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Bitcoin (BTC) continued towards the $100,000 mark, rising to a new all-time high of $99,314 before declining to its current level of $99,124. BTC is now up 45% since Donald Trump was announced as the winner of the US elections. Investors can’t get enough of the world’s largest cryptocurrency, with the price up almost 3% in the past 24 hours and 14% over the past seven days. The latest uptick in momentum in the crypto market began after news of Gary Gensler’s impending exit from the Securities and Exchange Commission broke.
Ethereum (ETH) has also registered a substantial rally as it recovered from recent sluggishness, with the price up almost 9% in the past 24 hours. Solana (SOL) beat significant selling pressure to surge past $250 and settle at $261, up nearly 9%. Meanwhile, Ripple (XRP) registered a substantial increase of almost 27% following news of Gensler’s impending departure. The crypto market cap is up 4.87%, currently at $3.3 trillion. Speaking about the prevailing market sentiment, ChangeNOW CMO Pauline Shangett stated,
“Bitcoin's move toward $100,000 signals strong investor confidence in the asset as a long-term store of value. The post-election rally and speculation around regulatory changes have further fueled this momentum. The psychological milestone of $100,000 for Bitcoin is no longer a question of 'if' but 'when.”
Bitcoin (BTC) On The Cusp Of $100,000
Bitcoin (BTC) crossed $99,000 and set another all-time high of $99,314 as it continued its march to $100,000. The cryptocurrency has registered substantial gains since the US elections, buoyed by the anticipation that the incoming Trump administration will ease regulatory hurdles and draft a clear framework. Trump, who called crypto a “scam” during his first term, has completely changed his views on digital assets, especially Bitcoin. The President-elect accepted crypto during the election campaign and pledged to make the US the crypto capital of the world. Trump also promised to create a Bitcoin reserve.
SEC Chair Gary Gensler To Depart
In another major development, current SEC Chair Gary Gensler confirmed he plans to step down in January. Trump has promised to fire Gensler as soon as he took office, although the President does not have the authority to remove the SEC chair before the end of their term.
BTC has more than doubled during the year, with the crypto market recording consolidated gains of $900 billion since Trump’s election victory. Co-founder and CEO of Mudrex, Edul Patel stated,
“A year ago, Bitcoin was trading at $30,000. Today, it has surged past $97,000—a remarkable growth of over 300%. This rally is fueled by growing optimism following Donald Trump’s reelection as the President of the United States. Bitcoin has been setting new all-time highs, driven not only by renewed confidence but also by increasing inflows into Bitcoin ETFs and options. Institutional participation in the market is further propelling this upward trend.”
Crypto Firms Fight For Space On Trump’s Crypto Advisory Council
Several prominent crypto firms are fighting for a seat on President-elect Donald Trump’s proposed crypto advisory council, hoping to have a say in the planned overhaul of the policy on crypto. The companies include Ripple, Kraken, and Circle. Trump promised to create a crypto council during the campaign trail as part of a new crypto-friendly administration. The transition team is discussing how to structure and staff the council, and which companies should be on it. Other companies in the fray include venture firm Paradigm and venture capital behemoth Andreessen Horowitz’s crypto arm a16z. David Bailey, CEO of Bitcoin Magazine, stated,
“It's being fleshed out, but I anticipate the leading executives from America's bitcoin and crypto firms to be represented. People are eager to advise and give input.”
Trump recently also held meetings with Coinbase CEO Brian Armstrong. While it is not clear what was discussed during the meeting, multiple sources confirmed Coinbase expressed an interest in joining the council. Donald Trump’s proposed crypto council will likely function under the White House’s National Economics Council, which also implements the president’s economic policies. It will advise on digital asset policy, work with Congress on crypto legislation, and coordinate between the Securities and Exchange Commission, Commodity Futures Trading Commission, and the Treasury. It will also work to establish Trump’s proposed strategic Bitcoin reserve.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is on the verge of moving past $100,000, having set a new all-time high of $99,502 as it inches towards a significant milestone. BTC’s latest surge has led to growing interest from retail and institutional investors. This has driven record inflows into spot Bitcoin ETFs, which have posted record inflows over the past week as investors pour money into them. Data from Coinbase has shown a surge in institutional interest from hedge funds, institutions, and investment advisers. Bloomberg ETF analyst Eric Balchunas stated that the “Bitcoin Industrial Complex,” publicly traded companies with direct or indirect exposure to Bitcoin, posted $50 billion in trading on Wednesday. Crypto-related stocks have also witnessed a surge in investor interest, with MicroStrategy’s stock rising 500% during the current year.
BTC’s move towards $100,000 has gathered pace over the past few days, with the world’s largest cryptocurrency on a bullish tear this week. BTC ended the previous week on a negative note, dropping by 0.73% to slip below $90,000 and end the weekend at $89,464. However, sentiment changed on Monday as buyers returned to the market thanks to positive developments and Trump’s pro-crypto cabinet picks. As a result, BTC registered an increase of 1.17% to reclaim $90,000 and settle at $90,509. Buyers retained control on Tuesday, rising by 2.15% and settling at $92,458. BTC went past the crucial $93,000 level on Wednesday after posting an increase of 1.89% and settling at $94,204.
Source: TradingView
Bullish sentiment intensified on Thursday as investors anticipated a climb to $100,000 as BTC crossed $95,000. BTC eventually posted an increase of 3.80% and settled at $97,784. BTC surged to an intraday high of $99,502 as buyers continued to prop the price higher. However, the price has registered a marginal decline and is currently trading at $98,770. While BTC is on the verge of hitting the $100,000 milestone, experts believe the cryptocurrency may not sustain itself above that level.
Despite surging interest from retail investors and institutions, some, like Galaxy Digital Chief Executive Mike Novogratz warned of an impending correction, stating,
“The crypto community is levered to the gills, and so there will be a correction.”
Analysts believe the correction could take BTC to $80,000, a 20% decline from current levels.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has registered a significant rally, shaking off considerable bearish sentiment to move closer to the $3,400 level. ETH was quite bearish the previous week, dropping to a low of $3,034 on Thursday. The price recovered from this level but fell back in the red over the weekend, ending with a drop of 1.84% on Sunday to $3,075. The current week began with ETH registering an increase of 4.37% and settling at $3,209 as buyers returned to the market. However, the price fell back on Tuesday, dropping over 3% and settling at $3,109. Bearish sentiment persisted on Wednesday as sellers attempted to drive ETH below $3,000. However, buyers prevented a decline below this level, and ETH settled at $3,070 after a drop of 1.25%.
Source: TradingView
Despite the prevailing bearish sentiment, ETH recovered on Thursday, surging by 9.44% to reach an intraday high of $3,388, before declining and settling at $3,360. The current session sees ETH marginally up as buyers and sellers struggle to establish control. If buyers push ETH above $3,400, we could see it climb to $3,500. On the other hand, if bearish sentiment returns, ETH could slip back to $3,000.
Solana (SOL) Price Analysis
Solana (SOL) broke above $250 on Thursday after posting a significant increase. SOL had struggled to push above this level during previous sessions thanks to considerable selling pressure. SOL ended the previous week on a very bullish note, surging over 10% and settling at $237. The price reached an intraday high of $248 on Monday as it attempted to cross $250. However, buyers lost momentum after reaching this level, and SOL dropped to settle at $239, an increase of 1.04%. Buyers attempted to breach $250 on Tuesday but lost momentum, allowing sellers to take over. As a result, SOL fell 0.89% and settled at $237.
Source: TradingView
Bearish sentiment persisted on Wednesday as SOL fell to an intraday low of $230 before recovering and settling at $235, a decline of 0.97%. Bullish sentiment returned on Thursday as SOL surged by 8.98% to go above the $225 resistance level and settle at $256. The current session sees SOL up by 1.14% and trading at $259 as buyers look to drive the price higher. If buyers retain momentum, we could see SOL surge to $270-$280. A break above these levels could see the price surge to $300. On the other hand, if sellers retake control, SOL could drop below $225 and go as low as $200.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has been on an absolute tear since the US elections, posting an incredible rally to go above $0.40 and reach a high of $0.434. The world’s most popular meme coin has risen nearly 184% over the past month on its way to $0.40. However, its bull run has stalled since Thursday as it struggled to sustain itself above $0.40, dropping 9% to $0.363. DOGE recovered on Friday but fell back on Saturday, dropping 4.56% to $0.364. Selling pressure increased on Sunday as DOGE fell to a low of $0.339. However, it recovered from this level to register a marginal increase and settle at $0.366. Buyers retained control on Monday as DOGE rose by 1.23% and settled at $0.371.
Source: TradingView
Bullish sentiment increased on Tuesday as DOGE rose by 5.50%, reaching an intraday high of $0.420 before declining and settling at $0.391. Despite a strong showing on Tuesday, DOGE fell back on Wednesday, dropping by 3.37% and settling at $0.378. However, the price recovered on Thursday as buyers returned, rising by 2.25% and settling at $0.386. The current session sees DOGE up by 1.71% as buyers look for a way past the resistance at $0.40. If buyers cross this level, we could see DOGE reach $0.45. However, if sellers retake control, DOGE could drop to the $0.35 support level.
Pendle (PENDLE) Price Analysis
Pendle (PENDLE) is struggling to go above $5.50 and briefly slipped below the 20-day SMA as selling pressure registered a substantial increase. PENDLE registered a considerable decline last week, falling to a low of $4.98. However, it recovered and reached $5.42 by Saturday, only to fall back in the red on Sunday, dropping almost 5% and settling at $5.16. PENDLE recovered on Monday thanks to the 20-day SMA acting as a dynamic support level, rising by 5.20% and settling at $5.43. However, bearish sentiment returned on Tuesday as PENDLE plummeted almost 7% to go below the 20-day SMA and settle at $5.07.
Source: TradingView
Bearish sentiment persisted on Wednesday as PENDLE fell below $4, dropping almost 4% and settling at $4.88. However, the price recovered on Thursday, rising nearly 7% to reclaim $5 and settle at $5.22. However, the current session finds PENDLE back in the red, with the price down 1.65% as sellers look to drive it back below $5. If selling pressure persists, PENDLE could slip below $5 and drop towards $4.70, where the 50-day SMA could act as a dynamic level of support.
Injective (INJ) Price Analysis
Injective (INJ) registered a significant increase towards the end of last week, surging to $25.84 on Saturday after rising 5.07%. INJ raced to an intraday high of $27.20 on Sunday before losing momentum. As a result, sellers took over and drove the price down over 5% to $24.54. The price recovered on Monday, rising by 4.78%, and settled at $25.72. However, it fell back on Tuesday, dropping by 5.01% and settling at $24.43. Bearish sentiment persisted on Wednesday as buyers failed to mount a recovery, allowing sellers to take over and drive INJ down by 4.87% to $23.24.
Source: TradingView
INJ recovered on Thursday despite dropping to a low of $22.48, rising by almost 8% to reclaim $25 and settle at $25.05. The current session sees INJ down marginally as buyers and sellers look to establish control. Sellers are looking to push INJ down towards the 20-day SMA. On the other hand, buyers will look to retake the session and consolidate above $25.
Apecoin (APE) Price Analysis
Apecoin (APE) is trading in a narrow range between $1.05 and $1.20 as it remains in a consolidation phase. APE rallied to an intraday high of $1.31 on Saturday. However, with sellers active at this level, it fell back to settle at $1.15, posting an increase of 6.06%. The price fell back in the red on Sunday, dropping by 6.42% to settle at $1.08. APE recovered on Monday as it rebounded from the 20-day SMA, rising almost 7% and settling at $1.15. However, it was back in the red on Tuesday, registering a decline of 1.80% and settling at $1.14.
Source: TradingView
Selling pressure intensified on Wednesday as APE slipped below the 20-day SMA to an intraday low of $1.14. However, it recovered from this level to move above the 20-day SMA to settle at $1.14. Buyers retained control on Thursday as APE rose by 1.51% and settled at $1.17. APE attempted to push above $1.20 during the current session. However, it fell back as buyers lost momentum at $1.20. APE is currently down by 1.15% and trading at $1.15.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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