Why is crypto down today?

Today the cryptocurrency market is witnessing a decline as marketers expect President Donald Trump’s swearing-in to be a “news selling event.” As a result, the company’s market capitalization has decreased by 2.98% to $3.53 trillion since yesterday. Trading volume also decreased by 24.92% to settle at $147.07 billion. However, what is surprising is that the Fear and Greed Index remains at a “greed” score of 60.

Bitcoin is facing outflows from ETFs as the broader market declines

Bitcoin’s price fell from a 24-hour high of $105,908.98, to a press time price of $102,465.93. The price decline is in line with outflows of $95.62 million in Bitcoin ETFs, recorded on January 22, 2025. However, Bitcoin’s market dominance remains stalled at $2.03 trillion, even though trading volume has fallen by 22.97%, to $59.01 billion.

Are you concerned about the next price target for Bitcoin? Read our Bitcoin (BTC) price predictions for 2025, 2026-2030

Altcoins following in BTC’s footsteps?

Ethereum price fell 3.23%, trading at $3,214.02. Solana and XRP followed closely behind, with losses of 2.56% and 0.83%, respectively.

In contrast, some altcoins such as PENGU (+6.67%), XDC Network (+4.15%), and Gate Token (+3.74%) emerged as the biggest gainers, bucking the trend. However, AI16Z (-22.11%), MELANIA (-19.40%), and FARTCOIN (-18.65%) dominated the list of losers.

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However, the market pullback appears to be a combination of profit taking and lower trading volumes, especially in major assets, indicating a consolidation phase.

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