Today, the broader digital asset market experienced a slight recovery after significant slumps in the past few days. Its broader market valuation witnessed a 2.57% increase to $3.21 trillion. However, its market volume saw a 23.62% decrease to $241.16 billion. Meanwhile, the fear and greed index responded positively, as it surged to 72, highlighting improved investor enthusiasm in the digital asset market.
The recovery came after US President Trump temporarily halted a recent proposal to introduce heavy taxes on goods imported from Canada and Mexico. Since Saturday, the plan to impose such hefty tariffs triggered fear in the global markets, including cryptocurrency.
The halt came after the Mexican president reached an agreement with Trump to postpone the taxation plan for one month. Canadian Prime Minister also had a telephone conversation with Trump regarding the tax issues. The suspension appeased market anxiety enabling the cryptocurrency markets to experience some recovery.
Market Overview
The market rollercoaster takes another turn. $BTC rebounded +10% after the drop, but $ETH couldn’t reclaim $3K.
Now, the downturn resumes as China slaps 15% tariffs on US coal and gas. The show goes on.
Market Cap: $3.39T (+5.54%)
BTC dominance: 58.02%… pic.twitter.com/Bq3grAtzUI— CryptoRank.io (@CryptoRank_io) February 4, 2025
Bitcoin at $100k
As a result, the Bitcoin market registered a mild resurgence, which allowed it to rise by 3.18% to trade at $98,545 currently. Its market dominance also surged to 60.89%, currently standing at $1.954 trillion.
In the past three days, whales took advantage of the market dip and bought massive amounts of BTC tokens at lower prices. The recent increased accumulation trend appears to have pushed BTC prices higher. Earlier today, Bitcoin’s value rose to $102,000 but later retraced back to the $98,000 level.
Altcoin market sees relief
Today, altcoin markets also experienced a slight recovery. Ethereum rose by 5.86%, which placed its price at $2,693 currently. XRP saw a 7.46% upsurge to $2.51. Solana also registered a 4.50% uptick, currently standing at $203.85.
Dogecoin and Cardano also witnessed 6.20% and 5.44% increases, currently trading at $0.2623 and $0.7269 respectively. Only BNB and TRON are down 0.11% and 1.18% respectively in the top 10 major cryptocurrencies section.
Top news
Today, major events that took place in the crypto markets are the following:
First, World Liberty Financial, a crypto DeFi project powered by US President Trump, capitalized on the current market dips and purchased 86,000 Ethereum tokens worth $220 million.
Elsewhere, Trump’s son, Eric Trump, posted on his X account that this is an ideal time to buy Ether. His tweet came after Ethereum recovered its value to above $2,900 following Trump’s pause on the taxes aimed at Mexico and Canada.
Lastly, Trump approved an executive order that authorized the country to develop the first-ever US Sovereign Wealth Fund. Such funds are investment funds belonging to a federal government to stabilize a country’s economy through diversified investments and create wealth for the next generations. Such funds are common in non-western, oil-rich nations like Saudi Arabia, Singapore, Norway, Abu Dhabi, and China.
Top gainers
As usual, today’s top gainers are quite different, showing the dynamics within the crypto markets.
DOGEai (DOGEAI) emerged as the top performer with a staggering 197% price rise in the last 24 hours. It was followed by SwarmNode.ai (SNAI), which registered a 122% price surge over the same period.
AGiXT (AGIXT) secured the third position with an 80.3% rise, while Cloudyheart (CLOUDY) recorded a 71.7% increase. Tri Sigma (TRISIG) also made it to this list with a 58.9% uptrend over the same duration.