What a week it was for the entire cryptocurrency market. Let’s start and focus on Bitcoin.
To start the trading week, the main digital currency experienced a significant price adjustment, plunging over multiple thousands of dollars within 24 hours. Earlier indicators pointed to a possible fall below $90,000, which indeed happened later on.
As an analyst, I observed a dip in Bitcoin’s value, pushing it below $90,000 – a level not seen since November. Yet, remarkably, Bitcoin quickly recovered from this downturn, surging by approximately $7,000 within just 24 hours. The mid-week period, when the US Consumer Price Index (CPI) figures for December were due to be released, was anticipated as a potentially volatile time.
Despite the Consumer Price Index (CPI) remaining at approximately 3% year over year, Bitcoin and the broader market saw an increase in value following the announcement. By the end of the day, Bitcoin had almost reached $100,000 and surpassed that level on Thursday and Friday. In fact, it hit a multi-week high of around $103,000 earlier today. Consequently, it gained nearly $14,000 from its low on Monday, achieved in the span of just a few trading days.
During a specific time period, several alternative coins experienced significant and even greater increases. However, Ripple‘s native token outperformed the rest yet again. On Monday, it hit a low of $2.33, but within the next 72 hours, it surged to $3.39 on various platforms, almost reaching its 2018 peak price of $3.4 (as reported by CoinGecko).
Based on the graph, it appears that the current market situation for the week is quite advantageous, boasting a significant number of substantial winners. Apart from XRP, other cryptocurrencies showing double-digit growth include DOGE, SOL, ADA, XLM, LINK, AVAX, SHIB, HBAR, and many others.
Market Data
Market Cap: $3.755T | 24H Vol: $185B | BTC Dominance: 54.1%
BTC: $102,700 (+9.5%) | ETH: $3,415 (+4.75% ) | XRP: $3.27 (+42%)
This Week’s Crypto Headlines You Can’t Miss
Tether, a prominent digital asset company, intends to transfer its business operations, including its headquarters, to El Salvador following the acquisition of a Digital Asset Service Provider (DASP) license in the country. This move underscores the growing attraction of El Salvador as a destination for digital asset businesses.
In a move that buckles the broader skepticism from the Italian government towards cryptocurrencies, the country’s largest banking institution, Intesa Sanpaolo, has allegedly made history with a €1M purchase of Bitcoin (approximately 11 BTC).
The price of Litecoin soared by 17% as large investors (whales) amassed holdings on spot ETFs, fueling optimism. With a pro-crypto administration taking office in the U.S., there are whispers that several alternative coins might be authorized to launch their own exchange-traded funds. This week, Litecoin was the most sought-after choice among investors, causing its value to spike dramatically by double digits.
US Securities and Exchange Commission Challenges 2023 Ruling in Ripple Case: What Happens Next?
The United States Securities and Exchange Commission officially filed an appeal against a 2023 decision by Judge Torres, which stated that the sale of XRP tokens on cryptocurrency exchanges did not violate securities laws. The SEC made this move just before the deadline expired, despite the fact that leadership within the agency is set to change in the coming days.
In the final days before President-elect Trump’s inauguration, there is growing speculation that he intends to prioritize cryptocurrencies at a national level. This follows his numerous pledges in support of digital currencies during his campaign. The most recent reports hint towards this intention becoming a reality from day one of his presidency.
The accumulation of Bitcoin by institutions has increased significantly on Coinbase, which could explain why Bitcoin’s price is reaching a 10-day high. The strategies of US market participants have a significant impact on Bitcoin’s price fluctuations, and the recent rise in Bitcoin’s price may be largely due to the increasing transactions on US exchanges like Coinbase.
Charts
This week’s blog post offers an in-depth examination of Ethereum, Ripple, Cardano, Binance Coin, and Solana prices – click here to access the entire analysis.
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2025-01-17 17:34