As a seasoned investor with over two decades of experience in the cryptocurrency market, I must say that the recent price movements of these digital assets are both intriguing and challenging. Each coin presents its unique characteristics, and understanding their trends can be quite an exhilarating ride.
Bitcoin (BTC) surpassed the $100,000 mark once more, recording a 4% rise in the last 24 hours, as the broader crypto market responded positively to the release of November’s inflation data. The global leader among cryptocurrencies came close to $102,000 after hitting an intraday peak of $101,819 before pulling back to its current position. This breakthrough above $100,000 follows a period where BTC fluctuated between $94,000 and $98,000.
In the last day, many other digital currencies have seen significant growth. For instance, Ethereum (ETH) has risen by more than 7%, approaching the $4,000 mark. Similarly, Ripple (XRP), which experienced a downturn, is now up by 4%. Solana (SOL), which had suffered a steep fall, has also rebounded, rising almost 6% and currently trading at around $230. As the markets show a robust recovery, the overall crypto market capitalization has increased by nearly 6%, standing at approximately $3.65 trillion now.
Crypto Markets Recover
For the first time since setting a new record high, Bitcoin (BTC) surpassed $100,000. This significant rise in BTC also triggered other digital currencies, causing many of them to experience substantial growth. Similarly, stocks related to cryptocurrency saw a notable surge, with Coinbase and MicroStrategy recording gains of 3% and 9% respectively. The crypto market experienced an upturn due to the November Consumer Price Index figures which remained as anticipated. These numbers showed a 0.3% increase from October and a 2.7% rise compared to the previous year.
As a crypto investor, I’ve noticed a significant surge in Bitcoin’s price recently, but I’m bracing myself for some turbulence around the $100,000 mark in the near future. However, my optimism remains high as I believe its value could potentially double by year-end.
US Bankers Remain Cautious On BTC
At the recent Reuters NEXT conference in New York, US bankers expressed a conservative stance towards Bitcoin (BTC) and other cryptocurrencies. This reserved approach is notable even amidst anticipation of a crypto-friendly administration under President Trump. Trump’s promises to be a “crypto” president and halt the Biden administration’s regulatory actions within the sector have earned him support from significant players in the crypto world. However, despite these promises, banks continue to exercise caution when it comes to engaging with a market characterized by inherent volatility, as expressed by Goldman Sachs Chief Executive, David Solomon.
It’s uncertain how the rules governing these markets will change in the future, with many people offering their opinions, yet the exact evolution remains undefined. For the time being, our capacity to operate within these marketplaces is significantly restricted.
Solomon mentioned that Goldman Sachs might consider dealing with cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) if the regulations evolve. Notably, BNY Mellon has started providing custody services for crypto assets belonging to exchange-traded products. Moreover, the bank is venturing into various digital assets. Nonetheless, its CEO stresses that any new developments should be implemented with safety measures in place and should pass through several economic cycles before being fully embraced.
Under the Biden administration, regulators imposed strict rules on lenders handling crypto tokens, and issued accounting guidelines that increased costs for banks offering crypto custody services. This is anticipated to shift when Trump takes office, as the crypto industry aims to instigate policies that boost digital currency adoption. Trump has proposed appointing former PayPal executive David Sacks as the White House’s Crypto Advisor, and nominating pro-crypto lawyer Paul Atkins as Chair of the SEC.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) experienced a robust upturn from its low of $95,821 following a market recovery after the consumer price index figures for November aligned with expectations. This development fueled anticipation for another Federal Reserve interest rate reduction, which positively influenced crypto prices. Since Donald Trump’s election victory, BTC has witnessed a substantial increase in value. The President-elect has taken decisive actions to reverse regulations implemented by the Biden administration and outgoing SEC Chair Gary Gensler. In the initial week of December, BTC reached an unprecedented high of $103,900 before trading between $94,000 and $98,000. It failed to maintain the $100,000 level as traders cashed out their profits. However, the recent inflation data is once again pushing the price upward.
Last Thursday, Bitcoin (BTC) hit a record high but then plummeted to an intraday low of $92,285, momentarily dropping below its 20-day Simple Moving Average (SMA). However, it rebounded on Friday, climbing nearly 3% and ending the day at $99,695, barely missing the $100,000 threshold. BTC continued to trend upward over the weekend, inching up slightly on Saturday and then rising by 1.32% on Sunday, surpassing the $100,000 mark and settling at $101,043.
BTC’s foray above $100,000 was short-lived, as sellers returned to the market on Monday. The crypto market’s sudden crash on Monday saw BTC dip to an intraday low of $94,177 as it slipped below the 20-day SMA. However, it recovered from this level to settle at $97,434, ultimately registering a drop of 3.57% and settling above the 20-day SMA. Sellers retained control on Tuesday as BTC fell to a low of $94,307 before settling at $96,914. The price recovered on Wednesday as markets rallied following the release of November’s consumer price index numbers. As a result, BTC registered an increase of over 4% to reclaim $100,000 and settle at $100,900. The current session sees BTC marginally down as sellers look to push it below $100,000.
Should sellers maintain dominance, Bitcoin might dip below $100,000 and reach around $97,000. This level, represented by the 20-day Simple Moving Average (SMA), may help prevent further price decline. On the flip side, if buyers regain control, Bitcoin could potentially rise to $105,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is attempting to surpass the barrier of $4,000 in its robust recovery from a low point of $3,521 hit on Tuesday. On Thursday, ETH showed considerable volatility, reaching an intraday high of $3,957 and a low of $3,644 before settling at $3,787, representing a 1.48% drop. However, it regained strength on Friday, recording a nearly 6% rise and climbing above $4,000 to settle at $4,003. Ethereum experienced a minor dip on Saturday, falling below $4,000 and settling at $3,999. Yet, it managed to reclaim the $4,000 mark on Sunday following a slight increase that pushed the price up to $4,007.
On Monday, the bearish sentiment grew stronger, causing a significant drop in the Ethereum market and pushing ETH down by more than 7% to an intraday low of $3,504. However, it managed to climb above its 20-day Simple Moving Average (SMA) and end the day at $3,716. The sellers continued their dominance on Tuesday, driving ETH down to a low of $3,521 before settling at $3,630, marking a decrease of 2.32%. On Wednesday, ETH made a substantial recovery, increasing almost 6% and reaching $3,834. Currently, Ethereum is up nearly 3% in the ongoing session as buyers aim to push it beyond $4,000. If it manages to surpass this level, we could potentially see ETH heading towards $4,400.
Solana (SOL) Price Analysis
Solana (SOL) has shown a robust recovery from its low of $203, aiming to surpass both its 20-day Simple Moving Average (SMA) and the resistance at $240. Over the past week, SOL experienced significant volatility while trying to overcome the 20-day SMA, but it kept getting held back. Last Thursday, SOL reached an intraday high of $244, briefly surpassing its 20-day SMA, but buyers’ momentum faltered after this level, causing SOL to drop to $236 and register a gain of 2.84%. On Friday, SOL attempted to rise above the 20-day SMA once more; however, it fell back to $237, showing only a slight increase.
Despite persistent resistance keeping Solana (SOL) gains minimal on Saturday, it experienced a marginal increase before a dip on Sunday, closing at $237 after a 0.48% drop. Bearish feelings intensified significantly on Monday as SOL plunged 8.55%, largely due to a broader market decline. The price plummeted to an intraday low of $205 before settling at $216. Sellers maintained control on Tuesday, causing a 1.47% drop and closing the day at $213. However, it rallied back on Wednesday, surging past the 50-day Simple Moving Average (SMA) to record a 6.38% increase and close at $227, exceeding the immediate resistance at $220. In the current session, SOL is up by 1.41%, as buyers attempt to push above the 20-day SMA and reclaim $240. A break above these levels may prompt SOL to challenge the resistance at $250.
Ripple (XRP) Price Analysis
Last week, I observed a noticeable downturn in the value of Ripple (XRP), despite an optimistic beginning. By Thursday, the price had plummeted from a low of $2.90 to $2.24 as the bearish outlook became increasingly dominant. However, on Friday, there was a significant recovery with XRP recording an increase of over 8%, closing at $2.42. On Saturday, buyers maintained control and propelled XRP up by 7.55%, surpassing the $2.50 mark and settling at $2.61. Nevertheless, the momentum shifted on Sunday as buying pressure waned, causing a minor dip that brought XRP down to $2.60.
Bearish sentiment intensified significantly on Monday as markets crashed. As a result, XRP fell almost 15%, plummeting to a low of $2.02. However, buyers prevented a further decline and propped the price up to $2.21. XRP faced considerable selling pressure on Tuesday as sellers drove it to a low of $1.90. However, it recovered from this level to register an increase of over 7% to reclaim $2 and settle at $2.37. XRP saw increased volatility on Wednesday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand, and XRP registered an increase of 0.91% and settled at $2.39. The current session sees XRP up just over 2% as it attempts to reclaim $2.50.
Uniswap (UNI) Price Analysis
As an analyst, I observed a significant fluctuation in Uniswap (UNI) last week. Following an intraday high of $17.24 on Thursday, UNI dropped to $14.38 before recovering to $15.04. The price soared nearly 17% on Friday, surpassing $17 and settling at $17.58. Buyers maintained their grip over the weekend, causing UNI to increase by 2.43% on Saturday and 3.30% on Sunday, reaching a settlement of $18.61. However, the sentiment shifted dramatically on Monday as UNI plummeted almost 14%, touching an intraday low of $13.99 before rebounding to climb above support levels and close at $16.05. Sellers took control again on Tuesday, pushing the price down over 5% to $15.24, with a low of $14.04.
On Wednesday, it bounced back with an increase of more than 12%, ending the day at $17.15. Today’s trading has UNI climbing nearly 8%, aiming to surpass the resistance at around $19.
Chainlink (LINK) Price Analysis
Last week, Chainlink (LINK) experienced a significant jump of more than 33% that propelled its price over $20 to reach $25.22. Yet, the buying pressure waned after this peak, causing LINK to dip by 4.35%, landing at $24.12 on Tuesday. Buyers made an effort to regain control on Wednesday, pushing LINK up to a daily high of $26.52, but it soon retreated and slid slightly to $24.10. On Thursday, sellers held the upper hand as LINK dropped nearly 4% to $23.12. However, it rallied back on Friday, gaining almost 12%, moving above $25 once more, and closing at $25.88.
Last weekend, LINK saw varying fortunes; it dipped by more than 4% on Saturday but surged by 5.23% on Sunday, closing at $26.10. However, the mood shifted drastically on Monday when LINK plunged from a peak of $27.36 to a trough of $19.78, eventually settling at $22.31 after a 14.53% drop. The cryptocurrency exhibited high volatility on Tuesday as both buyers and sellers fought for control. In the end, sellers took charge, causing LINK to dip slightly to $22.13. LINK bounced back on Wednesday, rebounding from a low of $21.16 with an 8.16% increase, closing at $24.06. Currently, there’s a strong bullish feeling surrounding LINK, which is aiming to break the $30 barrier.
Algorand (ALGO) Price Analysis
Since hitting its peak of $0.613 on Tuesday, Algorand (ALGO) has shown substantial price fluctuations. Following the high point, it tumbled to $0.45 by Thursday. However, despite the continuous downward pressure from sellers, ALGO began to recover on Friday with an almost 11% rise to $0.499. The price even surpassed $0.50 on Saturday, increasing to $0.509 amid strong selling pressure. Sellers regained control on Sunday as ALGO dipped below $0.50 after a drop of more than 2%, closing the day at $0.498.
On Monday, there was a strengthening of pessimistic feelings towards ALGO, causing it to plunge approximately 16%, reaching a low of $0.352 before closing at $0.417. The price dropped further to an intra-day low of $0.370 on Tuesday as sellers attempted to maintain control. However, ALGO bounced back from this level, rising by 1.52% and ending the day at $0.423. On Wednesday, ALGO continued climbing, increasing by 7.04%, and closing at $0.453. In the current trading session, ALGO is seeing a growth of more than 3% and is being traded at $0.467 as buyers aim to gather momentum and challenge the $0.50 level again.
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2024-12-12 13:08