The crypto market chart indicates predominantly negative trends on Thursday, February 1. Bitcoin observed a decline of 2.28%, pushing its value below the recently regained threshold of $42,400.
At the time of this report, BTC is being traded at $42,167. Analysts in the cryptocurrency sector commented on the situation, attributing the shift from positive to mildly bearish conditions over the past 24 hours to the decision of the Federal Reserve to maintain unchanged interest rates.
Ether mirrored Bitcoin's downturn, trailing behind with a loss of 3.78%, bringing the current value of Ether to $2,258.
“BTC, positioned within its range, currently finds itself in the middle, with the increasing dominance of BTC leading to declines in the majority of altcoins. ETH is experiencing a similar scenario, trading within its established range. Additionally, the market sentiment is being influenced by the regular movement of funds through ETFs, contributing to the overall dynamics of the market,” explained crypto analysts.
Thursday saw losses across various cryptocurrencies, including Cardano, Avalanche, Dogecoin, Polkadot, Chainlink, and Polygon.
Other digital currencies that experienced price declines encompass Binance Coin, Solana, Ripple, Tether, USD Coin, and Leo.
The total valuation of the crypto market notably dropped by 8.35% in the last 24 hours, with the overall market cap standing at $1.51 trillion, according to CoinMarketCap.
Meanwhile, Tron, Monero, Iota, Braintrust, and Dogefi managed to exhibit modest gains amidst the broader market trends.
