Crypto Market Declines with Bitcoin and Altcoins Dropping

Today's cryptocurrency market is stuck in the middle, with Bitcoin trading steadily between $92K and $96K, altcoins seeing notable price drops after Bitcoin's range-bound movement, and Virtual Protocols plunging 11% in the last day and AI16Z dropping 8%. The overall cryptocurrency price action reflects growing market concerns. 

Including FTX liquidations and rumors of a potential U.S. government sell-off of Bitcoin holdings related to the Silk Road, which have had a significant negative impact on investor sentiment in the market. The global crypto market declined by approximately 1%, bringing the total market cap to around $3.3 trillion. Trading volume also dropped compared to last week, now standing at $74 billion. Here is a summary of some of the top cryptocurrencies as of January 13 along with their pricing.

Bitcoin and Altcoins Drop

The price of bitcoin dropped 0.5% on the last day, remaining within its typical range on January 13. In the meanwhile, significant cryptocurrencies such as Solana (SOL), Ripple (XRP), and Ethereum (ETH) had declines of 1% to 5%. As investors await significant events leading up to pro-crypto President Donald Trump's inauguration next week, the cryptocurrency market is still cautious today. His position on digital assets may have a big impact on how the market moves in the upcoming weeks.

Bitcoin Hits $1.86 Trillion

With a 24-hour low of $93,743 and a high of $95,869, the price of Bitcoin (BTC) was trading at $94,275. The market capitalization of Bitcoin dropped below $2 trillion, now hovering at $1.86 trillion. On the 16th anniversary of the famous "Bitcoin" tweet, Bitcoin saw a $900 million shift in the cryptocurrency market today. Bitcoin's price behavior is still range-bound despite the hype, which is indicative of broader market concern.

Ethereum Market

The price of Ethereum (ETH) was $3,257, down almost 1% over the previous day. $3,225 was its 24-hour low, while $3,336 was its 24-hour high. Data from Coinify indicates that within the last day, the price of ETH experienced liquidations of $7.7 million. A noteworthy $6.6 million of this was from short holdings, indicating heightened market volatility, while $1.1 million came from bullish positions.

XRP Market

With a decrease of less than 1% over the previous day, the price of XRP was trading at $2.52. Its 24-hour high was $2.56, and its 24-hour low was $2.47. Peter Brandt, an experienced trader, pointed out that the price chart of XRP is developing a bull flag pattern regularly XRP may soar to a possible price goal of $3.40 if this trend holds true. For traders seeking positive momentum in the cryptocurrency market today, XRP is still worth keeping an eye on.

Solana Market

With a 24-hour low of $184 and a high of $191, the price of Solana (SOL) was trading at $185. Today's crypto market demonstrates that SOL is holding its ground in the face of pressure from the wider market.

Top Crypto Market Gainers Today

As per crypto prices today, here are the top 4 crypto gainers over the last 24 hours:

Top Crypto Loser Market Today

These are the top 4 cryptocurrency losers during past 24 hours based on current prices:

Meme Crypto Market

Meme cryptocurrencies have also experienced a decline. The price of Dogecoin (DOGE), which had a 24-hour low of $0.3319 and a high of $0.3453, was down 1.87% at $0.3329. The Coinify study claims that during the headlines surrounding Trump's inauguration, Dogecoin's open interest skyrocketed to $3.5 billion. In the same vein, the price of Shiba Inu (SHIB) dropped 3.2% to $0.00002101.

The value of other well-known meme currencies, such as PEPE, BONK, PENGU, and WIF, has also dropped by three to five percent during the past day. Positively, the price of Bitcoin (BTC) increased by 0.2% during the last hour, providing some hope. The price of Ethena (ENA) led with a 2% increase during the previous hour, while the majority of other cryptocurrencies showed bearish momentum and were still down at the time of writing. Today's cryptocurrency market is still erratic, with some areas showing signs of recovery amid continuous losses.

Also Read: Dogecoin Stabilizes at $0.34 as Open Interest Rises

In Conclusion

With Bitcoin selling between $92K and $96K with altcoins like Solana, Ripple, and Ethereum seeing decreases, the cryptocurrency market is still unpredictable today. Due to worries about FTX liquidations and reports of a Bitcoin sell-off by the US government, the market capitalization fell to about $3.3 trillion. The price of Bitcoin stayed at $94,275, and its market value was $1.86 trillion. Market patterns may be impacted by important forthcoming events, and investors are exercising caution.