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Crypto Market Update: Bitcoin Dips, Altcoins Fluctuate

Crypto Market Update: Bitcoin Dips, Altcoins Fluctuate

Crypto Market Analysis

The cryptocurrency market experienced significant volatility on February 5th, following a period of recent recovery. Bitcoin (BTC) retreated to the $98,000 level, with altcoins such as Ethereum (ETH), Solana (SOL), and XRP largely mirroring this downward trend. However, the MELANIA meme coin showed remarkable resilience, trading substantially higher.

Crypto Market Volatility Raises Investor Concerns

Despite a pause in new tariffs and broader market recovery signs on February 4th, February 5th saw heightened market volatility. Cryptocurrency prices predominantly declined, resulting in a 2.84% drop in the global market cap to $3.22 trillion. Total market volume also decreased by 24.46%, reaching $193.74 billion.

Bitcoin Price Fluctuation Near $98K

At the time of writing, BTC had lost approximately 3% of its value, trading at $98,054. The 24-hour range fluctuated between a low of $96,208.11 and a high of $100,826.91. $123.44 million in Bitcoin liquidations were recorded intraday, according to Coinglass data. Despite the price drop, Bitcoin's market dominance increased slightly by 0.07% to 60.40%.

Ethereum Price Decline

ETH followed the broader market trend, experiencing a decline of over 3% to $2,721. The 24-hour range was $2,636.17 to $2,869.51. Ethereum also saw significant liquidations, with $146.76 million recorded within 24 hours.

XRP Price Drop

XRP experienced a sharp 7% decrease, reaching $2.51, with a 24-hour trading range of $2.44 to $2.73. This decline coincided with reported network issues concerning consensus and validations, as noted by Ripple CTO David "JoelKatz" Schwartz.

Solana Price Decrease

SOL mirrored the negative market trend, falling nearly 4% to $207, with a 24-hour range of $202.85 to $218.30.

Meme Coin Market Decline

Meme coins like DOGE, SHIB, and PEPE also saw considerable losses. DOGE fell over 6% to $0.2642, SHIB dipped 2% to $0.00001593, and PEPE dropped over 4% to $0.000001.

Top Crypto Market Gainers

  • MELANIA: Price: $1.68; 24-Hour Gains: +16%
  • SUI: Price: $3.67; 24-Hour Gains: +4%
  • PENGU: Price: $0.01343; 24-Hour Gains: +4%
  • HYPER: Price: $25.58; 24-Hour Gains: +3%

Top Crypto Market Losers

  • ENA: Price: $0.5962; 24-Hour Loss: -9%
  • AERO: Price: $0.8903; 24-Hour Loss: -8%
  • JTO: Price: $2.89; 24-Hour Loss: -7.5%
  • KAS: Price: $0.09811; 24-Hour Loss: -7%

Despite the recent volatility, market sentiment remains somewhat positive regarding long-term prospects, fueled by news of the U.S. government potentially exploring a Bitcoin reserve. This development, reported by CoinGape, citing Crypto Czar David Sacks, has generated considerable anticipation within the market.

Disclaimer: This information is for educational purposes only and is not financial advice. Conduct thorough research before making any investment decisions. Codeum is not responsible for any financial losses.

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