Market Update 30th January 2025
By Shikha Singh
Bitcoin saw some expected volatility following yesterday’s FOMC meeting but has since surged above $105,000. Other major altcoins have followed suit, with Ethereum climbing past $3,200 and Solana rising to $240.
After a quiet weekend, with Bitcoin trading in a narrow range between $104,000 and $105,000, the market saw some action on Monday.
The price dipped sharply during the early Asian trading session, dropping to a multi-week low below $98,000. However, Bitcoin quickly rebounded and returned to six-digit levels by the end of the day.
The next few days saw less volatility, except for a brief dip back to around $100,000. As the market awaited the Federal Reserve’s decision on Wednesday evening, Bitcoin remained steady.
Following the announcement that no interest rate cuts would occur, Bitcoin dropped slightly from $103,000 to $101,500 but then bounced back, gaining around $4,000 to reach $105,500 at the time of writing. Its market capitalization now sits just under $2.1 trillion, with a dominance of over 56%.
Many altcoins mirrored Bitcoin’s upward movement. Ethereum held steady above $3,000 and has since risen to over $3,200, marking a 3% daily increase. Other notable gainers include Solana, Cardano, and TRON.
Chainlink saw a notable 6.5% rise, trading just shy of $25, while coins like SIU, Litecoin, HYPE, and ONDO experienced even stronger gains.
The overall cryptocurrency market has added over $100 billion in value in a single day, pushing the total market capitalization to over $3.71 trillion.
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