PUMP and ZEC have dumped the most over the past 24 hours.
Although it remained relatively stable at first following the conclusion of the first FOMC meeting for the year, BTC’s price started to lose value later on and dipped below $88,000.
Most larger-cap altcoins are deep in the red as well on a daily scale. Ethereum has once again lost the $3,000 support level, while XPR has slipped below $1.90.
BTC Falls Below $88K
The primary cryptocurrency’s latest correciton began last Monday after some stock and futures markets opened following Trump’s newest tariff threats against many EU counties. After standing above $95,000 that weekend, BTC tumbled to $92,000 on Monday and to under $88,000 by Wednesday.
The bulls tried to intervene and prevent another nosedive. They were successful at first, driving the asset to just over $91,000 on Friday. However, that was short-lived and bitcoin ultimately continued to lose traction by slumping to $86,000 on Monday. This became its lowest price tag in over a month.
It rebounded to $88,000-$89,000 in the following days and even tapped $90,500 briefly yesterday ahead of the FOMC meeting. It slipped to $89,000 once it began and remained there for hours even though the Fed said it wouldn’t cut the rates. However, the predominantly bearish trend took its toll again in the past several hours, as BTC now struggles beneath $88,000.
Its market cap has dropped to $1.750 trillion, while its dominance over the alts is close to 57.4% on CG.
BTCUSD Jan 29. Source: TradingViewPI Sees New ATL
As mentioned above, the alternative coins have followed suit on the way south. Ethereum failed at $3,000 and now trades almost $100 lower. Ripple’s XRP is below the $1.90 support again, while BNB is beneath $900. Similar or even more painful losses come from the likes of SOL, DOGE, ADA, BCH, and SUI.
HYPE and ZEC have dropped by 6-8% each, while MNT is down by 6.5%. Pi Network’s PI token continues to lose value, and marked another ATL in the past few hours. TRX is among the few exceptions from the larger-cap alts with a minor daily increase.
The total crypto market cap has lost over $60 billion daily and is below $3.050 trillion as of press time.
Cryptocurrency Market Overview Daily Jan 29. Source: QuantifyCryptoSECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).
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