Well, well, well. Look who’s back to their old tricks – the crypto market. Just when we thought things were looking up, they decide to pull the rug out from under us once again. It’s like watching a slapstick comedy, but with our hard-earned cash.
On February 5th, the crypto market decided to remind us all that it’s still the wild west of finance. Bitcoin (BTC), the big kahuna of cryptocurrencies, slipped back to the $98K level over the past day. Meanwhile, altcoins like Ethereum (ETH), Solana (SOL), and XRP have been doing their best impression of a wilting flower.
Crypto Market Volatility Sparks Investor Concerns
Despite Trump’s new tariffs being paused and the broader market showing signs of recovery yesterday, a highly volatile movement kicked in on February 5th. Cryptocurrency prices mainly dropped, with the global market cap further shrinking by 2.84% to $3.22 trillion. Also, the total market volume declined 24.46% from yesterday, reaching $193.74 billion.
Bitcoin Price Fluxes Near The $98K Level Amid Crypto Market Volatility
At the time of reporting, BTC price lost nearly 3% in value and exchanged hands at $98,054. The flagship coin’s 24-hour low and high were $96,208.11 and $100,826.91, respectively. Notably, the current waning action aligns with BTC recording $123.44 million worth of liquidations intraday, per Coinglass data. However, Bitcoin’s market dominance was up 0.07% to 60.40%.
Ethereum Price Cracks Over 3%
ETH price mimicked a waning action in tandem with the broader crypto market trend, down slightly over 3% to $2,721. The coin’s intraday bottom and peak were $2,636.17 and $2,869.51, respectively. It’s worth mentioning that Ethereum recorded $146.76 million worth of liquidations in the past 24 hours, signing with the price dip.
XRP Price Drops 8%
Further, the Ripple Labs-backed cryptocurrency witnessed an alarming 7% fall over the past day, reaching $2.51. The coin’s 24-hour low and high were $2.44 and $2.73, respectively. Notably, XRP price pulled back amid the network facing issues regarding consensus running and validations, as spotlighted by Ripple CTO David “JoelKatz” Schwartz on X.
Solana Price Drops In Sync
Meanwhile, SOL price mirrored the broader market trend, dipping nearly 4% to $207. The coin’s 24-hour low and high were $202.85 and $218.30, respectively.
Meme Crypto Market Wanes
Simultaneously, meme coins like DOGE, SHIB, and PEPE also tanked remarkably. DOGE price was down by over 6% intraday, resting at $0.2642. SHIB price slipped by 2% over the past day and is now trading at $0.00001593. Further, PEPE price plunged over 4% and is currently sitting at the $0.00001 level.
Top Crypto Market Gainers Today
Official Melania Meme (MELANIA)
Price: $1.68
24-Hour Gains: +16%
Sui (SUI)
Price: $3.67
24-Hour Gains: +4%
Pudgy Penguins (PENGU)
Price: $0.01343
24-Hour Gains: +4%
Hyperliquid (HYPER)
Price: $25.58
24-Hour Gains: +3%
Top Crypto Market Losers Today
Ethena (ENA)
Price: $0.5962
24-Hour Loss: -9%
Aerodrome Finance (AERO)
Price: $0.8903
24-Hour Loss: -8%
Jito (JTO)
Price: $2.89
24-Hour Loss: -7.5%
Kaspa (KAS)
Price: $0.09811
24-Hour Loss: -7%
Overall, broader market sentiments remain optimistic about long-term prospects, given recent developments around a U.S. Bitcoin reserve. Notably, Crypto Czar David Sacks revealed that the U.S. is currently evaluating the creation of
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2025-02-05 07:48