The crypto market witnessed a mixed performance this Saturday, with Bitcoin (BTC) losing ground while select altcoins surged. As institutional interest wavers, Ethereum (ETH) and key meme coins showed resilience, but the biggest winner was QTUM, which recorded a staggering 40% gain.
Bitcoin Falls Below $103K Amid Market Volatility
Recent macroeconomic developments have impacted the cryptocurrency market, causing Bitcoin (BTC) to drop by 2% to $102,273. The lowest price of BTC during the day was $101,543, while it peaked at $106,026. The downturn coincided with the latest U.S. Personal Consumption Expenditures (PCE) inflation report, which showed a 2.6% year-on-year increase in December.
BTC’s market dominance also dipped slightly to 58.08%, reflecting a shift in investor sentiment. Meanwhile, U.S. spot Bitcoin ETFs saw only $241.28 million in inflows over the past week, indicating reduced institutional interest. Despite this, analysts at The Bit Journal believe the ongoing bull cycle is far from over.
Ethereum Gains 2% as Whale Activity Picks Up
While BTC struggled, Ethereum (ETH) gained 2% in the last 24 hours, reaching $3,290. Intraday fluctuations saw ETH trade between $3,214 and $3,437. The increase was fueled by aggressive accumulation from ETH whales. However, U.S.-based Ethereum ETFs faced $73.29 million in outflows over the past week, a factor that could influence price action in the coming days.
Meme Coins Defy Market Trends – PEPE Jumps 7.5%
Despite a generally subdued market, meme coins showed impressive resilience. Dogecoin (DOGE) rose 0.5% to $0.3279, while Shiba Inu (SHIB) climbed 2.5% to $0.00001903. The biggest gainer among them was PEPE, which soared 7.5% to $0.0000138 amid increased trading activity.
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Biggest Gainers and Losers – QTUM Takes the Lead
The day’s most notable performer was QTUM, which skyrocketed 40% to $3.98. Other major gainers included Pudgy Penguins (PENGU) +13%, LidoDAO (LDO) +12%, and Neo (NEO) +10%.
On the losing side, Fartcoin (FARTCOIN) dropped 14% to $0.8936, while Official Melania Meme (MELANIA) -10%, SPX6900 (SPX) -8%, and Onyxcoin (XCN) -7% also experienced significant declines.
Is the Bull Market Still Intact?
Despite Bitcoin’s recent dip, market experts maintain that the bull cycle is far from over. Crypto analyst Michaël van de Poppe highlighted growing government and institutional interest in Bitcoin and Web3, reinforcing optimism for the coming months.
As the crypto market continues its volatile trajectory, traders will be closely watching key macroeconomic signals and institutional flows for clues on the next big move.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
