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Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, slipped below the $42,000 mark early Friday, marking the overall market’s first notable dip since December 2023. Other top coins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the reds across the boarrd. The Conflux (CFX) token emerged to be the biggest gainer of the lot, with a 24-hour jump of less than 1 percent. Helium (HNT) became the biggest loser, with a 24-hour dip of over 13 percent.
The global crypto market cap stood at $1.62 trillion at the time of writing, registering a 24-hour loss of 3.23 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $41,073.88, registering a 24-hour dip of 3.61 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 35.80 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,458.72, marking a 24-hour dip of 2.69 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.15 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 3.37 percent, as per CoinMarketCap data, currently priced at $0.0776. As per WazirX, Dogecoin price in India stood at Rs 6.80.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 1.20 percent. At the time of writing, it was trading at $68.42. LTC price in India stood at Rs 5,916.56.
Ripple (XRP) Price Today
XRP price stood at $0.5503, seeing a 24-hour loss of 2.91 percent. As per WazirX, Ripple price stood at Rs 48.38.
Solana (SOL) Price Today
Solana price stood at $93.69, marking a 24-hour dip of 6.20 percent. As per WazirX, SOL price in India stood at Rs 8,202.62.
Top Crypto Gainers Today (January 19)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Conflux (CFX)
Price: $0.1976
24-hour gain: 0.71 percent
BNB (BNB)
Price: $311.46
24-hour gain: 0.69 percent
Astar (ASTR)
Price: $0.1677
24-hour gain: 0.62 percent
Bitget Token (BGB)
Price: $0.6059
24-hour gain: 0.42 percent
Top Crypto Losers Today (January 19)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Helium (HNT)
Price: $6.56
24-hour loss: 13.49 percent
Sui (SUI)
Price: $1.13
24-hour loss: 12.48 percent
Ethereum Name Service (ENS)
Price: $20.03
24-hour loss: 10.52 percent
Chiliz (CHZ)
Price: $0.09134
24-hour loss: 10.33 percent
Beam (BEAM)
Price: $0.01865
24-hour loss: 9.82 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has experienced a drop to $41,000, marking its first descent since December, propelled by increased liquidations and a strong US dollar. Traders are actively scouting for opportunities to accumulate positions below the $40,000 threshold. Despite the relatively low market volume, BTC continues to trade above $42,000, showcasing an impressive 96% year-to-date gain. The market could see some volatility as bears seek to exert dominance. However, if BTC can close above $43,700 resistance over the weekend we may see an uptrend.”
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, noted, “BTC (-3.7%) underwent ‘Sell the news’ pressure related to investor activity around the spot ETF approvals, leading to its lowest price in a month. We can expect some volatility in BTC’s price for some time. However, the ETF inflows and Assets under Management (AUM) continue to see healthy numbers. The newly launched spot BTC ETFs already have nearly $30 billion in AUM as compared to $11 billion for Silver ETFs. In another instance, BlackRock’s Spot BTC ETF hit the $1 billion AUM, becoming the first of the recent group of BTC ETF providers to hit this milestone.”
Rajagopal Menon, Vice President, WazirX, said, “The global crypto market finds itself delicately balanced on a crucial support level, teetering between the prospect of a surge beyond $2 trillion and the looming risk of a significant downturn. The stakes are high, with the overall market cap hanging in the balance. Bitcoin faces a challenging scenario as its support is tentatively placed at $37,000, offering a less-than-optimistic outlook. Notably, market dynamics have witnessed an unexpected twist with a ‘sell the news’ frenzy surrounding the Exchange-Traded Fund (ETF) launch, catching many off guard. The last 24 hours have seen a marginal decrease of -0.04% in Bitcoin dominance, signalling the potential commencement of the altseason.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Despite a 3.76% drop in the overall crypto market, Bitcoin (BTC) is holding steady around $40,900, supported by the newly approved Bitcoin Spot ETF generating interest from investors. Ethereum (ETH) follows a similar trend, with analysts monitoring its performance. JPMorgan Chase CEO Jamie Dimon’s recent criticism of bitcoin as “worthless” has created near-term uncertainty and weighed on market sentiment. The broader outlook remains cautiously optimistic, pending an expected Federal Reserve interest rate cut in March and Bitcoin’s halving in April 2024. BTC, at $42,620, faces resistance at $43,288, while ETH, trading at $2,458, it is tracking resistance at $2,604. Both cryptocurrencies are showing consolidation and market participants are waiting for a potential breakout of resistance levels.”
Shivam Thakral, CEO of BuyUcoin, said, “The crypto market is witnessing an unexpected downward trend as Bitcoin faces selling pressure due to heavy outflows from Exchange Traded Products (ETPs) to new spot ETF issuers. For example, Blackrock’s Bitcoin ETF has accumulated $1 billion worth of Bitcoin in just one week, which means there is a heavy outflow of Bitcoin to such regulated ETFs. We can expect the Bitcoin price to rise once this transition cools down and investors are done with profit booking.”
CoinDCX Research Team told ABP Live, “From a technical standpoint, BTC faces a critical challenge in maintaining the current support at $41,000. A breach below this level might signal a bearish sentiment, while a successful hold could pave the way for a continuation of a new higher high. As for ETH, it remains positioned above the 20 EMA D. To sustain a positive trajectory, ETH needs to stay above $2,400, as dropping below this level could introduce a bearish turn.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
