Bitcoin (BTC) surged to a record-breaking $107,780, driven by President-elect Donald Trump’s proposal to create a US Bitcoin strategic reserve akin to the Strategic Petroleum Reserve. BTC has gained 2.42% in the past 24 hours and 10% over the week, marking a 50% surge since Trump’s November victory.
This bullish momentum has spread across the market. Ethereum (ETH) crossed the $4,000 mark, rising 2.40% in 24 hours, while Solana (SOL) saw a slight decline of nearly 3%. Other altcoins, including Cardano (ADA), Chainlink (LINK), and Aave (AAVE), reported significant gains.
Trump’s Pro-Crypto Stance Drives Market Optimism
The overall crypto market value has soared to $3.8 trillion this year, powered by Trump’s pro-crypto policies. Trump, who once criticized cryptocurrencies, now positions the US as a future crypto hub. He has appointed key pro-crypto figures, such as ex-PayPal executive David Sacks for AI and crypto strategy and attorney Paul Atkins as SEC Chair.
MicroStrategy Joins Nasdaq-100 Amid BTC Accumulation
MicroStrategy, led by Michael Saylor, will join the Nasdaq-100 Index, following a sixfold rise in its stock value this year. The firm’s BTC holdings expanded further with a purchase of 15,350 BTC last week, bringing its total reserves to 439,000 BTC worth $47 billion. While its market cap nears $100 billion, analysts highlight potential hurdles for its inclusion in the S&P 500 due to profitability concerns.
Ripple Launches RLUSD Stablecoin
Ripple will debut its RLUSD stablecoin on December 17 after securing regulatory approval. Partnerships with platforms like MoonPay, Uphold, and others are already in place, with future listings planned for Bitstamp, Bitso, and Bullish.
Bitcoin (BTC) Price Analysis
BTC hit an all-time high of $107,780 but has slightly pulled back to $106,719. After beginning last week with bearish moves below $95,000, BTC rebounded strongly mid-week, climbing past $100,000 and continuing its ascent. The current bullish sentiment points to BTC eyeing the $110,000 mark.
Ethereum (ETH) Price Analysis
ETH broke resistance at $4,000 and now trades around $4,007. After struggling below $3,900 earlier this month, ETH has regained momentum. Buyers aim for $4,500, while sellers look to drag ETH back toward $3,800.
Solana (SOL) Price Analysis
SOL remains under selling pressure, trading below $220. After failing to hold above $260, SOL faced declines to $211 and now risks falling to $200. Sellers are dominating, with bullish recoveries short-lived.
Arbitrum (ARB) Price Analysis
ARB struggles to stay above $1, trading near $0.995. After sharp declines early last week, ARB briefly reclaimed the 20-day SMA but has since faced selling pressure, keeping it below critical resistance levels.
Chainlink (LINK) Price Analysis
LINK faces resistance at $30 after volatile price swings. Despite a bullish push to $30.95, LINK has struggled to maintain momentum, settling around $28.72. Sellers are now targeting levels near $25.
Toncoin (TON) Price Analysis
TON fell below key support and the 200-day SMA to trade near $6.05. Buyers briefly pushed TON above $6.30, but selling pressure has returned, threatening a drop below $6.
Fantom (FTM) Price Analysis
FTM is attempting to climb toward $1.50, trading marginally higher after a volatile week. Buyers pushed the price to $1.38, but momentum remains fragile as sellers look to regain control.
Disclaimer: This article is for informational purposes only and does not constitute fi
nancial or investment advice.