Crypto Week Ahead: Bitcoin Continues Bull Run, Altcoins Cash In

Over the past seven days, Bitcoin (BTC) price achieved a high of $44,618.29.

BTC dominance, at the time of writing, stood at 52.39 percent. ( Image Source :vjkombajn/Pixabay )

Bitcoin (BTC), the most popular cryptocurrency in the world, appears to be cashing in on the ongoing festive season boost, continuing its rally with each passing day. At the time of writing, BTC price stood at $42,200, marking a rare spell of bull run for top crypto coins. Alongside, other top altcoins including Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), continue to chart new highs. It remains to be seen how much longer investors will continue to show confidence in crypto coins.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (December 4), the overall crypto market cap stood at $1.41 trillion. BTC price stood at around $41,000, ETH price stood at around $2,100.

A week later, the overall market cap rose to $1.58 trillion.

DeFi's total volume stands at $9.38 billion, at 13.39 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $61.49 billion, at 87.83 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Extreme Greed’ with 80 points (out of 100) — seeing sustained confidence among investors. 

BTC dominance, at the time of writing, stood at 52.39 percent.

Over the past seven days, Bitcoin achieved a high of $44,618.29 (on December 9) and a low of $41,240.69 (December 4).

Ethereum, on the other hand, saw a high of $2,394.23 (December 9) and a low of $2,191.18 (December 5).

Crypto Events To Note

Last week, a federal judge in the United States gave his approval to the plea agreement reached between the US government and Changpeng Zhao, the renowned founder of Binance. The endorsement by Judge Richard Jones is documented in recent court records, with the sentencing scheduled for February 2024. On November 21, 2023, Binance reached a resolution with prominent US entities, including the Department of Justice (DOJ), the Financial Crimes Enforcement Network (FinCEN) under the Treasury, the Office of Foreign Assets Control (OFAC), and the Commodity Futures Trading Commission (CFTC). This settlement was a result of allegations surrounding Binance's failure to register as a money services business and violations of the Bank Secrecy Act. Consequently, Binance agreed to make a substantial settlement payment of $4.3 billion.

Additionally, in a recent advisory, the US Securities and Exchange Commission (SEC) has once again emphasised the elevated risks associated with investments in cryptocurrency assets. The regulatory body highlighted the persistent prevalence of fraudulent activities in the crypto space, including deceptive coin offerings, Ponzi and pyramid schemes, and instances of outright theft where project promoters abscond with investors' funds.

The SEC's Office of Investor Education and Advocacy reiterated its cautionary stance regarding crypto asset investments through a communication posted on the social media platform X last Friday. The regulatory authority underscored the exceptionally risky nature of investments in crypto asset securities, emphasising their inherent volatility.

Lastly, as reported by Bitcoin.com, El Salvador's Bitcoin investment approach is proving to be fruitful, with the country's holdings entering positive territory amidst the recent surge in the value of Bitcoin. President Nayib Bukele took to social media to announce this significant milestone, emphasising that the nation has overcome previous scepticism and negative portrayals regarding the calculated losses incurred during the investment.

Despite the newfound success, Bukele clarified that El Salvador has no plans to divest its bitcoin assets, which are currently estimated at approximately 2,381 BTC according to various tracking sources. Bukele urged news outlets to rectify their previous coverage, urging them to issue retractions, extend apologies, or at the very least, acknowledge El Salvador's current profitable position.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “In the past 24 hours, Bitcoin witnessed a surge in take-profit and sell orders that prompted widespread market liquidations, after reaching a recent peak at $44,700. The ongoing dynamics reflect a struggle for dominance between bulls and bears in the market. If Bitcoin manages to surpass the resistance level at $44,700, it would signal a potential continuation of the current uptrend. Conversely, a downward plunge in Bitcoin's price may find support at the US$40,600 level. Investors should pay attention to key support and resistance levels, as they can provide valuable insights into market sentiment and potential trend reversals.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.