The cryptocurrency market is experiencing a significant downturn, as trading volume dropped by 2.83% to $61.3 billion in the last 24 hours.
This is as BTC’s price was fluctuating between $96,051.56 and $97,672.65, reflecting ongoing volatility.
Ethereum fell by 1.40% to $2,660.60 as market capitalization decreased by 1.32% to $3.19 trillion.
Bitcoin has been trading within a narrow range, with its price dipping by 1.32% since yesterday.
Despite facing daily chart pressure, long-term accumulation trends persist, driven by increasing institutional interest. Japanese investment firm Metaplanet has announced plans to expand its Bitcoin holdings from the current count of 1,762 BTC to a target of 10,000 BTC by the end of 2025.
Ethereum has mirrored Bitcoin’s performance, falling by 1.40% to $2,660.60, while XRP has faced a steeper drop of 3.55%. Solana experienced the largest hit, slipping by 6.18% in the last 24 hours and approaching a crucial support level at $181, a price point that could determine its next move.
On the downside, Jupiter (JUP) experienced the largest loss, dropping 10% to $0.8438. Litecoin (LTC) and Raydium (RAY) also faced difficulties, with LTC falling 8% to $124.52, and RAY dropping 7% to $4.91.
A major development in the crypto space is the scheduled repayment of FTX claims under $50K. The payments, facilitated by BitGo and Kraken, are set for February 18. This move is expected to restore confidence among creditors and could influence market sentiment in the coming days.
The surge underscores how Musk’s influence continues to drive market activity, even as xAI remains an underdog in the AI space, facing stiff competition from OpenAI’s ChatGPT and Google’s Gemini.
With Grok 3 set to be unveiled on Monday at 8:00 PM Pacific Time, speculation is running high. However, questions remain about the sustainability of this rally, given the lack of fundamental backing behind the token.