invezz.com
06 February 2025 13:56, UTC
Cryptocurrencies continue to struggle after sharp declines earlier in the week.
This sees Bitcoin ($BTC) hover below $100,000 and most altcoins battling to hold onto recent gains.
However, Litecoin ($LTC) and FTX Token ($FTT) are among top gainers on February 6, 2025.
Here’s an update for the crypto market today.
Bitcoin continued to show some resilience on Thursday, with price bouncing from lows of $96,174 to trade above $98,700.
However, the gains still see the top digital asset stuck below the psychological $100K level.
This follows bears’ rejection of bulls’ attempts to build momentum following last week’s brutal sell-off for equities and digital assets.
The DeepSeek AI impact and tariffs added to the overall struggles for TradiFi, while a lack of clear catalysts for crypto means $BTC remains weak.
According to on-chain and financial metrics platform glassnode, Bitcoin’s realized volatility over a three-month rolling window has dropped to 50%.
In previous bull markets, it has exceeded 80%, suggesting a change in $BTC volatility profile.
#$BTC‘s Realized Volatility on a 3-month rolling window is typically below 50% this cycle, whereas it regularly exceeded 80% to 100% in the prior two bull runs. These historically low levels for a bull market show #Bitcoin‘s volatility profile is changing: glassno.de/4hLnLqL
Despite Bitcoin’s price outlook, crypto analyst Rekt Capital pointed to $BTC Dominance as rising 6% since the end of 2024.
Per CoinMarketCap, Bitcoin dominance stood at 60.4% and Ethereum at 10.6% – the ETH price having dipped to lows of $2,100 amid the recent sell-off not helping the top altcoin.
Ethereum was nonetheless up to $2,850 at the time of writing, up 3% in the past 24 hours.
Bitcoin’s The resilience shown by $BTC means most altcoins have not picked up upward momentum as expected. Ripple (XRP), Solana (SOL) and $BNB ($BNB) trade near key support levels.
Avalanche ($AVAX) and Cardano ($ADA) prices managed 1.6% uptick and -2% respectively early in the day.
This is despise bullish developments related to Swedish digital asset manager Virtune, which announced the launch of $AVAX and $ADA exchange-traded products (ETPs) on Nasdaq Helsinki.
Despite top coins struggling, Litecoin ($LTC) and FTX Token were among top gainers.
For $LTC, a proof of work coin, much of the latest positive moves is down to developments around ETFs.
$LTC rose to above $109, up 5% after the NYSE filed to convert Grayscale’ Litecoin Trust into a spot $LTC ETF.
FTX Token’s surge on the other hand comes amid news of FTX payout distributions.
On Wednesday, FTX Recovery Trust noted that distributions to creditors with claims under $50,000 will begin on February 18, 2025.
The $FTT price is up nearly 8% and could mirror previous trends where the token’s price has pumped on announcements related to repayments.
Apart from $LTC and $FTT, other top gainers among 100 largest cryptocurrencies by market cap are Sonic (S), Official Trump (TRUMP) and Lido DAO (LDO).
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