exit scams. The US SEC has disclosed that memecoins are not securities, urging investors to be wary of speculative investment in the asset class.
“In crypto, too much money is spent chasing small, quick gains,” said CZ. “Focus on ethical teams that build for the long term. Big money is built slowly with stamina.”
While the Binance founder did not expressly mention credible crypto projects, his comments allude to teams with established members and communities building projects with real utility.
CZ Offers Suggestions on Tokenomics For Crypto Projects
The Binance founder has offered suggestions for crypto project tokenomics designed to reduce rug pulls. According to CZ’s plan, only 10% of tokens will be unlocked while the remaining tokens will require the fulfillment of strict conditions before an unlock.
Under the proposal, issuers will unlock new tokens after every six months with only 5% of tokens allowed to be unlocked. CZ’s tokenomics plan will rely on smart contracts to control the vesting schedule and third parties to hold the keys.
CZ has since rolled out support for victims of BROCCOLI and TST memecoin crashes, raising over $1 million in cryptocurrencies. The Binance founder says that AI projects can leverage L1 and L2 blockchains to achieve efficiency and decentralization objectives.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Dogecoin’s price has struggled to reclaim the $0.20 level, with the meme coin slipping below this key threshold in recent trading sessions. After a brief attempt to push higher, Dogecoin has found itself consolidating close to $0.17, which is an important support level. According to crypto analyst Ali Martinez, holding this level could be the foundation for a major rebound. Martinez shared his analysis on social media platform X, predicting that if Dogecoin maintains support at $0.17, it could contribute to a strong rally toward $2.74.
Dogecoin Price Needs To Hold Above Support At $0.17
Dogecoin’s price action in the past two weeks has been highlighted by a steady decline alongside the rest of the crypto market. This steady Dogecoin price decline has seen it lose multiple support levels at $0.3, $0.25, $0.22, and most recently, $0.20. With Dogecoin now trading below $0.2, the next notable support level to keep an eye on is $0.17, which could determine whether its long-standing multi-year uptrend remains intact or faces a breakdown.
This multi-year uptrend, which has been in place since 2017, was recently highlighted in a technical analysis on social media platform X by Martinez. As shown in the Dogecoin price chart below, the meme coin has been trading within an upper trendline of all-time highs and a lower trendline of bear market lows. The resulting uptrend range is divided into an upper and lower end by a middle trendline.
As it stands, recent market dynamics and decline has seen Dogecoin on the path to retesting the lower trendline of this multi-year uptrend. Current market conditions place this lower trendline around $0.17.
Image From X: ali_charts
Bold Price Target Of $2.74
The most optimal condition for a bullish trend would be for Dogecoin bulls to maintain trading above $0.17. As long as the meme coin holds above this threshold, the broader uptrend structure remains intact, and there’s enough possibility for a strong upward trend.
Martinez’s analysis suggests that if Dogecoin maintains support at $0.17, it could experience a major breakout at any time, pushing it to new all-time highs. Remarkably, the analyst suggested Dogecoin would be free to move towards a target at $2.74, which would put it above its current all-time high of $0.7316.
Although this might sound bold given the current market conditions, this target is at the middle trendline dividing the uptrend range into equal halves. Meanwhile, the upper boundary of this multi-year formation suggests an even more optimistic scenario with a possible long-term target above $14.
At the time of writing, Dogecoin is trading at $0.1847, having declined by 3.15% in the past 24 hours. If DOGE fails to hold $0.17, it could face a further downside with possible retracements to $0.14 or even lower.
Featured image from Unsplash, chart from TradingView
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