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Here’s a brief report on some of the most trending coins for the day and how their prices are performing.
In the aftermath of global markets taking a severe hit amid Donald Trump’s tariff saga, BTC & altcoins lost notable amounts over the past week. Further, following a broader market slump, the prices are yet to recover and continue to move sluggishly.
The global crypto market cap witnessed a 1.39% decline over the past day and reached $3.13 trillion as of press time. Besides, the total market volume was up by 30.85% from yesterday to $95.16 billion.
At the time of reporting, BTC price slipped marginally by 0.2% and was sitting at $97,074. The coin’s intraday low and high were $94,745.26 and $97,325.28, respectively. Notably, Bitcoin’s market dominance saw a 0.28% increase from yesterday, reaching 60.87%. This data suggested that altcoins continue to take further heat amid the broader volatile trend.
ETH price witnessed a 2% decline in the past 24 hours and is currently trading at $2,630. The coin’s intraday bottom and peak were $2,530.44 and $2,695.22, respectively. Ethereum plunges alongside other altcoins in tandem with the broader trend.
However, CoinGape reported that long-term prospects for Ethereum remain optimistic amid recent developments. Primarily against the backdrop of historical trends and Hong Kong’s approval of BTC & ETH for immigrant applications, the crypto eyes a bullish run ahead.
Simultaneously, Ripple’s XRP price tanked over 4% in the past 24 hours, reaching $2.39. The coin’s intraday bottom and peak were $2.32 and $2.50, respectively. Despite soaring market optimism amid numerous XRP ETF filings and the XRP DR saga, the asset is yet to see a recovery above $3.
SOL price cracked nearly 2% in the past 24 hours and exchanged hands at $202.70. Its intraday low and high were $194.24 and $207.27, respectively. Solana’s price action follows the broader crypto market trend.
Dogecoin (DOGE) price also tanked over 4% from yesterday, reaching $0.2481. Further, even the dog-themed coin Shiba Inu plunged 4% in the past 24 hours, reaching $0.00001573. PEPE & TRUMP meme coins lost 3%-14% in just a day, trading at $0.000009476 and $15.25, respectively.
Price: $109.21
24-Hour Gains: +5%
Price: $224.04
24-Hour Gains: +3%
Price: $0.7689
24-Hour Gains: +2%
Price: $0.02414
24-Hour Loss: -11%
Price: $1.09
24-Hour Loss: -11%
Price: $4.53
24-Hour Loss: -10%
Despite the current crypto market volatility, market expert Michaël van de Poppe took to X, saying a “strong week for crypto seems to be on the horizon.” This statement has sparked market discussions over a potential recovery ahead of the U.S. CPI & PPI data that will be coming this week.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market Today, January 31: Bitcoin (BTC) and altcoins have again encountered a turbulent action right ahead of vital U.S. economic data release. As the PCE inflation data looms for Friday, traders and investors appear to be uncertain about the market’s performance ahead. Simultaneously, BTC traded near the $104K level as of press time, whereas leading altcoins illustrated mixed price actions.
Here’s a brief overview encompassing some of the most trending coins for the day and how they are performing intraday.
The broader market eagerly awaits the December U.S PCE (personal consumption expenditures) inflation data, which is set to be released on January 31. Notably, this data remains much eyed by investors as it could pave the way for interest rate changes by the next FOMC.
As a result, market participants are uncertain about future performances. In turn, even the global crypto market cap stagnated around the $3.5 trillion mark. Besides, the global market volume plunged by 16% intraday, reaching $105.07 billion.
So, let’s delve deeper into the coins’ prices today.
BTC price is currently trading at $104,331, down nearly 1% from yesterday. However, the coin briefly touched the $106K mark in its intraday movement while also reaching a low of $103,962. Notably, the volatile price action comes against the backdrop of looming U.S. PCE inflation data. Also, the flagship crypto’s futures OI dropped nearly 2% to $64.91 billion on Friday.
ETH price saw a marginal 0.5% jump in value over the past day, reaching $3,227. The coin’s 24-hour bottom and peak were $3,179.45 and $3,282.99, respectively.
While the coin faces turbulence in tandem with the broader market trend, renowned analyst Ali Martinez spotlighted a highly bullish metric for Ethereum. Intriguingly, whales have heavily purchased the crypto amid its recent price dip, accumulating nearly 100,000 ETH. This massive accumulation underscores rising market confidence in the asset, signaling that potential gains are imminent.
XRP price slipped by nearly 1% in the past 24 hours and is currently resting at $3.09. The coin’s intraday low and high were $3.08 and $3.15, respectively. It’s noteworthy that the asset has consolidated around the $3 mark for quite some time, signaling that a potential breakout looms.
SOL price fell by nearly 2% in the past 24 hours, reaching $235 at the time of reporting. The coin’s 24-hour low and high were $235.39 and $244.33, respectively. Solana currently mirrors volatility in sync with the broader market trend.
Simultaneously, Dogecoin (DOGE) price witnessed a 1% dip in value, reaching 0.3272. Further, even Shiba Inu (SHIB) price witnessed a marginal 0.3% decrease in value intraday, reaching $0.00001855. PEPE and TRUMP mimicked the broader sector’s action, exchanging hands at $0.0000128 and $25.49, respectively.
Price: $0.03261
24-Hour Gains: +30%
Price: $20.48
24-Hour Gains: +21%
Price: $15.76
24-Hour Gains: +18%
Price: $5.57
24-Hour Gains: +15%
Price: $25.50
24-Hour Loss: -9%
Price: $1.04
24-Hour Loss: -8%
Price: $0.01419
24-Hour Loss: -7%
Price: $1.39
24-Hour Loss: -6%
Overall, the broader market faces turbulence ahead of the PCE inflation data, as mentioned above. Nevertheless, market expert Michaël van de Poppe has posted on X, sparking some optimism over future movements.
“I don’t think we’ll see nothing from the FED this year,” Michaël stated. Further, he added that there could be “multiple rate cuts ahead, a weaker Dollar and a strong bull run in Bitcoin, Ethereum, Altcoins and commodities.”
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Rebel Satoshi (RBLZ) remains one of the altcoins to watch according to some experts, because of its potential to disrupt market dynamics. Meanwhile, Ethereum (ETH) and Shiba Inu (SHIB) trade in the red after months of continuous growth.
Read on as we delve deeper into the future prospects of $RBLZ, ETH, and SHIB to find the best crypto to invest in.
Amidst the volatile price actions of Ethereum and SHIB, experts are focusing on Rebel Satoshi’s $RBLZ, with several endorsing its presale trajectory with a vote of confidence. Hailed by some as a top ICO, Rebel Satoshi is gaining traction as a symbol of a broader movement, catching the eye of market analysts and investors alike.
Rebel Satoshi aims to disrupt the crypto landscape by promoting decentralization and community empowerment. It represents a shift towards a more equitable and participatory digital economy, challenging the dominance of top crypto coins.
The presale of $RBLZ demonstrated a solid market performance, achieving a 150% price growth. This impressive rally from $0.010 in the Early Bird Round to $0.025 by the end of the presale hints at its massive potential in the coming months.
Following the presale, $RBLZ successfully launched on major platforms like Uniswap, CoinGecko, DEXTools, and Coinstore, maintaining its closing presale price.
Additionally, the announcement of a second token, $RECQ, has sparked further interest, with its presale performance anticipated to surpass that of $RBLZ. Currently, it is in Stage 1 of its presale at $0.0037, with the aim of reaching $0.0125 by the presale’s conclusion.
The upward trajectory of $RBLZ’s price post-presale indicates a promising future, supported by a vibrant community engaged in quests and earning rewards. The Rebel Satoshi ecosystem is set for expansion, with the launch of the Rebel Satoshi Arcade and exclusive merchandise on the horizon.
Ethereum kicked off 2024 strongly, with its native token trading at $2,282.87 and surging above $4,000 in March. However, the price has since experienced a downturn, slipping below the $3,300 mark by early April, reflecting a period of volatility and price correction.
In the second quarter, Ethereum faced challenges as it started in the red, raising concerns about its near-term performance. Additionally, uncertainties loom over ETH’s potential for a significant price boost, as the US SEC has yet to approve applications for a spot Ethereum ETF.
The absence of regulatory approval has impacted ETH’s price movements, with its correlation with Bitcoin playing a significant role in recent months. As Bitcoin faces volatility, Ethereum is following suit.
For those who wonder if ETH is the best crypto to buy now, experts weigh the potential impact of an approved Ethereum ETF on ETH’s price trajectory. If approved, analysts predict ETH could reach a price of $4,853 by the end of 2024 due to increased institutional interest and accessibility.
However, in a bearish scenario, where regulatory hurdles persist, or market sentiment turns negative, ETH is expected to struggle and maintain a price level below $4,055 in the coming months.
Shiba Inu experienced a noteworthy rally in the first quarter of 2024, with its native token reaching highs of $0.00004534 by March. However, as the second quarter progresses, SHIB’s price has undergone a correction phase, dipping below the $0.00003 mark.
Despite the recent correction, experts remain optimistic about SHIB’s future growth prospects, citing its increasing popularity as a key driver. Recently, Shiba Inu achieved a significant milestone by becoming the most popular token on WazirX, a leading Indian cryptocurrency exchange.
Interestingly, Shiba Inu surpassed even Bitcoin as the top-traded crypto in March. This surge in popularity has highlighted Shiba Inu’s strong community support and its potential for further market expansion.
Analysts project further growth for Shiba Inu due to its widespread popularity and broader bullish market sentiments. With expectations of a 59% increase, experts predict SHIB could reach $0.000041 by the end of 2024.
However, in a shift towards bearish sentiments in the market, SHIB is anticipated to maintain a price level below $0.000034 for the rest of the year.
For the latest updates and more information, visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.
However, BNP Paribas is not immune to the challenges faced by many of its peers in the banking industry.
French multinational banking giant BNP Paribas SA (EPA: BNP) recently released its Q3 2023 financial result, painting a picture of adaptability and resilience in a tumultuous economic environment.
Under the stewardship of CEO Jean-Laurent Bonnafe, the bank has made strategic moves that have enabled it to withstand headwinds and maintain steady performance, even as the global financial landscape experiences seismic shifts.
For the third quarter of this year, BNP Paribas reported a net income of 2.66 billion euros, representing a modest 4% drop from the previous year. This dip in net income was in line with market expectations, as analysts had predicted a figure of 2.64 billion euros.
Additionally, group sales for the same period rose by 4% to 11.58 billion euros, slightly surpassing the consensus of 11.52 billion euros. The bank also reported a 12.7% Return On Tangible Equity (ROTE), which aligns with its goal of achieving 12% by 2025.
Furthermore, BNP Paribas completed more than 85% of its 5 billion euro share buyback program in 2023, equivalent to about 7% of its market capitalization. The proceeds from the sale of Bank of the West, BNP’s former US retail subsidiary, funded this initiative, demonstrating the bank’s capacity to create value and strategically allocate resources.
A key strategic move under CEO Bonnafe’s leadership has been the bank’s decision to reduce its presence in US commercial lending while simultaneously strengthening its global investment banking operations. This approach has proven to be advantageous as market volatility, triggered by events like Russia’s invasion of Ukraine, boosted trading activities.
However, BNP Paribas is not immune to the challenges faced by many of its peers in the banking industry. The bank witnessed a decline in trading revenue during the third quarter, with a drop of over 9%. Notably, fixed income, currencies, and commodities (FICC) sales, a vital component of trading revenue, fell by 14.3%, excluding the boost from a business transition from equities to FICC.
BNP Paribas’ experience mirrors that of other major banks like Germany’s Deutsche Bank AG (ETR: DBK) and Britain’s Barclays PLC (LON: BARC), which reported respective drops of 12% and 13% in similar revenue. This highlights that the challenges in the trading segment are not unique to BNP Paribas but are part of a broader industry-wide trend.
The banking industry is operating in a complex environment characterized by rapidly rising interest rates, which have increased lending income. This positive trend, however, is offset by an uncertain economic outlook and geopolitical upheavals, which adds uncertainty to the industry.
Amid these challenges, BNP Paribas’ global banking business, encompassing bond issues, syndicated loans, and cash management, saw a remarkable sales increase of about 20% in the third quarter. This growth effectively offset the downturn in trading, demonstrating the bank’s adaptability and diversified revenue streams.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Despite the raging impact of inflation in different economies, monetary authorities have not been sitting on their oars, rather, they have been fighting the surge through consistent interest rate hikes.
The Hong Kong Initial Public Offering (IPO) market has failed to get lifted from its dampened sentiment after the listing of Chinese liquor company ZJLD Group failed relatively. As reported by CNBC, the shares of ZJLD Group tumbled as hard as 18% on its first day of trading back on April 27, showcasing how much lack of confidence exists in the industry.
Last year was a very turbulent year for the global financial ecosystem as skyrocketing inflation rocked almost every economy. With fiat currencies losing their intrinsic value, many investors went on the sidelines, pursuing safe assets that can at least help preserve capital. While most stock markets saw a battery over the past year, Hong Kong’s was particularly of interest.
Known as a major financial hub in the Asia-Pacific region, the slow growth of the stock market shows the economy is far from rebounding to normal levels.
“The sentiment in the IPO markets has not built up yet,” Ringo Choi, Asia-Pacific IPO leader at EY said in a statement, adding that “a lot of industries are suffering at the moment.”
Choi noted that the tech firms in Hong Kong are experiencing major pressure from the US-China economic and trade tensions. Additionally, he believes the poor outlook also stems from the falling prices for electric vehicles in the region.
Since the pandemic, the valuations of companies have been dwindling and the current economic climate is making it impossible to revisit these impressive levels anytime soon.
“Valuations at this moment have not picked up as compared to two to three years ago. We still need some time,” said Robert Lui, Hong Kong offering leader of Deloitte China’s Capital Market Services Group.
Despite the raging impact of inflation in different economies, monetary authorities have not been sitting on their oars, rather, they have been fighting the surge through consistent interest rate hikes. With the Hong Kong stock and IPO market, in general, down by 15% in 2022, it was considered one of the worst performers for the year.
One of the key factors that experts have highlighted is the impact of China’s zero-Covid policy as well as the uncertainty that comes with interest rate hikes.
“The concern is still about the high-interest rate environment and a lot of the attention in the Greater China region is about the recovery of the economy,” said Irene Chu, Partner at KPMG China.
Despite this gloomy outlook, experts are bullish that the year 2023 will mark a major turnaround for the Hong Kong stock market. This bullish sentiment is notably shared by the trio of Deloitte China, EY, and KPMG. This assurance stems from the fact that the Chinese and Hong Kong borders are now reopening for business with more relaxed rules that can generally bolster growth in the short to mid-term.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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