January 29th, Crypto Market: The market volatility surrounding cryptocurrencies on Wednesday has further heightened investor apprehension in the days leading up to the US FOMC meeting. Top altcoins, including Solana (SOL), Ethereum (ETH), and Bitcoin (BTC), had comparable intraday volatility, with the former unable to withstand more price advances. On Wednesday, though, amidst the enormous buying by Donald Trump’s World Liberty Financial, Movement (MOVE) sprang to prominence as the buzziest cryptocurrency, increasing by 16%. What are the most talked-about coins today? Let’s take a look at their prices to see how they’re doing.
Crypto Market Dips Ahead of US FOMC Meeting
Investors are feeling uncertain as they prepare for the US FOMC meeting on January 29. According to CME FedWatch data, the committee is projected to hold interest rates steady. Consequently, there was an intraday 1% drop in the worldwide cryptocurrency market cap to $3.46 trillion. Additionally, the worldwide market volume fell to $116 billion, a 40% decrease.
Bitcoin Volatility Rises as Investors Await FOMC Decision
As of this writing, the price of bitcoin had been fluctuating wildly over the previous day, and it was trading at $101,958. Despite reaching an intraday low of $100,238.19 and a high of $103,730.82, the coin has fallen about 1% from yesterday. Within one day, Bitcoin’s market share increased by 0.4%, hitting 58.36%.
Bitcoin exchange-traded funds (ETFs) sold approximately 8,000 BTC, or $800 million, recently, according to analyst Ali Martinez, who also revealed that investors are selling their funds just before the FOMC. In anticipation of today’s address by U.S. Federal Reserve Chairman Jerome Powell, investors are being cautious. The fact that some experts think he may adopt a dovish posture while Trump is president is notable, as it could lead to future gains for the cryptocurrency market.
Ethereum Price Drops 2%
Ethereum’s price was also under pressure yesterday, dropping just over 2% to $3,132. The low point for the coin in the last 24 hours was $3,040.09, while the high point was $3,222.74. Amid the volatile intraday movement, World Liberty bought $10 million worth of ETH, as highlighted by Ted, a partner of Binance and Bybit on X. Despite the recent volatility, this purchase indicates that there may be more gains to come.
XRP Holds Above $3 Amid Market Decline
For its part, XRP has maintained a price over $3 despite the general market decline. As of the time of publication, it was trading at $3.08, a decrease of 0.3%. During the day, the price of the coin fluctuated between $3.02 and $3.21. “Whales,” who purchased 120 million coins in the past few days, provided Top Crypto Market support for XRP, according to CoinGape.
Solana Price Today
In contrast, the price of SOL fell 3% intraday and is now trading at $231. It had a low of $225.26 and a high of $243.89 in 24 hours. Notably, the coin mirrors a volatile trading session in tandem with the broader market trend ahead of the U.S. FOMC.
Meme Crypto Market Today
Following suit, the price of Dogecoin fell 3% on the previous day, reaching $0.3279. A 5% decline to $0.00001831 was the only change in the Shiba Inu price. Further, at $27.22 and $0.00001215, respectively, TRUMP and PEPE also had an almost 8% decline.
Top Crypto Market Gainers Today
Movement (MOVE)
Price: $0.8411
24-hour Gains: +16%
dogfight (WIF)
Price: $1.25
24-hour Gains: +6%
Uniswap (UNI)
Price: $11.65
24-hour Gains: +6%
Top Crypto Market Losers Today
Fartcoin (FARTCOIN)
Price: $0.8504
24-hour Loss: -20%
Pudgy Penguins (PENGU)
Price: $0.01632
24-hour Loss: -14%
Onyxcoin (XCN)
Price: $0.0272
24-hour Loss: -11%
Moreover, X-site user “Ash Crypto” has blogged on the subject of cryptocurrencies, predicting that Powell will take a more dovish tone during today’s press conference. While highlighting the fact that multiple inflation indices, including Core PPI and Core CPI, have both shown lower-than-expected results since the last FOMC meeting, the market analyst makes this prediction. The Crypto Market Down for cryptocurrencies is eagerly anticipating a boost from the 47th president of the United States, who is also targeting lower interest rates.
Final thoughts
As the US FOMC meeting approaches, investor sentiment is shifting in anticipation of possible policy moves, which is causing the cryptocurrency market to remain very volatile. While the prices of Bitcoin, Ethereum, and Solana have fluctuated significantly, XRP has been relatively stable at about $3. Even smaller altcoins and meme coins have experienced significant fluctuations, with some projects experiencing significant gains and others incurring significant losses.
As many anticipate a more dovish stance from the Federal Reserve under Trump’s presidency, traders are closely monitoring the market for potential rallies. World Liberty Financial’s large cryptocurrency acquisitions are an example of an institutional move that shows trust in certain assets, but general doubt is still there. Staying educated and careful will be crucial for investors in the days ahead as the market navigates these events.