Crypto prices on Feb 7: BTC stuck at $97K, TRON jumps 3%

(Originally posted on : Invezz )

The cryptocurrency market continued its volatile trajectory on Friday, with most major coins trading sluggishly.

Bitcoin (BTC) remained subdued at the $97K level, while Ethereum (ETH), XRP, and Solana (SOL) experienced sharper declines.

The global cryptocurrency market capitalisation stands at $3.15 trillion, reflecting a 1.06% decline over the past 24 hours.

Trading activity in the market has also softened, with the total 24-hour market volume reaching $123.72 billion, down 1.02% from the previous day.

Investors appear to be exercising caution ahead of the release of the highly anticipated US jobs report, which is expected to offer crucial insights into the Federal Reserve’s future interest rate decisions.

Amid the turbulence, TRON (TRX) stood out as a rare outperformer, buoyed by robust ecosystem growth.

Bitcoin (BTC) price today

Bitcoin traded at $97,522.25, slipping just 0.14% intraday.

The coin’s 24-hour trading range was between $95,707.35 and $99,168.61.

Trading volume for the coin was up marginally at $47 billion.

Bitcoin’s market dominance has risen to 60.88%, marking a 0.46% increase over the day.

Ethereum (ETH) price today

Ethereum (ETH) faced a steeper decline, dropping around 3.5% to $2,723.

The intraday low and high were $2,662.45 and $2,857.14, respectively.

Whales contributed to the selling pressure, with Lookonchain reporting a transaction of 8,500 ETH sold for 22.25 million DAI at an average price of $2,736 during early Asian hours.

This has added to cautious sentiment among traders navigating the broader crypto market’s turbulence.

XRP and SOL price today

XRP fell over 3%, trading at $2.36 after hitting an intraday low of $2.29 and a high of $2.46.

Despite the decline, notable whale activity suggests a potential recovery, as 520 million XRP tokens were accumulated during the dip.

Analysts believe this could signal a rebound above $3 in the near term.

Separately, the CBOE stock exchange filed several 19b-4 applications with the U.S. SEC for XRP-related ETFs, which could influence future price action.

Solana (SOL) registered a 3.59% drop to $194.27 trading between $188.17 and $203.89 in the past 24 hours.

Despite the decline, VanEck remains optimistic about SOL, forecasting a bullish price target of $520 by the end of the year.

VanEck’s forecast links closely to the U.S. M2 money supply, a metric historically aligned with cryptocurrency market performance.

They project the M2 supply to reach $22.3 trillion by 2025, growing at an annual rate of 3.2%. Based on this growth, they expect the smart contract platform (SCP) market cap to increase by 43%, rising from $770 billion to $1.1 trillion by 2025.

According to VanEck, if these projections materialize, Solana’s market cap could reach $250 billion, driving its token price to $520, given the current floating supply of 486 million tokens.

Top crypto gainers and losers

Flare (FLR) leads the top gainers with a 3.20% increase in the last 24 hours, now trading at $0.02067.

TRON (TRX) follows closely, up by 3.05%, reaching $0.2326. It was the top gainer among the top 10 cryptocurrencies by market cap.

Bitget Token (BGB) has also seen a 2.94% rise, currently priced at $6.78.

Onyxcoin (XCN) has led the declines among the top losers, dropping 13.45% in the last 24 hours to $0.02673.

Ethena (ENA) followed with a 10.98% decrease, currently trading at $0.4892. Dogwifhat (WIF) recorded a 10.49% drop, bringing its price to $0.7233.

Jito (JTO) saw a 10.44% decline, now priced at $2.54. Pudgy Penguins (PENGU) experienced a 9.79% decrease, trading at $0.01074.

Broader crypto price action

Polkadot (DOT) has decreased by 3.71% in the last 24 hours, currently trading at $4.60.

Ondo (ONDO) has decreased by 1.09% over the past day, reaching a price of $1.38.

Pepe (PEPE) has fallen by 9.38% in the last 24 hours, currently valued at $0.059313.

OKB (OKB) has decreased by 3.91% over the past day and is currently trading at $45.78.

Raydium (RAY) has also decreased, with a 5.33% drop in the last 24 hours, resulting in a price of $5.28.

Optimism (OP) has seen a 4.70% decrease over the past day, now at $1.06.

Quant (QNT) has decreased by 4.44% in the last 24 hours, currently priced at $85.55.

Pyth Network (PYTH) has fallen by 7.65% over the past day, trading at $0.1853.

PAX Gold (PAXG) has decreased slightly by 0.85% in the last 24 hours, reaching $2,883.01.

Polygon (MATIC) has seen a 4.69% decrease over the past day, currently valued at $0.3018.

PancakeSwap (CAKE) has decreased by 4.36% over the past day, reaching a price of $1.38.

Qtum (QTUM) has fallen by 1.01% in the last 24 hours, currently valued at $3.26.

Ravencoin (RVN) has increased by 3.62% over the past day, trading at $0.01422.

Ontology (ONT) has increased by 1.39% in the last 24 hours, reaching a price of $0.1893.

Powerledger (POWR) has decreased by 4.52% over the past day and is currently valued at $0.2061.

Pundi X (New) (PUNDIX) has increased by 5.44% in the last 24 hours, reaching a price of $0.3391.

Osmosis (OSMO) has increased by 5.45% over the past day, trading at $0.2843.

Orchid (OXT) has decreased by 4.68% in the last 24 hours, currently valued at $0.08804.

Orbs (ORBS) has fallen by 2.51% over the past day, trading at $0.02138.

Pax Dollar (USDP) has seen a negligible decrease of 0.02% in the last 24 hours, currently trading at $1.00.

QuarkChain (QKC) has fallen by 6.48% over the past day, reaching a price of $0.00802.

Origin Protocol (OGN) has also decreased, with a 6.30% drop in the last 24 hours, resulting in a price of $0.07003.

OMG Network (OMG) has climbed by 5.90% over the past day, now valued at $0.29.

Peercoin (PPC) has increased by 3.25% in the last 24 hours, reaching a price of $0.4295.

Standard (STND) has seen a significant decrease of 11.09% over the past day, currently trading at $0.006488.

PotCoin (POT) has experienced a slight decrease of 1.02% over the past day and is currently valued at $0.003033.

ReddCoin (RDD) has surged by 21.23% in the last 24 hours, reaching a price of $0.00009033.

The post Crypto prices on Feb 7: BTC stuck at $97K, TRON jumps 3% appeared first on Invezz

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