Today, January 31: Bitcoin (BTC) and altcoins have once more experienced a volatile action just before the key US economic indicators are released.
With the PCE inflation data set for Friday, it seems traders and investors are sitting on the fence regarding the consequences of the market movements.
While this happened, BTC was trading close to the $104K mark, even as the other leading altcoins showed some mixed movements in their prices.
Here’s a short summary concerning some of the most trending coins for the day as well as their performance intraday.
The Current State of Investments Raises Concerns on the Preliminary PCE Inflation Data
The broader market is looking forward to the United States’ Personal Consumption Expenditure Inflation index for December which is scheduled to be released on the 31st of January. This data is very important for rate of interest revisions on the upcoming FOMC meeting.
As a consequence, market player do not know what to expect moving forward from here. Therefore, even the total cap of the global crypto market has been frozen at approximately $3.5 trillion.
Furthermore, the total market volume saw a decline by 16% during the day and dropped to 105.07 billion dollars. Therefore, let us examine the prices of the coins today in detail.
Bitcoin Price Briefly Touches $106K
Today, the price of BTC stands at $104,331, a small 1 percent decrease from the previous price. The coin has, however, experienced an intraday high of $106K and a low of $103962.
Bitcoin’s price movement is highly volatile because of the uncertainty related to the US PCE inflation data. Moreover, the cryptocurrency leaders’ futures open interest also fell by almost $2 to $6491 billion last Friday. The Bitcoin dominance also noted a decrease of 0.37% adjusting to 58.16% today.
Ethereum Price Fluctuates During General Cryptocurrency Market Challenges
ETH remained steady last 24 hours, gaining a small 0.5 percent to $3,227. Within the same period, the coin’s minimum and maximum were $3,179.45 and $3,282.99 mark.
A well-known analyst Ali Martinez drew attention to a very strong bullish metric for Ethereum. While the coin is going through turbulence in line with the whole market trend
whales have aggressively bought the crypto dip, accumulating around 100,000 ETH. The buoying of market whales demonstrates increasing confidence in the asset, indicating that the price gains are around the corner.
Price of XRP Dips
XRP’s value has decreased by approximately one percent in the previous 24 hours and currently stands at $3.09. During the day, the coin sank to its lowest point of $3.08 and peaked at $3.15. Notably, the asset has hovered around the $3 mark for a while now which further emphasizes the possibility of a breakout.
Solanas Price Today
Over the past 24 hours, the price of SOL decreased by nearly 2% trading for $235 at the time of reporting. The previous day the coin volume low and height were $235.39 and $244.33. Solana currently appears to be undergoing modifications simultaneously with the general pay market trend.
How The Market For Meme Coins Is Doing?
At the same time, the price of Dogecoin (DOGE) nosedived by 1% and was valued at 0.3272. Even Shiba Inu (SHIB) price experienced a slight dip of 0.3% in value today, attaining $0.00001855 despite the 1 billion token burn drama. PEPE and TRUMP followed the rest of the sector, changing hands for $0.0000128 and $25.49, correspondingly.
