Zinger Key Points
- Global cryptocurrency market capitalization is trading 2.4% lower at $3.09 trillion despite key metrics improving.
- A trader warns that a drop to $80,000 BTC will be brutal for altcoins, but the rebound could ignite bull season.\.
- Get two weeks of free access to pro-level trading tools, including news alerts, scanners, and real-time market insights.
Cryptocurrency markets are trading lower despite bullish catalysts, including rising institutional investment and Texas’ Strategic Bitcoin Reserve proposal.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $94,100.04 | -1.8% |
| Ethereum ETH/USD | $2,637.93 | -3.7% |
| Solana SOL/USD | $166.02 | -7.3% |
| XRP XRP/USD | $2.51 | -5.5% |
| Dogecoin DOGE/USD | $0.2472 | -4.3% |
| Shiba Inu SHIB/USD | $0.00001511 | -3.6% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 14.5% and daily active addresses grew by 22.3%. Transactions greater than $100,000 are up from 6,580 to 9,049 in a single day. Exchanges netflows are down by 127%.
- Coinglass data reports 140,769 traders were liquidated in the past 24 hours with the total liquidations comes in at $335.77 million.
Notable Developments:
- Record-Breaking Token Creation In January Raises Concerns Over Altcoin Liquidity, Market Quality
- Robinhood To Expands Crypto Offerings In Singapore In Push For Global Growth
- Solana Meme Coin Ecosystem Under Fire: Galaxy Research Cites LIBRA Rug Pull As Major Blow
- Institutions Can Earn Bitcoin Yield With lstBTC While Retaining Custodian Security
- US Could Sell Its Gold To Set Up Potential Bitcoin Reserve, Says Bernstein: Will It Ignite A ‘Global Race’ To Buy BTC?
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Jupiter JUP/USD | $0.7133 | -12.5% |
| Virtuals Protocol VIRTUAL/USD | $1.00 | -12.5% |
| Raydium RAY/USD | $4.14 | -11% |
Trader Notes: With Bitcoin dropping below $95K, he warns a dip to $80,000 will feel like hell for alts, but the rebound should be explosive. He urges traders to stay strong as bull season approaches.
Crypto chart analyst Ali Martinez highlighted a supply wall of 1.88 million BTC at $97,000 and support at $94,500 backed by 695,000 BTC, suggesting this imbalance could dictate Bitcoin's next move.
Crypto Trader DonAlt sees “same old, same old” market conditions but notes Bitcoin's strength despite broader weakness, saying he’s not worried about the crypto king.
ShardiB2 observes Bitcoin's first support test and based on daily RSI, expects a drop to $89,000, though it could get front-run at $91,000.
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