Altcoin
BTC, ETH & Altcoins Under Pressure Ahead of US Fed Decision
Crypto Market Today, January 29: Cryptocurrency price actions on Wednesday have once again solidified investor uncertainty right ahead of the U.S. FOMC. Bitcoin (BTC) price encountered significant pressure, avoiding further gains, whereas top alts such as Ethereum (ETH), XRP, and Solana (SOL) mirrored a similar intraday movement. However, Movement (MOVE) emerged as the hot buzz on Wednesday, pumping 16% against the backdrop of Donald Trump’s World Liberty Financial’s massive buying.
So, let’s gauge some of the most buzzworthy coins for today and how their prices are performing.
Crypto Market Today: BTC, ETH, XRP, & SOL Volatile Right Before FOMC
An unsure investor sentiment prevails ahead of the January 29 U.S. FOMC, which is expected to keep interest rates unchanged, per CME FedWatch data. In turn, the global cryptocurrency market cap witnessed a 1% decrease to $3.46 trillion intraday. Further, the global market volume plunged by 40%, reaching $116 billion.
Here’s an overview of coins’ prices for today:
Bitcoin Price Fluxes Near $102K In-Sync With Broader Crypto Market Trend
BTC price witnessed a highly turbulent action over the past day, trading at $101,958 at the time of reporting. The coin shows a nearly 1% drop from yesterday, although its intraday low and high were $100,238.19 and $103,730.82, respectively. Bitcoin’s dominance rose by 0.4% intraday, reaching 58.36%.
However, analyst Ali Martinez revealed that investors are dumping funds right ahead of the FOMC, as recorded with Bitcoin ETFs selling nearly 8,000 BTC, worth $800 million, recently. Investors are taking a cautious approach, awaiting U.S. Fed Jerome Powell’s speech today. It’s noteworthy that some analysts are predicting him to take a dovish stance under Trump’s presidency, which could uplift the crypto market ahead.
Ethereum Price Drops 2%
ETH price also faced heat over the past day, falling slightly over 2% to reach $3,132. The coin’s 24-hour low and high were $3,040.09 and $3,222.74, respectively. As spotlighted by Binance and Bybit partner Ted on X, World Liberty purchased $10M worth of ETH amid the turbulent intraday movement. This buying flags the potential for further gains despite the recent volatility.
XRP Price Maintains Hold Above $3
Meanwhile, despite the broader market trend, XRP has continued trading above $3. At press time, it was down marginally by 0.3% and was sitting at $3.08. The coin’s intraday low and high were $3.02 and $3.21, respectively. CoinGape recently reported that XRP whales bought 120 million coins in recent days, offering market support to the cryptocurrency.
Solana Price Today
Whereas SOL price tanked by 3% intraday and is currently trading at $231. Its 24-hour low and high were registered as $225.26 and $243.89, respectively. Notably, the coin mirrors a volatile trading session in tandem with the broader market trend ahead of the U.S. FOMC.
Meme Crypto Market Today
Dogecoin price followed, dropping 3% in the past 24 hours to $0.3279. Even Shiba Inu price witnessed a waning action, dipping 5% to $0.00001831. Further, TRUMP and PEPE fell by nearly 8% each, trading at $27.22 and $0.00001215, respectively.
Top Crypto Market Gainers Today
Movement (MOVE)
Price: $0.8411
24-hour Gains: +16%
dogwifhat (WIF)
Price: $1.25
24-hour Gains: +6%
Uniswap (UNI)
Price: $11.65
24-hour Gains: +6%
Top Crypto Market Losers Today
Fartcoin (FARTCOIN)
Price: $0.8504
24-hour Loss: -20%
Pudgy Penguins (PENGU)
Price: $0.01632
24-hour Loss: -14%
Onyxcoin (XCN)
Price: $0.0272
24-hour Loss: -11%
Besides, cryptocurrency expert ‘Ash Crypto’ has posted on X, anticipating a dovish stance from Powell at today’s press conference. This prediction comes as the market analyst spotlights how several inflation metrics, like Core PPI And Core CPI, have both come in lower than expected since the last FOMC meeting. Further, with the 47th U.S. president also eyeing lower interest rates, a bolstered effect on the cryptocurrency market remains much awaited.
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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