Crypto prices on Feb 5: BTC slips below $98k, MELANIA top gainer

The cryptocurrency market witnessed renewed volatility on Wednesday, following a recent recovery phase. Cryptocurrency prices slid across the board, with the global crypto market cap going down 1.52% to $3.21 trillion.Bitcoin (BTC) retraced to the $98,000 level, while popular altcoins like Solana (SOL) and XRP experienced downward momentum. Trading volume in the market totalled $188.35 billion during the same period, marking a 23.00% decrease. Bitcoin (BTC) price todayBitcoin, the leading cryptocurrency, saw its value decline by over 1% to $97,959.35 at the time of writing. The coin’s 24-hour trading range spanned from $96,208.11 to $100,807.91. Liquidations of BTC positions totaled $123.44 million over the same period, according to Coinglass data. Bitcoin’s market dominance increased slightly by 0.05%, currently at 60.50%.The Trump administration has offered further insight into its pro-crypto initiatives, signaling potential major developments in the coming years. AI/Crypto Czar David Sacks mentioned during a press briefing that the establishment of a Bitcoin Reserve is “one of the first things to look at.” Separately, Commerce Secretary-led evaluations are considering Bitcoin purchases for the US Sovereign Wealth Fund.This could indicate parallel BTC accumulation efforts by two federal agencies. Ethereum (ETH) price todayEthereum (ETH) bucked the general market trend, with its price going over close to 1% to $$2,717.56. The coin’s intraday low and high were recorded at $2,636.17 and $2,869.51, respectively. Trading volumes for the coin were down 20% at $46 billion.XRP and SOL price todayXRP faced a sharper decline, dropping by 2% to $2.50. Its 24-hour trading range spanned $2.44 to $2.73. The slump made the coin the biggest loser among the top 10 cryptocurrencies by market cap.Ripple CTO David Schwartz acknowledged issues related to network consensus and validations, which may have contributed to the token’s underperformance.Solana (SOL) followed the broader market’s bearish movement, trading marginally lower at around $204. The token’s trading range for the day extended from $202.85 to $218.30.Toronto-based crypto holding company Sol Strategies has increased its Solana holdings. Between January 19 and January 31, the firm purchased an additional 40,300 SOL for approximately $9.93 million at an average price of $246.53 per token, including fees and expenses, according to a press release on Tuesday.As of January 31, Sol Strategies and its subsidiaries hold a total of 189,968 SOL, acquired at an average price of about $179 per SOL. The aggregate value of their holdings now stands at nearly $40 million.Top crypto gainers and losersOfficial Melania (MELANIA) led the top gainers in the last 24 hours with a 16.82% surge, currently priced at $1.64. FTX Token (FTT) followed closely, rising by 16.30% to $2.09. Pudgy Penguins (PENGU) saw an 8.42% increase, now trading at $0.0134. Dogwifhat (WIF) recorded a 7.97% gain, reaching $0.8397, while Hyperliquid (HYPE) rounded out the top gainers with a 7.44% increase, priced at $25.98. Ethena (ENA) has led the declines among the top losers in the last 24 hours, dropping by 6.12% to $0.5875. Lido DAO (LDO) followed with a 4.95% slide, now trading at $1.67. Aerodrome Finance (AERO) also saw a 4.18% decrease, with its price currently at $0.8912. Broader crypto price actionInternet Computer (ICP) has seen a slight uptick of 0.62% over the last 24 hours, currently trading at $7.09. Kaspa (KAS) has slipped by 1.27% in the past 24 hours and is valued at $0.09762. Immutable (IMX) has dipped slightly by 0.35% over the last day, trading at $0.818. Injective (INJ) has climbed by 1.72% over the past 24 hours, reaching $14.37. JasmyCoin (JASMY) has seen a minor decline of 0.29% in the last 24 hours, at $0.0236. IOTA (IOTA) has risen by 3.08% over the past day and is now at $0.2269. Helium (HNT) has remained relatively stable, with a negligible decrease of 0.07% in the last 24 hours, currently at $3.31. Kava (KAVA) has inched up by 0.63% over the past day, trading at $0.4839. JUST (JST) has jumped by 4.12% in the last 24 hours, reaching $0.03456. Kusama (KSM) has seen a slight increase of 1.92% over the past day, currently priced at $19.77.IoTeX (IOTX) has increased by 1.85% in the last 24 hours, currently trading at $0.02204. Horizen (ZEN) has seen a slight increase of 0.23% over the last day, reaching a price of $12.57. Kadena (KDA) has experienced a modest 0.73% rise in the past 24 hours, currently valued at $0.5558. Hive (HIVE) has decreased by 1.55% over the last day and is now priced at $0.3222. Huobi Token (HT) has surged by 15.63% in the past 24 hours, with its price currently at $0.8859. ICON (ICX) has seen a 2.16% increase in value over the last day, trading at $0.1291. IOST (IOST) has shown a 1.56% rise in the past 24 hours, now priced at $0.004877. Kyber Network Crystal v2 (KNC) has climbed by 1.89% over the last day, currently at $0.4161. Komodo (KMD) has seen a 1.00% increase in the past 24 hours, trading at $0.1897. HyperCash (HC) has experienced a minor decline of 0.86% over the last day and is currently valued at $0.01603.Klaytn (KLAY) has seen a modest increase of 0.94% in the last 24 hours, currently trading at $0.1396. Over the past day, Libra (LIBRA) has climbed by 2.65%, reaching a price of $0.0008704. HedgeTrade (HEDG) has experienced a slight rise of 0.12% over the last 24 hours and is currently valued at $0.005598.