Altcoin
BTC Backtracks To $102K, Meme Coins Mimic Dip
Cryptocurrency Prices Today, January 23: In a riveting turn of events, the broader crypto landscape appears to have encountered significant volatility once again. Notably, Bitcoin (BTC) price reversed recent gains, slipping back to the $102K price level on Thursday, whilst other top cryptos mainly followed with a waning movement. Further, renowned meme coins Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and Official Trump (TRUMP), among others, have also witnessed a slumping intraday action.
Moreover, the global crypto market cap dropped nearly 3% from yesterday, reaching $4.54 trillion. Traders also appear to be cautious amid the recent volatility, as indicated by a 28.65% decrease in the global cryptocurrency market volume. So, let’s closely gauge in on some of the most renowned cryptocurrencies and how they are delivering across the market today.
Cryptocurrency Prices Today: BTC & Top Crypto Wane, Meme Coins Follow
Against the backdrop of the broader market trend, BTC price has lost nearly 3% of its value today. Further, Ethereum (ETH), XRP, and Solana (SOL) have also tanked 1%-3%. DOGE, SHIB, TRUMP, and PEPE cracked 3%-9% intraday. As a result, traders and investors are on their toes, with the market’s waning action contrasting sentiments of a rally post-Donald Trump’s presidential inauguration.
Bitcoin Price Slips To $102K In Tandem With Broader Cryptocurrency Prices Today
As of press time, BTC price witnessed a nearly 3% decrease in value and exchanged hands at $102.890. The coin’s intraday low and high were $102,067.45 and $105,908.98, respectively. It’s noteworthy that the current waning movement aligns with $95.62 million worth of outflows in Bitcoin ETFs as January 22, excluding BlackRock data.
Further, in light of the recent price volatility, speculations surrounding Trump’s inauguration being a ‘sell the news’ event have surfaced, with market watchers being apprehensive. However, it’s noteworthy that Santiment data spotlighted over 1000 BTC accumulated amid the recent market turbulence, underscoring the potential for further gains ahead.
Ethereum Price Cracks Over 3%
ETH price lost over 3% of its value in the past 24 hours and is currently trading at $3,224. The cryptocurrency’s 24-hour low and high were $3,203.32 and $3,338.88, respectively. Notably, even Ethereum’s slumping action aligns with $8,46 million worth of outflows in ETH ETFs as of January 22, excluding BlackRock data. Traders also reacted negatively to the price movements, as indicated by an intraday trading volume dip of 25% for the asset.
XRP Price Holds $3
Despite a nearly 1% drop in its value, XRP price showcased resiliency, sitting at $3.15. The Ripple-backed crypto’s 24-hour low and high were $3.12 and $3.27, respectively. Notably, the crypto’s current waning action mirrors the broader crypto market trend today. However, in the wake of soaring market optimism amid ETF-related developments and reduced market supply, an XRP price analysis by CoinGape reveals that a $5 breakout may be possible.
Solana Price Falls Over 2%
SOL price witnessed a downfall of over 2% in the past 24 hours and is currently trading at $248.48. The coin’s 24-hour low and high were $246.50 and $271.53, respectively. Solana’s trading volume dropped over 3% intraday. However, with Coinbase CEO Brian Armstrong aiming to offer ‘tier 1 support’ to the Solana network, market sentiments about future movements remain optimistic.
Meme Cryptocurrency Prices Today
DOGE price tanked nearly 6% intraday to reach $0.3518. Further, SHIB plunged 3% to reach $0.00002012. Simultaneously, the TRUMP token’s price plummeted nearly 9% in value to reach $37.40. The meme crypto landscape has primarily mimicked the broader crypto market trend.
Top Cryptocurrency Gainer Prices Today
XDC Network (XDC)
Price: $0.1259
24-hour Gains: +5%
Worldcoin (WLD)
Price: $2.22
24-hour Gains: +4%
Pudgy Penguins (PENGU)
Price: $0.02484
24-hour Gains: +3%
GateToken (GT)
Price: $22.35
24-hour Gains: +3%
Top Cryptocurrency Loser Prices Today
ai16z (AI16Z)
Price: $0.9456
24-hour Loss: -20%
Official Melania Meme (MELANIA)
Price:$3.38
24-hour Loss: -14%
Fartcoin (FARTCOIN)
Price: $1.39
24-hour Loss: -14%
Jupiter (JUP)
Price: $0.7732
24-hour Loss: -11%
Overall, despite the broader market’s volatile movement and cryptocurrency prices taking a hit today, long-term prospects remain bullish. Renowned crypto market enthusiast ‘Ash Crypto’ has recently posted on X, projecting market optimism on future movements. Intriguingly, the analyst spotlights Eric Trump’s recent bullish comments on markets, crypto, and technology in the U.S. In light of this saga and Donald Trump taking office, the analyst states, “Strategic Bitcoin reserve is coming.” Further, he even reveals that a “Mega Altseason is coming,” sparking bullish sentiments on future price movements.
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.
The crypto market witnessed a selloff as bullish sentiment regarding Donald Trump’s inauguration faded. The global market cap tumbled over 3% to $3.52 trillion, with trading volume tanking 25% over the last 24 hours. The top crypto Bitcoin fell more than 3% to $102K as trading volume declined three-fold today as compared to Trump’s inauguration on Monday.
Ethereum price also fell 3%, continuing the weak sentiment seen last week. Meanwhile, XRP, Solana and other top altcoins mainly saw a 2-5% drop in the last 24 hours. Meme coin Dogecoin and Shiba Inu tumbled amid selloff by whales.
4 Reasons Why Bitcoin, Ethereum, and Altcoins Tumbled
1. Market Sentiments and Liquidations Triggered Crypto Market Selloff
Coinglass data revealed $250 million in crypto liquidations, with $153 million in liquidations occurring in the last 12 hours. Over 107K traders were liquidated in the past 24 hours, with the largest single liquidation order of BTCUSDT valued at $5.93 million on crypto exchange OKX.
BTC, SOL, ETH, DOGE, TRUMP, and XRP saw massive liquidations, which triggered selloff in the broader crypto market.
The crypto market selloff was triggered as Trump didn’t mention crypto or Bitcoin in his speech, which faded positive sentiment. Also, the industry participants were awaiting an executive order on strategic Bitcoin reserves or crypto policy. However, the US SEC announced the Crypto Task Force led by Commissioner Hester Peirce to develop a clear regulatory framework for crypto assets.
Capital inflows into the cryptocurrency market have declined by 63.3%, dropping from $134.65 billion to $43.37 billion since December 10, 2024. This significant decrease suggests a slowdown in market participation and liquidity. pic.twitter.com/C10IX97BkF
— Ali (@ali_charts) January 23, 2025
Bank of Japan’s Interest Rate Hike Decision
The Bank of Japan expects to raise interest rates this Friday to the highest in 18 years, Bloomberg reported on January 23. A 25 bps rate hike to 0.5% by the BOJ would trigger Yen carry trade unwind, risking global liquidity and risk assets such as BTC.
The crypto market can see further selloff as the BOJ rate hike will wipe out optimism around “Trump trade” and meme coins launched by the Trump family. BTC saw sudden drops during the rate hikes by the BOJ last year.
US Fed Interest Rate Decision
The US Federal Reserve’s monetary policy decision and Jerome Powell’s comments will be the key for markets this year. The recent inflation and strong jobs market data have taken Fed rate cut odds off the table at this FOMC Meeting.
CME FedWatch tool indicates there is a 99.5% probability of the Fed keeping interest rate unchanged at 4.25%-4.50% during the January 29 meeting.
Meanwhile, the US dollar index (DXY) has again started climbing toward 109, with a 0.22% to 108.38 today. Also, the 10-year Treasury yield stays near 4.6% amid volatility due to the Trump tariff and other policy decisions. Typically, Bitcoin price moves in the opposite direction to DXY and Treasury yield.
Crypto Market Selloff: Bitcoin and Ethereum Options Expiry
As per Deribit, 29K BTC options of notional value $3 billion are set to expire, with a put-call ratio of 0.48. The max pain point is $99,000, indicating a high of another dropdown below $100K. Volatile price movements are always expected during options expiry.
BTC price currently trading at $102,467, down 3% from the 24-hour high of $105,557.
Moreover, 169K ETH options of notional value of almost $0.5 billion are set to expire, with a put-call ratio of 0.47. The max pain point is $3,300, which is higher than the current price of $3,220. Traders must keep an eye on drastic changes in trading volumes for further fall in ETH prices.
Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space.
At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting.
Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
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.
Vitalik Buterin and the Ethereum Foundation are reportedly working on a Wall Street makeover of Ethereum, to help the Bitcoin challenger gain institutional recognition. With the successful launch of Bitcoin ETFs, BTC is already becoming Wall Street’s favorite. To accomplish a similar success for ETH, Buterin has reportedly invested in a startup that wants to market Ether as the best cryptocurrency for Wall Street.
Vitalik Buterin Invests in An Ethereum-Promoting Startup
Vivek Raman, who’s a former bond trader at Nomura Holdings and UBS Group AG, is founding Etherealize, which has received investments from Vitalik Buterin as well as the Ethereum Foundation. This new startup from Raman will market Ether (ETH) on Wall Street as one of the best cryptocurrencies, Bloomberg reported on January 23.
Although dubbed as a BTC challenger, ETH has underperformed Bitcoin to a great extent. While the BTC price surged 160% surging past $100K levels last year, ETH has gained only 40% during the same period. Apart from just Bitcoin, Ether has also underperformed other top altcoins like Solana, XRP, etc.
To recover this gap, Vitalik Buterin and the Foundation are making a push with Etherealize, with an undisclosed investment amount. Raman revealed that he and his team of eight full-time employees have started operations this month in New York.
Their focus is on promoting Ethereum to financial institutions and developing products designed to streamline the network’s usability for banks.
“If there’s any time it’s going to work, it’s right now when all the headwinds that existed in the past are now suddenly tailwinds, from regulatory to technology to Ethereum being ready to have institutional presence”.
Addressing the Recent Criticism for Ether
Ethereum is reportedly losing competition to competitors like Solana and other layer-1 blockchains. It has been the go-to choice for meme coin launches last year. Furthermore, Solana has received greater recognition after the Trump family launched their TRUMP and MELANIA meme coins on the blockchain.
The Ethereum Foundation and Vitalik Buterin have come under fire from users for not capitalizing more swiftly on the network’s first-mover advantage. In response to the criticism, Buterin addressed the concerns on X last week, pledging “significant changes” to the foundation’s structure and objective.
Raman emphasized the need for stronger advocacy for Ethereum and aims to be a prominent voice for the network on Wall Street. An early priority will be tokenization—the process of transforming traditional financial products into digital tokens that can be traded on a blockchain. He added:
Financial institutions “want safety, they want security, they want reliability, they want a track record. And the only blockchain that stood the test of time and has 10 years of operating history and some regulatory clarity is Ethereum.”
Will Ether ETFs Help in Recovery?
The launch of the Bitcoin ETFs in the US, last year in January 2024, provided a great institutional boost to the asset class. Also, with corporate players like MicroStrategy accumulating Bitcoins over the past four years, BTC has gained further global recognition. Moreover, with a greater focus on building US Bitcoin reserves, ETH has taken a backseat for investors as of now.
Unlike Bitcoin ETFs, the launch of Ether ETFs in July 2024, didn’t catch up fast. However, after Donald Trump’s victory in November 2024, inflows into spot Ethereum ETFs have picked up once again.
Currently, the net inflows across all Ether ETFs since inception stand at $2.725 billion. If the efforts from Etherealize materialize further, we can see strong demand for ETH moving ahead in 2025. However, the ETH price also needs to catch for this. While consolidating at around $3,300 levels, ETH is seeing strong whale accumulation that sets the ETH price target of $4,000.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
Crypto analyst Mikybull Crypto provided a bullish outlook for the XRP price, predicting that Ripple’s native token could rally to as high as $8 in this market cycle. The analyst also suggested that XRP could rally higher with this price target unlikely to be the top for the crypto in this bull run.
Why The XRP Price Could Rally To $8 In This Cycle
In an X post, Mikybull Crypto predicted that the XRP price could rip through $8 before a cycle top because of the current bullish fundamentals. Although the analyst didn’t elaborate on these bullish fundamentals, they likely include the optimism around Donald Trump’s pro-crypto administration.
The current US administration undoubtedly provides a bullish outlook for XRP for several reasons. One is the fact that the US Securities and Exchange Commission (SEC) looks likely to drop its appeal against Ripple. Such development is a huge positive for XRP, given the negative impact the lawsuit has had on the crypto before now.
Furthermore, CoinGape reported that Donald Trump is open to the idea of a US-based coins strategic reserve, including XRP. This is bullish for the XRP price, considering that this would lead to greater adoption for the crypto.
Meanwhile, the new SEC administration is more likely to approve the pending XRP ETF applications, which is also a positive for the crypto. In line with this, more asset managers are expected to file to offer an XRP ETF soon enough. REX Shares recently filed with the SEC to offer one, bringing the total number of applications to five.
A Price Surge To $3.80 Could Be Imminent
Crypto analyst CasiTrades suggested that an XRP price surge to $3.8 could be imminent. She noted that the crypto already hit the major wave 4 target at $2.88.
As such, the crypto analyst remarked that the major focus now is to flip these local levels into support before the takeoff to wave 5 at $3.80. She noted that XRP had hit $3.24 and rejected it a couple of times. However, the analyst expressed optimism that the third attempt could finally this level into support.
Meanwhile, CasiTrades warned that the XRP price could consolidate between $3.24 and $3.33 before a breakout. She added that a new high is also required to confirm the wave 5 target of $3.80.
With its current bullish momentum, there is no doubt that the XRP price could soon reach this short-term target. CoinGape recently reported that Ripple’s native crypto has recorded an impressive 36.9% gain in the last month.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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.
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