As a seasoned crypto analyst with years of experience navigating the volatile world of digital assets, I must say that this week has been quite a rollercoaster ride! The market movements we’ve seen are typical of the cryptocurrency sphere, where fortunes can be made and lost in the blink of an eye.
Bitcoin (BTC) soared beyond $107,000, hitting a record peak of $107,780, following President-elect Donald Trump’s renewed commitment to establish a United States Bitcoin strategic reserve, reminiscent of the country’s strategic petroleum reserves. In the last 24 hours, BTC has risen by 2.42%, and over the past week, it has surged by 10%, as its post-election surge persists.
Since Donald Trump’s election win in November, the world’s leading and widely-used digital currency has experienced a surge, with its value rising by more than 50%.
The extraordinary surge in Bitcoin’s price has had a noticeable effect on other digital currencies too. For instance, Ethereum reached a significant milestone by passing the $4,000 threshold, marking a 2.40% increase over the last day. Interestingly, Ripple has once more moved ahead of Tether to claim the third-largest cryptocurrency position, with an almost 16% growth over the past week. Contrastingly, Solana experienced a noticeable dip, falling nearly 3% in the last 24 hours. Meanwhile, Cardano, Tron, Chainlink, and Aave have also recorded impressive gains.
Crypto Receives Major Boost Thanks To Trump’s Comments
Since the US elections that brought Donald Trump into office and several pro-cryptocurrency candidates to power, Bitcoin (BTC) has surged by more than 50%. This significant price increase has caused the overall value of the cryptocurrency market to double this year, reaching a staggering $3.8 trillion as per data from CoinGecko. Interestingly, Trump, who previously referred to crypto as a scam, began advocating for digital assets during his campaign and even pledged to establish the US as the global leader in cryptocurrencies. Furthermore, Trump appointed David Sacks, a former PayPal executive, as White House advisor on artificial intelligence and cryptocurrencies. Additionally, Trump has nominated Paul Atkins, an attorney known for his support of crypto, as the potential next chair of the Securities and Exchange Commission (SEC).
MicroStrategy Added To Nasdaq-100
Michael Saylor’s MicroStrategy is set to join the Nasdaq-100 Index, with the change taking place before the market begins trading for the day. The company’s bold move of heavily investing in Bitcoin (BTC) has seen its stock price increase sixfold this year, resulting in a massive market value of $94 billion, making it the largest corporate holder of Bitcoin. This unexpected announcement caused MicroStrategy’s shares to rise by 4.2% on Monday. Matthew Dibb, Chief Investment Officer at Astronaut Capital, commented on the inclusion, saying it was somewhat surprising.
As an analyst, I found the incorporation somewhat surprising, yet it didn’t dampen the anticipation stirred by the notion that this move might initiate a recurring capital flow mechanism. If successful, this loop could theoretically boost the current market value of Bitcoin.
MicroStrategy Purchases More Bitcoin (BTC)
Last week, ending December 15, MicroStrategy acquired an additional 15,350 Bitcoins at around $100,386 per Bitcoin. This purchase was funded by selling off some of the company’s shares. With this latest acquisition, MicroStrategy now holds a total of approximately 439,000 Bitcoins, which equates to a staggering $47 billion at current market prices.
The business aspires to join the S&P 500 index, but analysts James Seyffart and Eric Balchunas suggest it might be challenging due to certain factors. For a company to qualify, it needs to have a market capitalization of at least $18 billion, but the S&P holds the power to choose which firms are included. The analysts mention that MicroStrategy’s main hurdle could be its lack of profitability, as the company has not turned a profit in recent quarters. However, they predict this situation may improve by 2025.
Under current accounting guidelines, businesses such as MicroStrategy are unable to record Bitcoin on their financial statements at its fair market value. Instead, they must incur an impairment loss if the price decreases and cannot acknowledge any profit from increasing Bitcoin values. However, recently proposed regulations by the Financial Accounting Standards Board enable companies to recognize some benefits derived from rising Bitcoin prices.
Ripple To Roll Out RLUSD Stablecoin
On December 17, Ripple is set to launch its RLUSD stablecoin following regulatory approval. This digital currency will soon be available on significant exchanges and crypto platforms such as MoonPay, Uphold, Archax, CoinMENA, with more listings on Bitstamp, Bitso, Bullish, and others coming up in the near future. Additionally, Ripple has added two new members to its stablecoin advisory board: Raghuram Rajan, a former Reserve Bank of India governor, and Kenneth Montgomery, who previously held the position of first vice president and COO at the Federal Reserve Bank of Boston.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) reached another unprecedented peak, soaring to a never-before-seen high of $107,780, fueled by increasing enthusiasm about its potential function as a US reserve asset. This latest achievement for BTC followed President-elect Donald Trump’s declaration of plans to establish a Bitcoin strategic reserve akin to the U.S. Strategic Petroleum Reserve. Trump reinforced his views in an interview, expressing that America would leverage crypto in a remarkable way. Consequently, market sentiment has been reinvigorated, with other digital currencies also experiencing significant growth. Furthermore, cryptocurrency exchange-traded products (ETPs) have also seen record inflows. According to CoinShares, an impressive $3.2 billion flowed into these ETPs, with BTC making up more than half of the investments in this sector.
Bitcoin saw a minor dip following its new record high, currently trading around $106,719, marking a nearly 1% rise over the past day. The general feeling towards Bitcoin has turned optimistic after Trump’s remarks, although it initially showed bearish signs during the previous week. Last week, Bitcoin began with a 3.57% drop, reaching an intraday low of $94,185 and momentarily dipping beneath the 20-day Simple Moving Average (SMA). It partially recovered from that point to surpass the 20-day SMA and settle at $97,434. On Tuesday, the bearish sentiment continued as Bitcoin experienced a slight decrease, closing at $96,912, but only after hitting an intraday low of $94,313. Despite starting the week in negative territory, Bitcoin rallied on Wednesday, gaining 4.12% to surpass $100,000 and settle at $100,900. However, the price dipped back into the red on Thursday, nearly 1% decrease, falling below $100,000 to close at $99,923.
As a researcher, I observed a remarkable recovery in BTC on Friday, pushing it back over the $100,000 mark with a 1.47% increase, ending the day at $101,394. However, the weekend began modestly downward as buyers struggled to gain momentum on Saturday. A strong rebound occurred on Sunday, with BTC rising nearly 3%, closing the day at $104,181. Bullish sentiments prevailed on Monday, driving BTC to establish a new all-time high, peaking at an intraday high of $107,780 before slightly dipping to $105,750. Currently, the session sees BTC climbing towards the $110,000 mark with an almost 1% increase.
Ethereum (ETH) Price Analysis
After a long-standing struggle, Ethereum (ETH) managed to exceed the resistance point of $4,000. Market observers are now eager to see if ETH can continue its upward trend and aim for $4,500. Since early December, ETH had found it difficult to surpass the $4,000 mark, experiencing a 7% drop on Monday when it failed to maintain above this level. This dip took ETH down to an intra-day low of $3,536 before stabilizing at $3,715. The sellers held the upper hand on Tuesday as ETH dipped to another intra-day low of $3,521, briefly falling below its 20-day Simple Moving Average (SMA) before ending the day at $3,630, marking a 2.30% decline. However, ETH regained momentum on Wednesday, recording a 5.62% increase to surpass $3,800 and settle at $3,834. The buyers maintained control on Thursday as ETH reached an intra-day high of $3,988 before closing the day at $3,882, resulting in a 1.26% rise overall.
Positive feelings about Ethereum (ETH) started to decrease on Friday, as it only saw a minor growth. Even though there was an increase, ETH could potentially reach $3,907 and settle at $3,907. The weekend started with ETH falling nearly 1% on Saturday and dropping below $3,900 to $3,869. However, it bounced back on Sunday, rising by 2.25% and settling at $3,956. This week began with Ethereum showing considerable volatility as buyers and sellers fought for dominance. As a consequence, ETH hit an intraday low of $3,882 and reached an intraday high of $4,106 before settling at $3,985 after a 0.74% increase. Currently, Ethereum is slightly up and trading around $4,007. Buyers aim to keep ETH above $4,000 and move towards $4,500. In contrast, sellers will try to regain control and push ETH below $4,000 and towards $3,800.
Solana (SOL) Price Analysis
Over the past few days, the price of Solana (SOL) has been on a downward trend, dipping below its support at $220 due to increased selling pressure. This downturn began on November 23rd when SOL’s bullish momentum came to a halt after it failed to maintain levels above $260. Last week saw bearish sentiment escalate, causing SOL to plunge by 8.55% down to an intraday low of $205 before stabilizing at $216. On Tuesday, sellers maintained control, pushing the price to an intraday low of $201 and ending the day at $213 after a 1.47% drop. However, on Wednesday, SOL showed some resilience, rising by 6.38% to reach $227. On Thursday, SOL attempted to surpass its 20-day Simple Moving Average (SMA), reaching an intraday high of $234. Yet, it failed to sustain this momentum and slid back down to $215, recording a minor decline.
On Friday, sellers held the reins as SOL decreased by 0.96%, closing at $224. Attempting to push SOL below its 50-day Simple Moving Average (SMA) on Saturday, it dropped to an intraday low of $215. However, it recouped some losses from this point, ending the day at $219, resulting in a 2.22% decrease overall. On Sunday, SOL rebounded with a nearly 2% growth and climbed back up to $224. Despite finishing the weekend on an uptick, SOL slipped back into negative territory on Monday, falling by almost 4%, dropping below its 50-day SMA and $220 to settle at $216. In the current session, sellers aim to drive SOL towards the $200 mark.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) has been finding it tough to gain traction and push above its 20-day Simple Moving Average (SMA), as traders seem eager to pull down the price below the $1 mark. Last week, ARB experienced a significant drop, tumbling by more than 17% to reach an intraday low of $0.840 before rebounding slightly to $0.960. The bearish trend continued on Tuesday, with ARB seeing increased volatility. This resulted in ARB reaching an intraday high of $1.10 and a low of $0.875, closing the day at $0.938, still below its 20-day SMA. However, ARB managed to recover on Wednesday, increasing by 6.51% to surpass the 20-day SMA and close at $0.999.
Buyers pushed ARB to an intraday high of $1.11 on Thursday as bullish sentiment increased considerably. However, buyers could not maintain momentum, and the price dropped to $1.02, registering an increase of almost 3%. Friday saw a marginal increase as ARB rose to $1.03 as momentum began waning. Sellers took control on Saturday, driving ARB down nearly 5% as it fell below the 20-day SMA and $1 and settled at $0.984. The price recovered on Sunday, rising over 3% to reclaim $1 and settle at $1.01. However, bearish sentiment returned on Monday as ARB fell by 1.28% and settled at $1. The current session sees ARB down by almost 1%, slipping below $1 and trading around $0.995.
Chainlink (LINK) Price Analysis
Currently, Chainlink (LINK) is having a tough time breaking past $30, as selling pressure has led to a slowdown in buying momentum. Last Monday saw LINK plummet by nearly 15%, reaching an intraday low of $19.78 before closing at $22.30. The price experienced significant fluctuations on Tuesday due to a battle between buyers and sellers for control, with LINK peaking at an intraday high of $23.78 and dipping to an intraday low of $20.29 before ending the day at $22.13, showing only minimal decline. However, on Wednesday, LINK rallied from its support levels, recording a nearly 9% increase and closing at $24.06. On Thursday, optimism around LINK grew substantially as it climbed over 21%, reaching $29.15 in an attempt to overcome the resistance at $30.
On Friday, as LINK faced resistance at its current level, market volatility surged due to a struggle between buyers and sellers to control the price movement. At one point during the day, LINK reached an intraday peak of $30.95. However, it failed to maintain this level and dipped to a low of $27.54 before closing at $28.79 after a slight decrease. Over the weekend, buyers aimed to push LINK above $30, reaching $30.78 before settling at $29.11. On Sunday, there was a minor increase and LINK closed at $29.24, still failing to surpass the $30 mark. Pessimism intensified on Monday when another attempt to go above $30 failed, causing LINK to drop nearly 2% after reaching an intraday high of $30.83 and finishing at $28.72. Currently, in the ongoing session, buyers are trying to drive down the price towards $25 as LINK continues to decline by almost 2%.
Toncoin (TON) Price Analysis
Last week witnessed a significant decline in Toncoin (TON), with its price dropping more than 14% and dipping below crucial support levels as well as both the 20-day and 200-day Simple Moving Averages (SMAs) to hit $5.80. On Tuesday, TON saw further declines, reaching an intra-day low of $5.50. However, it managed to recover from this level, registering a 2.41% increase and closing at $5.94. The bullish mood intensified on Wednesday as TON surged nearly 7%, reclaimed the $6 price point, moved above the 200-day SMA, and closed at $6.34. On Thursday, buyers tried to push TON above the 20-day SMA, reaching an intra-day high of $6.48. Yet, it lost steam at this level and experienced a minor decrease to close at $6.32.
On Friday, sellers maintained dominance, causing a 0.54% decrease in TON’s value, closing at $6.29. Selling pressure intensified on Saturday, resulting in a 1% drop of TON to $6.22. Contrarily, on Sunday, TON saw an almost 3% increase, climbing up to $6.39 amidst growing selling pressure. However, bearish sentiments resurfaced on Monday, pushing down TON by over 5%, falling below the 200-day Simple Moving Average (SMA) to close at $6.05. As of now, sellers are attempting to drive TON’s price lower than $6.
Fantom (FTM) Price Analysis
Despite a steep drop of nearly 16% on Monday that took Fantom (FTM) down to $1.12, the cryptocurrency is optimistically heading towards $1.50. After starting the week in the negative due to this drop, FTM bounced back by over 3% on Tuesday, reaching $1.15. The bullish trend continued on Wednesday with a rise of 8%, taking it to $1.25. On Thursday, buyers aimed for higher levels, pushing FTM up to an intraday high of $1.32. However, the momentum faded after this peak, causing a minor dip to $1.23, representing a decline of 1.35%. Yet, on Friday, buyers regained interest in FTM and it saw an almost 7% increase, settling at $1.31.
On Friday, FTM had a notable increase, but it moved back into negative territory on Saturday, losing approximately 7% to reach $1.22. However, the price bounced back significantly on Saturday, climbing nearly 17% above the resistance at $1.35 and settling at $1.38. In the present trading session, FTM is slightly up, with both buyers and sellers vying for control.
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2024-12-17 13:10