The crypto market reflected small losses next to an array of altcoins on January 7. Bitcoin roped-in a dip of 1.01 percent in the last 24 hours. At the time of writing, the most expensive asset was trading at $92,660. The most expensive crypto asset has managed to retain its price above $92,000 for the third day in a row this week — reflecting a bullish sentiment.
Strong labor numbers may reduce hopes for rate cuts while weaker data could support crypto prices, analysts said, alerting that the market winds remain choppy despite the small rally phase it has entered.
“Bitcoin’s move above $92,000 has revived optimism across the crypto market, with investors closely watching a mix of geopolitical risks, institutional adoption, and U.S. macroeconomic signals for the next catalyst,” Sathvik Vishwanath, Co-Founder and CEO of Unocoin told Coin Headlines. “At the same time, traders are focused on upcoming U.S. economic data, particularly jobs reports that could shape Federal Reserve policy expectation.”
Ether price remained in a profit of 1.04 percent on Wednesday. At the time of writing, the second most expensive crypto asset was trading at $3,250. BNB, Solana, Tron, Hyperliquid, and Monero joined ETH in seeing small gains of under one percent over the last day.
Notably, XRP’s stellar price spike that made it to the headlines on December, 6, hit a halt 24 hours later. As of Wednesday, XRP’s price is down by over six percent — pushing its market cap from $140 billion yesterday to $136.8 billion on Wednesday. Profit-taking and technical cooling could be key factors behind XRP’s slippage.
Dogecoin, Cardano, Bitcoin Cash, Chainlink, and Leo joined XRP in logging losses of under four percent.
“The broader setup remains constructive. Institutional demand continues to provide support to the broader crypto market,” Akshat Siddhant, Lead Quant Analyst, Mudrex told Coin Headlines.
The overall crypto market cap dipped by under one percent over the last day. With this, the valuation of the sector has come to $3.18 trillion, data by CoinMarketCap showed on Wednesday.
Over 129,210 traders were liquidated in the last 24 hours with the total liquidations hitting the mark of $440.60 million, as per CoinGlass.