Cryptocurrency markets are trading higher, with Bitcoin approaching $100,000, Solana ETF talks picking up steam and XRP gaining on Gary Gensler announcing his resignation on Donald Trump‘s inauguration day.
| Cryptocurrency | Price | 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% |
Notable Statistics:
- 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:
| Cryptocurrency | Price | 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.
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