Emmanuel OchayiThe cryptocurrency market has taken a hit, with trading volume falling by 2.83% to $61.3 billion in the last 24 hours. Bitcoin and Ethereum, two of the largest digital assets, have struggled to maintain their positions as market fluctuations continue.
Bitcoin’s price has been moving between $96,051.56 and $97,672.65, showing ongoing volatility. The cryptocurrency has dipped by 1.32% since yesterday, remaining in a narrow trading range. Despite short-term losses, long-term investors continue to accumulate Bitcoin, showing confidence in its future value.
Join our WhatsApp ChannelEthereum and Other Cryptos Decline
Ethereum has also declined, dropping by 1.40% to $2,660.60. Its market capitalization decreased by 1.32% to $3.19 trillion. Other major cryptocurrencies have followed this trend, with XRP falling by 3.55%.
Solana has experienced the steepest decline, losing 6.18% in the last 24 hours. Solana is now approaching a crucial support level at $181, which could determine its next movement.
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Meme coins, which have gained popularity in recent years, have also faced a downturn. Dogecoin (DOGE) dropped nearly 2%, trading at $0.26, while Shiba Inu (SHIB) fell by over 1% to $0.00001592. The TRUMP coin saw a 3% decline, trading at $18.36.
Some Cryptos Show Gains
Despite the overall decline in the cryptocurrency market, some assets have shown resilience. Sonic (S) gained 4%, reaching $0.544, while PancakeSwap (CAKE) saw a 3% increase, trading at $2.74. The Graph (GRT) also rose by 3%, reaching $0.1417.
On the other hand, Jupiter (JUP) recorded the largest loss, dropping 10% to $0.8438. Litecoin (LTC) fell 8% to $124.52, while Raydium (RAY) slipped by 7% to $4.91.
FTX Repayments Could Influence Market
A significant development in the cryptocurrency market is the planned repayment of FTX claims under $50,000. The process, set for February 18, will be handled by BitGo and Kraken. This move is expected to restore confidence among creditors and could have an impact on the market.
Market analysts believe that successful execution of these repayments could help improve sentiment among investors. However, it remains uncertain whether this will be enough to reverse the recent downturn.
Elon Musk’s Influence on the Crypto Market
Elon Musk’s impact on the cryptocurrency market remains strong. Over the weekend, the launch of Grok 3, an AI chatbot developed by Musk’s xAI, triggered a surge in the Grok token. The token jumped 82% on Sunday, pushing its market capitalisation to approximately $33.51 million.
Despite xAI having no direct connection to the Grok token, the market reaction highlights how Musk’s influence continues to drive speculation. The token was last trading at around $0.0053, reflecting strong investor interest.
With Grok 3 set to launch on Monday at 8:00 PM Pacific Time, speculation around the token remains high. However, analysts question whether the rally is sustainable, as there is little fundamental support behind the token’s value.
What’s Next for the Cryptocurrency Market?
The cryptocurrency market remains under pressure as investors react to price fluctuations and upcoming developments. Bitcoin’s ability to stay above key support levels will be closely monitored, while Ethereum and Solana’s performances will also be crucial indicators of market sentiment.
The FTX repayments and the continued influence of major players like Elon Musk will shape investor confidence in the coming days. For now, market uncertainty remains, and traders are watching closely for signs of stability.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
