The global cryptocurrency market is buzzing with optimism, surging to $3.66 trillion following political and regulatory developments. Bitcoin (BTC) crossed the $106K mark, while meme coins rallied significantly, reflecting strong investor sentiment. Market trading volume rose by 3% to $163 billion in the last 24 hours.
Bitcoin and Ethereum Lead the Rally
Bitcoin’s price surged to $106,000, marking a 2.5% gain in the past day. Strong institutional inflows from Fidelity, Bitwise, and BlackRock contributed significantly, with total purchases exceeding $975 million. BTC’s market capitalization reached an impressive $2.05 trillion, bolstered by Massachusetts proposing a Bitcoin reserve bill to invest 10% of its $9 billion fund.
Ethereum (ETH) also posted modest gains, trading at $3,393, up 1%. The ETH ETF market recorded $23 million in inflows, signaling continued institutional confidence.
Mixed Performance Among Major Altcoins
Solana (SOL) emerged as a standout performer, climbing 6% to $221, with a 24-hour high of $228. On the other hand, XRP faced a 3% dip, trading at $3.22, amidst regulatory discussions triggered by SEC Chair Gary Gensler’s last day in office. Ripple’s legal team remains optimistic about potential shifts in crypto regulations.
Meme Coins Shine Bright
Meme coins experienced remarkable gains, led by SPX6900’s (SPX) 32% surge. Dogecoin (DOGE) climbed 7% to $0.41, while Shiba Inu (SHIB) saw a 6% increase, trading at $0.0000237. Other notable gainers included PEPE (6%) and Bonk (14%), indicating a bullish wave across this niche sector.
Among the top gainers were OKB (+12.4%) and Ondo (+10%). However, some cryptocurrencies faced declines, with AI16Z and Fartcoin dropping 20% and 15%, respectively.
Also Read: XRP Overtakes Bitcoin as Most-Traded Coin on Coinbase, Fueling Surge in Crypto Market
As the crypto market absorbs the implications of political events like Donald Trump’s upcoming inauguration and regulatory shifts, optimism remains high. However, slight corrections in hourly charts suggest cautious trading ahead. CryptoCom’s MiCA license approval adds to the positive momentum, signaling a step forward in global crypto adoption.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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