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Cryptocurrencies Price Prediction: Crypto, Bitcoin & XRP – European Wrap 31 January

Cryptocurrencies Price Prediction: Crypto, Bitcoin & XRP – European Wrap 31 January
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Altcoins surge in crypto comeback: Bittensor, Helium, and Solana lead speculative gains

Bitcoin has observed a decline in its social volume and dominance as seen on the on-chain metric provider Santiment. A decline in social volume indicates that market participants are discussing “Bitcoin” relatively less, and discussions of other altcoins are taking precedence. 

Altcoins Bittensor (TAO), Helium (HNT) and Solana (SOL) emerged as notable performers among others in the crypto market recovery last week.

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Bitcoin holders hopeful as Grayscale's GBTC outflow slows, signaling potential price recovery on the horizon

Bitcoin’s (BTC) price is recovering this week, trading shy of the $43,000 level on Wednesday’s European morning, after its recent drop to $38,555. Outflows from Grayscale’s GBTC have slowed down this week, easing the selling pressure for Bitcoin and likely catalyzing its recent recovery. 

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XRP is weaker than the market – Probably forever

The cryptocurrency market corrected 0.6% in 24 hours to a total capitalisation of $1.65 trillion. The correction was aided by pressure on global equity markets, which lost ground following the IT giants.

Bitcoin, trading near $43K, remains close to its 50-day moving average. It also 'rested' in the same area from the 12th to the 17th of January, so the current calm is not surprising.

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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