Bitcoin kicked off the new year with a bang, rallying in price but still can't quite break through the $100,000 ceiling. It's been a rollercoaster of a week in the crypto universe! While many cryptocurrencies are basking in the green glow, most of these gains appeared right after we toasted to the New Year. The total market cap is now a staggering $3.57 trillion, up by $110 billion from last week, with altcoins stealing the spotlight.
Bitcoin itself has been playing it cool, hovering around $96,600 after a week of wild price swings. The bears almost had their way post-Christmas, dragging BTC down to a shaky $91,000 before the bulls charged in to save the day. As soon as the clock struck midnight into the new year, buyers flooded back, lifting Bitcoin and the entire market back into the positive zone.
Meanwhile, altcoins have been having their own party, outshining Bitcoin and causing a slight dip in its market dominance. Ripple's XRP climbed 11%, Solana (SOL) jumped 13%, DOGE wagged its tail with a 14% rise, and ADA soared an impressive 21%. It's a great time to be in the top-tier altcoin club!
But wait, there's more! The hype around artificial intelligence has given AI-focused coins a massive boost, rocketing their market cap by over 25% in mere days. Some experts think they might start nibbling away at meme coins' dominance. It's going to be exciting to see how this plays out!
And as if things weren't spicy enough, volatility is on the horizon with Donald Trump's upcoming inauguration on January 20th. Buckle up, folks!
In other news, MicroStrategy's stock has taken a tumble, dropping 36% since its November highs despite their ongoing Bitcoin accumulation. Meanwhile, Tether has been expanding its Bitcoin reserves by $700 million, even amidst whispers of FUD in Europe.
Bitcoin investors are also making moves, pulling their assets from exchanges, which usually hints at potential price increases. Glassnode highlighted key support levels that could be pivotal during any future price dips.
On the downside, the US investor's selling pressure has pulled the Bitcoin Coinbase Premium Index to its lowest point in a year. Terraform Labs' co-founder Do Kwon, facing an extradition to the US, has pleaded not guilty to multiple charges.
It's been quite the week in crypto land, and we've got our eyes peeled for more twists and turns. Stay tuned!
