Ethereum (ETH) managed to breach the $1600 mark early Thursday morning. Bitcoin (BTC), the oldest crypto in the world, managed to hold steady within the $23,000 range. Other popular altcoins, including Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL), managed to land in the greens across the board. The Optimism (OP) token turned out to be the biggest gainer, jumping more than 21 percent in 24 hours. UNUS SED LEO (LEO), on the other hand, became the biggest loser, falling more than 6 percent in 24 hours.
The global crypto market capitalization stood at $1.09 trillion at the time of writing, posting a minor 24-hour gain of 4.02 percent.
Bitcoin (BTC) price today
The Bitcoin price stood at $23,895.41, posting a 24-hour gain of 3.24 percent, according to CoinMarketCap. According to the Indian exchange WazirX, the price of BTC stood at Rs 20 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,674.69, marking a 24-hour jump of 5.69 percent at the time of writing. According to WazirX, the Ethereum price in India stood at Rs 1.39 lakhs.
Dogecoin (DOGE) price today
DOGE posted a 24-hour gain of 1.86 percent, according to data from CoinMarketCap, currently priced at $0.09429. According to WazirX, the Dogecoin price in India was Rs 7.90.
Litecoin (LTC) price today
Litecoin saw a 24-hour gain of 4.35 percent. At the time of writing this article, she was trading at $101.09. The LTC price in India stood at Rs 8,375.33.
Ripple Price (XRP) Today
XRP price stood at $0.4136, with a gain of 2.25 percent in 24 hours. According to WazirX, the Ripple price stood at Rs 34.24.
Solana (SOL) price today
Solana price settled at $25.36, marking a 24-hour gain of 6.05 percent. According to WazirX, the SOL price in India was Rs 2,100.14.
Top cryptocurrency gainers today (Feb 2)
Based on CoinMarketCap data, here are the top five cryptocurrency gainers in the last 24 hours:
24 hour gain: 21.46 percent
Loop Ring (LRC)
24 hour gain: 18.57 percent
24 hour gain: 16.59 percent
24 hour gain: 14.47 percent
24 hour gain: 13.99 percent
Top crypto losers today (Feb 2)
Based on CoinMarketCap data, here are the top five cryptocurrency losers in the last 24 hours:
UNUS SED LEO (LEO)
Loss of 24 hours: 6.82 percent
Loss of 24 hours: 1.91 percent
Trusted Wallet Token (TWT)
Loss of 24 hours: 1.72 percent
Loss of 24 hours: 0.02 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “After the expected 25 basis point interest rate hike by the US Federal Reserve, Bitcoin and Ethereum traded slightly higher on Wednesday. This, along with Fed Chairman Jerome Powell’s comments about declining inflation in the US has instilled confidence in market participants. Bitcoin traded above $23,900, after a drop to $22,874 the day before. If the uptrend continues, there may be a rally towards $24,000 and then $25,000. Meanwhile, Ethereum broke above the $1,600 mark, with support at that level and resistance at $1,700.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “The Federal Reserve raised the benchmark interest rate by 25 basis points to a target range of 4.5-4.75 percent. They reiterated that continued rate increases would be appropriate. Inflation has moderated somewhat, but remains high. Bitcoin’s 50-day moving average has formed support at $23,000 on the 4-hour time frame, and a possible drop below that level could send the price down to $22,600 or even $22,350, which could trigger a bullish reversal”.
Kunji founder Anurag Dixit offered his take: “The cryptocurrency market and tech indices experienced a temporary setback earlier in the week, however the Federal Reserve’s announcement of a rate hike, as anticipated, marked 25 sc. This, along with the cautious and neutral tone of the accompanying commentary, created a favorable atmosphere for both the cryptocurrency and tech sectors to recover slightly. The Federal Reserve’s statement emphasized its close monitoring of all relevant data and market conditions and affirmed its willingness to take immediate action as deemed necessary.”
Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not legal tender and is subject to market risk. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature before making any type of investment. Cryptocurrency market predictions are speculative and any investment made will be at the sole risk of readers.