This week’s trading debut has been nothing less than sensational. Initially, Bitcoin‘s value plummeted beneath $100,000, but it swiftly soared, reaching a record-breaking peak above $109,000.
Currently, many alternative cryptocurrencies (altcoins) are showing positive gains on a day-to-day basis, despite experiencing a dip during the early hours of trading in Asia on Monday morning.
BTC’s New Peak
Over the last week, we’ve seen the resilience and potential of Bitcoin and the cryptocurrency market. Remind yourself that the leading digital currency dipped below $90,000 for the first time since November, following a significant one-day decline exceeding $7,000, which occurred on Monday.
Despite the initial crash, it swiftly bounced back and began regaining value right away. By the close of the trading week, it had continued to rise, with its price surging over $100,000 following the release of more positive CPI figures on Wednesday.
Over the weekend, while everyone was focusing on Trump’s meme coin, Bitcoin continued to hold its ground and even reached a high of $106,000 on Sunday. However, it was then that the real fluctuations occurred, as the cryptocurrency dropped sharply by thousands of dollars, falling back below $100,000.
Despite anticipation of a drop in market prices prior to Donald Trump’s inauguration today, bitcoin unexpectedly surged instead, reaching an unprecedented peak of more than $109,000.
Currently, it’s sitting at approximately $108,000. Its market capitalization has skyrocketed to an impressive $2.140 trillion, and its control over altcoins is at 55.4%.
LINK on the Move
On Monday morning, many alternative cryptocurrencies experienced similar volatility but have since shown positive growth on a daily basis. Ethereum reached $3,400 after climbing 5.5% from yesterday, while Cardano (ADA) has risen to $1.1 following a comparable increase. XRP, Binance Coin (BNB), Dogecoin (DOGE), Stellar Lumens (XLM), Tron (TRX), and Avalanche (AVAX) are also experiencing growth.
Today, LINK has outshone others with an impressive jump of 15%. This rise has elevated Chainlink’s token value to over $26.
The latest and most debatable cryptocurrencies based on memes – TRUMP and MELANIA – have experienced significant fluctuations in value, and it’s anticipated that this trend will persist throughout the day.
As an analyst, I’ve observed a significant surge in the crypto market capitalization, with a notable addition of more than $100 billion since yesterday. Currently, the total market cap stands above $3.86 trillion, according to CoinMarketCap.
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2025-01-20 12:18