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.
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