The crypto price on January 29, 2025, is going through high ups and downs. Investor mood remains cautious because of the approaching U.S. Federal Open Market Committee (FOMC) meeting. Bitcoin and other major altcoins such as Ethereum, XRP and Solana are showing this concern.
Nevertheless, one of the excellents performers, Movement (MOVE), has attracted enough attention due to the unusual drop in price.
Current Market Sentiment
Investor uncertainty is looming with the market waiting for the FOMC decision on interest rates. As per the CME FedWatch data, the consensus shows that the interest rates would remain unchanged.
This has led to a slight decrease in the global cryptocurrency market cap, which is now at $3.46 trillion, falling by 1%. Trading volume also dropped to 40%, reaching $116 billion.
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Crypto Price on January 29, 2025
1. Bitcoin (BTC):
Bitcoin is trading around $101,958 and has had a very volatile day of trading after falling by about 1% from the previous day. The price range for BTC during intraday was between $100,238.19 and $103,730.82.
Despite this, the dominance of Bitcoin in the market increased by 0.4% and now stands at 58.36%. Analyst Ali Martinez said that investors are selling funds before the FOMC meeting. In fact, it is reported that Bitcoin ETFs sold almost 8,000 BTC worth approximately $800 million.
2. Ethereum (ETH):
Ethereum has also declined, falling by more than 2% to $3,132. The coin’s low and high in the last 24 hours were recorded at $3,040.09 and $3,222.74, respectively.
Notably, World Liberty Financial bought $10 million in ETH during this volatile period, showing potential for future gains despite current market conditions.
3. XRP:
XRP has to date managed to hold its ground above $3 from the rising pressure in the overall market. At press time, it had slumped by 0.3% having traded at $3.08 within an intraday range of $3.02-$3.21.
4. Solana (SOL):
The price of Solana has dropped by around 3% and currently sits at $231. Its prices dropped within a low range of $225.26 and a high range of $243.89 in the last day.
Performance of Meme Coins
Dogecoin, in the meme coin sector, has seen a decline of 3% to settle at $0.3279. Shiba Inu has also come under selling pressure, losing 5% and trading at $0.00001831. Other meme coins like TRUMP and PEPE have seen losses of around 8%, trading at $27.22 and $0.00001215 respectively.
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Top Gainers and Losers
Top Gainers:
1. Movement (MOVE)
- Price: $0.8411
- 24-hour Gains: +16%
2. dogwifhat (WIF)
- Price: $1.25
- 24-hour Gains: +6%
3. Uniswap (UNI)
- Price: $11.65
- 24-hour Gains: +6%
Top Losers:
1. Fartcoin (FARTCOIN)
- Price: $0.8504
- 24-hour Loss: -20%
2. Pudgy Penguins (PENGU)
- Price: $0.01632
- 24-hour Loss: -14%
3. Onyxcoin (XCN)
- Price: $0.0272
- 24-hour Loss: -11%
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Expected Outcome of the Fed Meeting
A dovish tone (it refers to the tone of language used to describe a situation and the associated implications for actions) has been speculated by cryptocurrency expert Ash Crypto from Federal Reserve Chair Jerome Powell regarding his speech today during the press conference, especially because recent inflation metrics have come in lower than what was expected since the last FOMC meeting.
With interest from President Trump also wanting to reduce the rates, hopes are high in many quarters to see a beneficial impact on the cryptocurrency market.
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Personal Analysis
The cryptocurrency market reflects an intricate interaction of investor psychology with macroeconomic events before the FOMC meeting today. Investor’s cautious behavior can be easily understood in light of recent price swings and the confusion over interest rate policies.
This resilience among the holders of Bitcoin is indicated by its ability to hold on to its dominance despite selling pressure. However, the significant ETF sell-off raises questions about short-term confidence in BTC as traders await clearer signals from policymakers.
Ethereum’s strategic buying by World Liberty Financial shows that institutional interest remains strong even amid turbulence. This could provide support for ETH prices moving forward.
The meme coins are still showing their volatility in performance: they can create quite a buzz and quick gains but expose investors to steep losses.
Overall, while we wait for updates from the Fed on interest rates and economic outlooks, it will be essential for traders to remain vigilant and adaptable in response to shifting market dynamics in both cryptocurrencies and broader financial markets.
(Source: Coingape)
