Crypto Price Today: The current state of the cryptocurrency market reflects a mixed picture, with Bitcoin struggling to break through the US$40,000 threshold amid ongoing market uncertainty. Ethereum's potential uptrend, initially sparked by BlackRock's proposed spot ETH exchange-traded fund (ETF), has faced a setback due to the SEC's delay in approval, potentially contributing to a short-term bearish trend.
Other major cryptocurrencies, including Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), have witnessed a collective downturn, contributing to the overall market fluctuations. Notably, the AKT token, a significant gainer in the previous session, experienced a notable dip of over 7 percent in the last 24 hours. In contrast, MANTA has emerged as the standout performer, registering an impressive 30 percent surge within the same period.
Global Crypto Market Overview
As of the latest update, the global cryptocurrency market cap stands at US$1.55 trillion, reflecting a 0.18 percent gain in the last 24 hours. Despite the challenges faced by individual cryptocurrencies, the overall market resilience remains evident.
Bitcoin Price Analysis
Bitcoin's recent price movements have been marked by a brief touch of US$40,400 before retracting to US$39,600. Presently trading around US$39,800, BTC showcases a marginal 0.24% increase within the day. However, the trading volume has witnessed a notable 31% decline.
Source: CoinMarketCap
Contrary to popular narratives attributing Bitcoin's price drop to Grayscale's GBTC selling, Julio Moreno, the head of research at CryptoQuant, dismisses such claims. Highlighting that the outflows from GBTC were offset by net purchases of around 72,000 Bitcoins across other Bitcoin ETFs, Moreno suggests that the recent market volatility may be a result of profit-taking by Bitcoin holders, particularly short-term traders and whales.
Future Outlook and Investor Sentiment
Optimistic projections anticipate a decisive move above US$40,500 to set the stage for potential surges beyond US$42,550 and, in highly bullish scenarios, a reclaiming of the US$48,000 level. Ambitious trajectories could even propel BTC beyond the psychologically significant US$50,000 mark, last tested in December 2021.
Top Crypto Gainers Today (January 25)
Providing insights into the current leaders in the crypto gainers' chart, here are the top five performers over the past 24 hours:
Manta Network (MANTA)
Price: US$3.28
24-hour gain: 29.95%
Manta Network, positioned at US$3.28, has demonstrated an impressive 24-hour gain of 29.95%. This significant surge in value suggests heightened market interest and positive sentiment surrounding MANTA.
Helium (HNT)
Price: US$6.99
24-hour gain: 23.99%
Helium (HNT) has experienced a notable uptrend with a 24-hour gain of 23.99%, bringing its price to $6.99. Helium operates a decentralized wireless network designed to facilitate the Internet of Things (IoT).
Pendle (PENDLE)
Price: US$2.40
24-hour gain: 16.58%
Pendle (PENDLE) has seen a 16.58% increase in the last 24 hours, reaching a price of $2.40. As a decentralized finance (DeFi) platform, Pendle allows users to tokenize and trade future yield from DeFi assets.
Internet Computer (ICP)
Price: US$11.88
24-hour gain: 14.18%
Internet Computer (ICP) has shown a 14.18% gain in the past 24 hours, currently priced at $11.88. ICP is a blockchain project aiming to create a decentralized internet by facilitating smart contracts and applications.
IOTA (IOTA)
Price: US$0.2312
24-hour gain: 12.43%
IOTA (IOTA) has experienced a 12.43% gain, bringing its price to $0.2312 in the last 24 hours. IOTA distinguishes itself by utilizing a unique Tangle technology, aiming to provide feeless transactions for the Internet of Things (IoT).
Looking ahead, conflicting sentiments prevail regarding Bitcoin's future trajectory due to price fluctuation. However, optimistic projections foresee a decisive move above $40,500, setting the stage for further surges.
In the midst of market dynamics, Manta Network's notable gain underscores the volatility and opportunities present in the cryptocurrency landscape. As the market continues to evolve, investors must stay informed about ongoing developments, regulatory decisions, and broader market trends to make informed decisions in this dynamic and fast-paced environment.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.