Market Update 29th January 2025
By Shikha Singh
Bitcoin’s price has faced some turbulence recently but has managed to recover most of its losses, currently sitting above $102,000 as it braces for today’s FOMC meeting.
This follows a rollercoaster week where Bitcoin saw several price fluctuations, including a dip below $100,000 and a surge to a new all-time high above $109,000.
After some stabilization, the price remained around $104,000 but began to slide again on Monday, dropping to a multi-day low of $97,800.
However, the bulls quickly stepped in, pushing Bitcoin back above $100,000. It is now nearing $104,000 once more, with more volatility expected as the Federal Reserve concludes its first meeting of the year. Bitcoin’s market cap has now surpassed $2 trillion, with dominance over altcoins at 56%.
The CME FedWatch tool currently shows a 99% probability that the Federal Reserve will not reduce rates in its upcoming meeting. This has contributed to heightened market uncertainty, impacting the prices of major cryptocurrencies like Bitcoin and Ethereum.
Meanwhile, the altcoins have seen some corrective action. After posting impressive gains yesterday, many altcoins are in the red today.
Ethereum has fallen back to $3,100 from $3,200, while XRP has slipped below $3.1. Other major altcoins like Dogecoin, Solana, Cardano, Chainlink, and Avalanche have also experienced significant losses.
In contrast, some smaller altcoins like WIF, MOVE, and TAO have surged, with WIF up 15%. The overall crypto market cap has lost over $50 billion, dropping to $3.6 trillion.
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