Crypto Market Today Feb 5: BTC Slips To $98K, Altcoins Volatile, MELANIA Up 18%

The crypto market on Wednesday again illustrated a volatile movement after showing signs of recovery recently. Bitcoin (BTC) price slipped back to the $98K level over the past day, whereas altcoins like Ethereum (ETH), Solana (SOL), and XRP have mainly mimicked a waning movement. However, MELANIA meme coin defied the broader market trend, trading dominantly in the green zone.

Here’s a closer look at some of the most trending coins for the day and how they are delivering.

Crypto Market Volatility Sparks Investor Concerns

Despite Trump’s new tariffs being paused and the broader market showing signs of recovery yesterday, a highly volatile movement kicked in on February 5. Cryptocurrency prices mainly dropped, with the global market cap further shrinking by 2.84% to $3.22 trillion. Also, the total market volume declined 24.46% from yesterday, reaching $193.74 billion.

Bitcoin Price Fluxes Near The $98K Level Amid Crypto Market Volatility

At the time of reporting, BTC price lost nearly 3% in value and exchanged hands at $98,054. The flagship coin’s 24-hour low and high were $96,208.11 and $100,826.91, respectively. Notably, the current waning action aligns with BTC recording $123.44 million worth of liquidations intraday, per Coinglass data. Also, BTC futures OI was down 2.86% to $58.68 billion in the past 24 hours. However, Bitcoin’s market dominance was up 0.07% to 60.40%.

Ethereum Price Cracks Over 3%

ETH price mimicked a waning action in tandem with the broader crypto market trend, down slightly over 3% to $2,721. The coin’s intraday bottom and peak were $2,636.17 and $2,869.51, respectively. It’s worth mentioning that Ethereum recorded $146.76 million worth of liquidations in the past 24 hours, signing with the price dip. Also, ETH futures OI was down roughly 1% to $23.81 billion.

XRP Price Drops 8%

Further, the Ripple Labs-backed cryptocurrency witnessed an alarming 7% fall over the past day, reaching $2.51. The coin’s 24-hour low and high were $2.44 and $2.73, respectively. Notably, XRP price pulled back amid the network facing issues regarding consensus running and validations, as spotlighted by Ripple CTO David “JoelKatz” Schwartz on X.

Solana Price Drops In Sync

Meanwhile, SOL price mirrored the broader market trend, dipping nearly 4% to $207. The coin’s 24-hour low and high were $202.85 and $218.30, respectively.

Meme Crypto Market Wanes

Simultaneously, meme coins like DOGE, SHIB, and PEPE also tanked remarkably. DOGE price was down by over 6% intraday, resting at $0.2642. SHIB price slipped by 2% over the past day and is now trading at $0.00001593. Further, PEPE price plunged over 4% and is currently sitting at the $0.00001 level.

Top Crypto Market Gainers Today

Official Melania Meme (MELANIA)

Price: $1.68
24-Hour Gains: +18%

Sui (SUI)

Price: $3.67
24-Hour Gains: +4%

Pudgy Penguins (PENGU)

Price: $0.01343
24-Hour Gains: +4%

Hyperliquid (HYPER)

Price: $25.58
24-Hour Gains: +3%

Top Crypto Market Losers Today

Ethena (ENA)

Price: $0.5962
24-Hour Loss: -9%

Aerodrome Finance (AERO)

Price: $0.8903
24-Hour Loss: -8%

Jito (JTO)

Price: $2.89
24-Hour Loss: -7.5%

Kaspa (KAS)

Price: $0.09811
24-Hour Loss: -7%

Overall, broader market sentiments remain optimistic about long-term prospects, given recent developments around a U.S. Bitcoin reserve. Notably, Crypto Czar David Sacks revealed that the U.S. is currently evaluating the creation of a strategic Bitcoin reserve, CoinGape reported. In turn, market experts eagerly await the bullish development, with some expecting a better state of prices across the sector in the future in light of this development.