Cryptocurrency Market Surges Past $3.5T: Major Coins Gain Momentum

On Thursday, the total value of the cryptocurrency market surpassed $3.5 trillion as it climbed by 2.29%, or more than $150 billion in just one day. Meanwhile, Bitcoin (BTC) maintained its upward trend, momentarily hitting a peak of $102,000 before slightly dipping to its current price of $101,482.

The main currency has experienced a rise of more than 2% in the last 24 hours and nearly 8% over the last week. If Bitcoin maintains its value above $100,000, investors will aim for its record high and a potential surge beyond $110,000.

Over the last day, Ethereum (ETH) has experienced a slight drop but still holds above $3,300, suggesting a possible rebound. In contrast, Ripple (XRP) is surging and currently trading at around $3.32, with investors hoping to reach $3.50. Over the past week, XRP has skyrocketed by an impressive 44%. Besides XRP, Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) have all recorded substantial gains.

Altcoin Market Continues Rally

As Bitcoin (BTC) hovered near $102,000, there was a surge in trading activity within the altcoin market, causing prices to climb. On Thursday alone, the altcoin market saw an influx of $88 billion, suggesting investors were moving towards altcoins as BTC and ETH remained stagnant. This trend towards altcoins also signals higher-risk trading and increased speculative demand. For instance, Ripple (XRP) jumped above $3 to its current price of $3.32. Analysts attribute this growth to decreasing US core inflation rates, heightened expectations for a Federal Reserve interest rate reduction, and excitement surrounding upcoming spot ETFs.

In 2025, Litecoin (LTC) surpassed $130 for the first time, boosted by a nearly 16% increase over the previous day. This bullish trend is primarily due to optimism surrounding the Securities and Exchange Commission’s (SEC) potential approval of the Litecoin ETF proposal submitted by Canary Capital. Eric Balchunas, an analyst at Bloomberg ETF, noted that the SEC had provided comments suggesting possible approval. Alexander Blume, CEO of Two Prime Digital Assets, commented on this development.

As a new pro-cryptocurrency government takes office, individual investors are on the hunt for investment opportunities. Some believe that the incoming administration could be beneficial for cryptocurrencies, similar to how a rising tide lifts all ships, and already, alternative coins are seeing some initial increases.

A potential approval of a Litecoin Exchange-Traded Fund (ETF) might significantly influence the wider Layer1 blockchain environment, potentially sparking a chain reaction that could affect tokens such as Solana (SOL) and Ripple (XRP).

BlackRock Predicts Historic Year

Under the Donald Trump administration, BlackRock anticipates that Bitcoin (BTC) and other cryptocurrencies might experience an extraordinary rise, as suggested by Samara Cohen, the Chief Investment Officer of their ETF and index instruments. If crypto regulations are loosened, Cohen believes that Bitcoin could reach astonishing heights in 2025.

Advancements are expected in relation to the Financial Innovation and Technology for the 21st Century Act, particularly regarding stablecoins. Also, clarifications are anticipated concerning the definitions within this context.

As an analyst, I’m proud to acknowledge my role in the creation of BlackRock’s iShares Bitcoin Trust (IBIT). Since its launch in January 2024, this ETF has seen a remarkable surge, climbing an impressive 114%. However, despite this outstanding performance and the positive trajectory of cryptocurrencies in 2024, I urge investors to brace themselves for potential volatility.

Investing in Bitcoin involves a degree of risk, so a change of 15% isn’t unusually large. It’s important to understand that there will likely be fluctuations. Over time, however, the future price of Bitcoin is predicted to be largely influenced by the rate and extent of its acceptance among people.

Bitcoin Fever Reaches Argentina

Companies in countries like the US and Europe are debating whether to include Bitcoin in their financial holdings, but companies in Argentina have taken a lead on this matter, already incorporating Bitcoin into their investment portfolios. Notable Argentinian firms such as Semler Scientific, Genius Group, Metaplanet, and KULR have embraced the “The Bitcoin Standard” concept pioneered by Michael Saylor, opting to diversify their reserves with Bitcoin. Among these companies, Bitfarms, an Argentinian mining operation, holds the highest amount of Bitcoin – a total of 870 BTC as part of its business operations.

Mercado Libre, a significant online retailer based in Argentina, is the second-largest holder of Bitcoin (BTC), with approximately 412 BTC stored in its reserves. It’s important to note that these Bitcoins are primarily owned by users of their crypto wallet, not the company itself. The company’s Chief Information Officer has made this clarification.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) bounced back after touching its $90,000 support, recovering to reach above $100,000 in the present trading session. At present, the primary cryptocurrency is being traded around $101,400. If Bitcoin maintains its positive trajectory, it might challenge its all-time high of $108,268 again. A break above this mark could propel BTC towards $110,000. The Relative Strength Index (RSI) for BTC is currently at 60, above the neutral level of 50, and moving upward, suggesting strong bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) has also transitioned into a bullish stance, signaling a buy signal and potentially an uptrend. As the positive momentum grows, traders are aiming to recover the losses incurred last week when BTC encountered substantial selling pressure, fell below essential support levels, and moving averages.

On Tuesday (January 7), Bitcoin took a turn for the bearish as it plummeted by more than 5%, dropping below $100,000 and the 50-day Simple Moving Average to $97,019. The price sank to a daily low of $92,546 on Wednesday, with sellers maintaining control. However, it bounced back from this level to close at $95,121, resulting in a near 2% decrease overall. Bitcoin continued its downward trend on Thursday, sliding 2.53% to $92,710. Remarkably, Bitcoin rebounded on Friday, increasing by 2.27% to an intraday high of $95,812 before ending the day at $94,818. The price experienced a slight dip on Saturday and a minor increase on Sunday, concluding the weekend at $94,585.

On Monday, Bitcoin experienced a significant drop, with its price dipping below $90,000 to reach an intraday low of $89,397. However, it managed to bounce back from this level and regain the $90,000 mark, ending the day at $94,492, showing only a slight decrease. Positive expectations returned on Tuesday, causing Bitcoin to surge over 2% and move past its 20-day Simple Moving Average (SMA), closing at $96,566. The bullish sentiment grew stronger on Wednesday, with Bitcoin rising nearly 4% and crossing the 50-day SMA, ending the day at $100,050. However, buyers’ momentum weakened on Thursday, causing Bitcoin to dip to an intraday low of $97,086 before recovering to close at $99,799. As we speak, Bitcoin is up almost 2% and aiming to surpass the $102,000 mark. If buyers can maintain their momentum, Bitcoin could challenge its all-time high of $108,268.

Ethereum (ETH) Price Analysis

After dropping below $3,000 on Monday and reaching an intraday low of $2,927, Ethereum (ETH) has regained some ground but has encountered resistance around $3,500. Sellers have pushed the price lower than its 20-day Simple Moving Average (SMA). If buyers gain traction during this session, ETH might surpass $3,500 and challenge the resistance at $3,700. Currently, ETH’s Relative Strength Index (RSI) is at 49, suggesting a balanced state, but the Moving Average Convergence Divergence (MACD) has shifted to a bullish stance, hinting at an upward trend.

On Tuesday, I noticed a significant dip in the value of my Ethereum (ETH), which plunged below both the 20 and 50-day Simple Moving Averages (SMAs) to $3,381. The bearish sentiment persisted through Thursday, driving ETH down to an intraday low of $3,158. Despite the relentless selling pressure, there was a glimmer of hope on Friday as ETH managed to register a 1.45% increase and close at $3,267. The volatility continued on Saturday, but buyers held their ground, pushing ETH up by 0.50% to $3,283. However, the price slid back on Sunday, ending the weekend in the red at $3,266.

On Monday, ETH experienced a significant drop, falling below $3,000 to reach an intraday low of $2,927 before rebounding to close at $3,137, marking a nearly 4% decline. The mood shifted on Tuesday as ETH climbed almost 3% to hit $3,226. Optimism grew stronger on Wednesday as ETH surged almost 7%, moving past its 20-day Simple Moving Average (SMA) and closing at $3,450. However, with sellers being active around this level, ETH lost momentum on Thursday, dipping over 4% to go under the 20-day SMA and settle at $3,308. In today’s trading session, buyers are attempting to push ETH above the 20-day SMA towards $3,500.

Solana (SOL) Price Analysis

Over the recent trading sessions, Solana (SOL) has shown a surge in its price, surpassing $200 on Wednesday and settling at $205. As SOL now stands above a significant resistance level, there’s curiosity about whether it can reach the prices of December 2024, where SOL was trading around $250. Last week, SOL experienced substantial selling pressure, turning bearish after it failed to break past the 50-day Simple Moving Average (SMA). This led to a drop of approximately 7% on Tuesday and 2.30% on Wednesday, pushing SOL below $200 to $197. The bearish trend intensified on Wednesday when SOL fell below the 20-day SMA, causing a further decrease of around 6%, settling at $185. However, there was a recovery on Friday with a 1.46% rise to $187. Over the weekend, SOL experienced volatility as buyers and sellers battled for control. Nonetheless, the buyers managed to gain the upper hand by registering slight increases on Saturday and Sunday, ending the weekend at $188.

On Monday, Solana (SOL) plunged following a bearish market shift, reaching an intraday low of $169 before recovering to close at $182, resulting in a nearly 3% drop. The tide turned bullish on Tuesday, pushing SOL up 2.57% to $187. On Wednesday, a strong bullish sentiment propelled SOL by almost 10%, surpassing the 20-day Simple Moving Average (SMA) and $200 to finish at $205. Thursday saw significant volatility as buyers aimed to push SOL above the 50-day SMA, while sellers tried to pull it below $200 and the 20-day SMA. The buyers took control on Thursday, causing SOL to rise by 2.56%, surpassing the 50-day SMA and settling at $211. As of this session, Solana is up almost 2% and trading around $214.

Injective (INJ) Price Analysis

Last week, Injective (INJ) faced substantial selling activity, causing its price to dip below both the 20-day Simple Moving Average (SMA) and the 200-day SMA, reaching a low of $21.07 on Thursday. Despite this downward trend, INJ saw a recovery on Friday, rising by 2.40% to $21.58. Yet, it failed to surpass these moving averages and dropped again over the weekend, with a decrease of 1.08% on Saturday and 2.45% on Sunday, ending the weekend at $20.82. On Monday, INJ continued its downward trajectory, dropping below a crucial support level to an intraday low of $18.52. However, smart buyers stepped in during this dip, helping INJ regain the $20 mark and settle at $20.10 for the day.

On Tuesday, sentiment shifted towards pessimism in the markets, leading INJ to increase by more than 5%, reaching $21.18. A reversal occurred on Wednesday when INJ significantly exceeded its 20 and 200-day moving averages, surging almost 9% to $23.06 due to increasing optimism. However, selling pressure resumed on Thursday, causing INJ to dip nearly 2% to $22.68. Currently, in the ongoing session, buyers are attempting to drive INJ above $25 and its 50-day moving average, with INJ showing an increase of almost 9%.

Dogecoin (DOGE) Price Analysis

This week, Dogecoin (DOGE) has experienced a significant rise, moving beyond its 50-day Simple Moving Average (SMA) and the $0.40 barrier to reach its current price of approximately $0.416. Earlier in the week, DOGE was trading negatively for most of the time, dropping below both the 20-day SMA and 50-day SMA. By Thursday, DOGE had plummeted to a low of $0.313. However, despite facing selling pressure, DOGE bounced back on Friday with a nearly 4% increase to $0.336. Buyers maintained control on Saturday as the price rose slightly above 2% to around $0.34. Yet, due to the 20-day SMA acting as resistance, DOGE saw a drop on Sunday, declining by about 1.50% to $0.335.

On Monday, DOGE dipped to its daily low of $0.309 due to sellers trying to push the price below $0.30. However, it bounced back from this point, recording a nearly 1% growth, closing at $0.338. A bullish mood resurfaced on Tuesday as DOGE climbed by 4.99%, surpassing its 20-day Simple Moving Average and settling at $0.355. Buyers maintained their grip on Wednesday, propelling the price above the 50-day SMA and closing at $0.384 following a nearly 9% increase. DOGE experienced a slight dip on Thursday, dropping 1.98% to $0.377. Nevertheless, it has regained its positive momentum during the current trading session, rising almost 10% and currently hovering around $0.413.

Cosmos (ATOM) Price Analysis

Cosmos (ATOM) is finding it tough to pick up speed following its dip below the 20-day Simple Moving Average (SMA) last week. On Thursday, the price plunged to a low of $6.25 before rebounding slightly on Friday for a nearly 4% rise and settling at $6.65. However, the 20-day SMA served as a barrier, causing ATOM to lose momentum and slide 0.71% down to $6.61. The price continued to drop on Sunday, with ATOM falling 2.25%, closing the weekend below the $6.50 mark at $6.46.

On Monday, ATOM experienced considerable fluctuations as purchasers tried to push the price above the 20-day Simple Moving Average (SMA), but sellers aimed to pull it down below $6. This struggle led ATOM to reach a peak of $4.69 and plummet to a low of $5.92, eventually closing at $6.27, marking a nearly 3% decrease. On Tuesday, the price dipped slightly before surging by approximately 6.32%, reaching $6.66. Thursday saw a drop of 1.11%, as sellers managed to keep the price below the 20-day SMA, causing ATOM to close at $6.58. However, in the current trading session, ATOM has managed to break past the 20-day SMA, with the price rising over 4% and currently hovering around $6.87, as buyers aim for $7.

Theta Network (THETA) Price Analysis

Last week concluded with Theta Network (THETA) in the negative territory, following a dip to $2.06 on Thursday. Despite heavy selling pressure, THETA managed a 2.66% growth on Friday, reaching $2.17. However, it slid back into the bearish trend over the weekend, declining 0.75% on Saturday and approximately 2% on Sunday to close at $2.11. On Monday, the price plummeted below the $2 mark, reaching an intraday low of $1.89. Nevertheless, it recovered from this point, regaining the $2 level and ending the day at $2.05, resulting in a 2.39% overall decline.

On Tuesday, market sentiment shifted, causing THETA to climb by 5.30%, reaching a value of $2.16. As optimism grew on Wednesday, THETA soared more than 10% and surpassed its 20-day moving average, ending the day at $2.39. The price fluctuated significantly on Thursday as both buyers and sellers vied for control. Buyers aimed to push the price above the 50-day moving average, while sellers tried to pull it below the 20-day moving average. THETA experienced a slight increase and closed at $2.40. In the current trading session, THETA has risen more than 2%, with buyers hoping to push it past the 50-day moving average and $2.50.

2025-01-17 13:12