Bitcoin, Ethereum, Dogecoin Chasing New Highs But XRP Dwindling: 'Weekend Probably Gives Alts Breathing Room,' Trader Says

Cryptocurrency markets are surging on the last trading day before the presidential inauguration.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$105,607.81	+5.6%
Ethereum ETH/USD	$3,426.67	+2.8%
Solana SOL/USD	$216.86	+1.7%
XRP XRP/USD	$3.24	-4%
Dogecoin DOGE/USD	$0.4148	+7.6%
Shiba Inu SHIB/USD	$0.00002403	+7.5%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 6.4% and daily active addresses falling by 2.9%. Transactions greater than $100,000 are up from 11,601 to 12,233 in a single day. Exchanges netflows are down by 268%.
• Coinglass data reports 94,646 traders were liquidated in the past 24 hours for $285.01 million.

Notable Developments:

• 2025 To See Dogecoin ETF, Strategic Bitcoin Reserve, ‘MicroStrategy Of Ethereum,’ Predicts Crypto Hedge Fund
• EXCLUSIVE: How Donald Trump’s Crypto Plans Will Impact Bitcoin, XRP, Solana
• Bitcoin Miners Consolidate Power: 12 Firms Now Control 30% Of Network Hash Rate

Top Gainers:

Cryptocurrency	Price	Gains +/-
SPX6900 SPX/USD	$1.48	+43.1%
OKB OKB/USD	$57.26	+15.3%
THORChain RUNE/USD	$4.04	+14.4%

Trader Notes: Bitcoin has reached the $105,000 mark, fueled by speculation that President-elect Donald Trump may announce a “Strategic” Bitcoin Reserve.

Economist Peter Schiff expressed concerns, hoping Trump won't compromise the country’s integrity just to benefit Bitcoin donors.

He warns that such a reserve could lead to higher inflation and a weaker economy.

Crypto chart analyst Ali Martinez pointed out that Bitcoin has broken out of a cup-and-handle pattern, suggesting a potential upside target of $276,400.

#Bitcoin $BTC has broken out of a cup-and-handle pattern, signaling a potential upside target of $276,400! pic.twitter.com/7FMhuiEBhS

— Ali (@ali_charts) January 17, 2025

Crypto trader Stoic observed that Bitcoin has reclaimed a key level from the Dec. 18 sell-off, now 5% above the HTF range value.

He believes that if Bitcoin stabilizes, altcoins could have room to perform over the weekend.

Crypto trader Jelle highlighted a spot-driven rally that breached a key level, signaling strong momentum. He predicts that if Bitcoin closes the day around $104,738, the path will be clear for new all-time highs.

Level breached on a spot-driven rally.

Just what I like to see.

Very little resistance left — close the day anywhere around these levels and new all-time highs will come very, very soon.#Bitcoin pic.twitter.com/kAhrPCMa9x

— Jelle (@CryptoJelleNL) January 17, 2025

Read Next: 

• Bitcoin ETFs Outperform In First Year, But Solana, XRP ETFs Face Challenges, Expert Says

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