Bitcoin slips below $98,000; Altcoins trade mixed

Bitcoin had slipped 1.5% to $97,808, while Ethereum surged 1.3% to $2,747. Meanwhile, The global cryptocurrency market cap fell by 0.44% to approximately $3.22 trillion in the past 24 hours.

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"Despite this volatility, Bitcoin dominance has surged to its highest level in four years, indicating strong investor interest in the cryptocurrency as a hedge against inflation and economic uncertainty. Investors are optimistic that while immediate volatility is likely due to tariff concerns, February historically presents a favorable month for Bitcoin," Thakral said.

Meme coins are a highly volatile corner of the crypto industry that often start as a joke with no real value but can surge in price if enough people are willing to buy them.

Cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners, with some well-known digital assets and President Donald Trump's own meme coin taking big hits.