Global cryptocurrency market capitalization is trading 5.6% higher to $3.3 trillion, surrounded by positive developments.
One trader sees Bitcoin tracking average returns of earlier halving years, while another notes it is not yet close to the top.
Cryptocurrency markets are trading higher, with Bitcoin approaching $100,000, Solana ETF talkspicking up steam and XRP gaining on Gary Genslerannouncing his resignation on Donald Trump‘s inauguration day.
CryptocurrencyPrice Gains +/-Bitcoin BTC/USD $97,986+3.1%Ethereum ETH/USD $3,348+8.7%Solana SOL/USD $253.64+7.1%Dogecoin DOGE/USD $0.3841 +1.9%Shiba Inu SHIB/USD $0.00002454 +2.2%
IntoTheBlock data shows large transaction volume increasing by 8.5% and daily active addresses up by 0.4%. Transactions greater than $100,000 are up from 11,911 to 13,321 in a single day. Exchanges netflows are down by 89%.
Coinglass data reports 139,421 traders were liquidated in the past 24 hours for $469.70 million.
Notable Developments:
Bitcoin Boom 2.0? MicroStrategy Gains Traction As A ‘Leveraged Bet’ On Crypto Growth
Coinbase CEO Brian Armstrong ‘Stands Out’ As Candidate For Donald Trump’s Reported ‘Crypto Czar’ Position, Cardano Co-Founder Says
Gary Gensler To Step Down As SEC Chair On Trump’s Inauguration Day
Chinese Judge Cites ‘High-Pressure Crackdown’ On Speculation In Judgment Declaring Crypto Ownership Legal As Bitcoin Moves Past $97K
Rumble CEO Considers Bitcoin Investment, Engages Michael Saylor As Shares Rally
Core Fusion Upgrade Introduces Dual Staking And Liquid Bitcoin Staking
Top Gainers:
CryptocurrencyPrice Gains +/-Optimism OP/USD $2.10+26.3%Arbitrum ARB/USD $0.79+26.2%Starknet STRK/USD $0.5031+18.6%
Trader Notes: With Bitcoin prices chasing the all-time high levels, crypto trader Kaleo tweeted"Bitcoin is currently one Ethereum away from $100,000."
Benjamin Cowen explained Bitcoin is tracking the average returns of prior halving years and if this trend continues Bitcoin could reach $120,000.
Crypto trader Kevin explained that despite BTC nearing $100,000, there is minimal hype compared to the 2020-2021 bull run.
He highlights a lack of live streams, sensational thumbnails, and low engagement across platforms, along with muted sentiment on Google Trends.
He believes investors' focus on altcoins and frustration with lack of movement could be one factor while market not reaching euphoric stage could signal still far away from cycle's peak.
