Crypto Price on February 6: Bitcoin drops below $42,800; altcoins trade mixed

Major cryptocurrency tokens traded neutral on Tuesday, as prospects of a near-term Federal Reserve rate cut faded. Bitcoin (-0.15%), BNB (-0.9%), Solana (-0.7%), Cardano (-1.1%), and Avalanche (-2.1%) were down, while Ethereum (0.7%), XRP (.3%), Polygon (1.9%), and Chainlink (2.3%) were up.

The global cryptocurrency market cap surged 0.24% to around $1.64 trillion in the last 24 hours.

Bitcoin was trading 0.15% lower at $42,704. Bitcoin, the world’s largest cryptocurrency, has seen its market capitalization drop to $837 billion in the last 24 hours.

Federal Reserve Chair Jerome Powell’s announcement that the Fed does not intend to lower rates in March did little to damper optimistic sentiment, as the $42,000 mark found strong support. BTC’s next resistance level is $43,800, with support at $41,300.

Bitcoin continues to consolidate below $43,000 as traders look for new ammo to counteract selling pressure over that level. With the exception of Chainlink, other altcoins are trading in a range.

DeFi currently has a total volume of $4.15 billion, accounting for 9.67% of the whole crypto market’s 24-hour volume. According to CoinMarketCap data, the total amount of stablecoins is now $39.65 billion, accounting for 92.29% of the whole crypto market’s 24-hour volume.

According to CoinMarketCap, Bitcoin now has a dominance of 51.14%. BTC volume increased by 20% over the last 24 hours to $18.1 billion.