Market Update 28th January 2025
By Shikha Singh
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, has shown resilience, rising above the $103,000 mark early Tuesday, following a brief correction.
As of now, BTC is trading at $103,079.40, reflecting a 2.65% 24-hour increase. The market has also seen strong support from institutional players like MicroStrategy, which expanded its Bitcoin holdings to over 471,000 BTC.
Despite a dip below $98,000 in late January, Bitcoin has quickly bounced back, with experts noting that the next resistance level stands at $105,200, and support is at $99,800.
This indicates a solid market recovery, with the overall market sentiment leaning towards neutrality, as reflected by the Market Fear & Greed Index, which stands at 53.
Talking about the second largest cryptocurreny …ethereum ….Ethereum (ETH) also posted positive movement, rising 1.97% to $3,216.
Ethereum’s average February gains have been historically strong, and it continues to play a critical role in the DeFi and Web3 ecosystems, despite facing short-term outflows.
Meanwhile, other major altcoins, including Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE), landed in the greens. Solana posted a 4.25% gain, XRP saw a 5.62% increase, and Dogecoin rose by 4.25%.
In terms of smaller altcoins, Jupiter (JUP) emerged as the biggest gainer, jumping 25.91% in the last 24 hours, while Onyxcoin (XCN) became the biggest loser, with a 19.46% drop. The global crypto market cap reached $3.52 trillion, registering a 2.71% increase over the past 24 hours.
In contrast, Ethereum is facing some challenges, but its role in the broader crypto space remains essential, particularly within the realms of decentralized finance and Web3. XRP has continued to attract buying interest, and Dogecoin, despite recent corrections, is driven by community momentum.
Overall, the crypto market appears to be in a consolidation phase, with Bitcoin and select altcoins showing resilience and potential for future gains. While Bitcoin’s bullish trend may face challenges at higher resistance levels, the current market sentiment suggests that any pullbacks could be temporary, and the broader upward trend could continue.
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