The cryptocurrency market faced uncertainty on January 29, 2024, ahead of the U.S. Federal Open Market Committee (FOMC) meeting. Bitcoin (BTC) 
$105,151 and leading altcoins such as Ethereum (ETH) 
$3,191, XRP, and Solana 
$238 (SOL) experienced price declines. Investors exhibited cautious behavior while waiting for the Fed’s interest rate decision.
Fluctuations in Bitcoin and Ethereum
Bitcoin saw a decrease of approximately 1% in the last 24 hours, trading around $102,000. BTC’s dominance increased intraday by 0.4%, reaching 58.36%. Meanwhile, Ethereum dropped by 2%, settling at $3,132, while Solana experienced a 3% loss, trading at $231.
Market Capitalization and Investor Behavior
The global cryptocurrency market cap shrank to $3.46 trillion, reflecting a 1% decline. The total market volume fell by 40%, dropping to $116 billion. The wait for the Fed’s decision led to fluctuations in the market.
Notable Market Movements
MOVE had a particularly active day, rising by 16% due to significant purchases by Donald Trump’s World Liberty Financial. Additionally, cryptocurrencies like dogwifhat (WIF) and Uniswap (UNI) drew attention with gains of 6%.
Expert Opinions
Ali Martinez noted that investors sold off their funds before the Fed meeting, with BTC ETFs reportedly having sold around $800 million worth of BTC. He mentioned that investors are awaiting comments from Fed Chair Jerome Powell.
Ash Crypto expressed expectations for a dovish stance from Powell, which could positively impact the crypto market.
Despite overall market trends, XRP continued to trade above $3, supported by recent purchases from large investors. Meme coins like Dogecoin 
$0.330999, Shiba Inu, TRUMP, and PEPE also faced losses, with declines of 3%, 5%, and around 8%, respectively.
Market fluctuations in the cryptocurrency sector may persist, contingent upon the Fed’s interest rate decision. Investors remain attentive to economic indicators and the Fed’s future policies as they navigate this volatile landscape.
