Crypto Week Ahead: Bitcoin Sets New ATH Of $106,000, Thanks To Trump’s Promises

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $106,153.48.

BTC dominance, at the time of writing, stood at 56.13 percent.

Source : @pete_rizzo_ X/Twitter

Bitcoin (BTC) continued on its upward path, passing a new ATH of $106k mark, driven largely by US President-elect Donald Trump’s promises to make BTC a reserve asset when the assumes office. Most other coins, including the likes of Ethereum (ETH), also saw a major boom of over $4,000. Investors are now keeping a keen eye on US FOMC meeting, expecting to see a 25 basis point rate cut, which could BTC price north of $110,000. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. 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 research before taking any calls. 

Crypto Prices Over The Past Week

Last Monday (December 9), the overall crypto market cap stood at $3.64 trillion. BTC price stood at around $99,500. ETH price stood at around $3,900.

A week later, the overall market cap rose to $3.69 trillion.

DeFi's total volume stands at $13.47 billion, at 8.47 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $145.87 billion, at 91.73 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).

BTC dominance, at the time of writing, stood at 56.13 percent.

Over the past seven days, Bitcoin achieved a high of $106,153.48 (on December 16) and a low of $94,557.27 (December 11).

Ethereum, on the other hand, saw a high of $4,011.82 (December 16) and a low of $3,529.16 (December 10).

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Over the weekend, Bitcoin hit a new all-time high crossing the $106,500 mark. The News that Trump could issue an order designating Bitcoin as a reserve asset on his first day in office, has boosted the market's confidence leading to price action in the broader market as well. Ethereum too participated in the rally briefly trading over the $4000 mark. All eyes are now focused on the FOMC meeting in anticipation of a 25 basis point rate cut that could drive further price action towards the $110,000 mark.”

Thangapandi Durai, CEO and Founder, Koinpark, said, “Bitcoin’s price is currently facing a slight pullback after reaching the $101,109 resistance level. However, this is part of the natural ebb and flow of the market, and such consolidations often set the stage for a stronger push forward. While the short-term correction has brought Bitcoin back to around $99,700, this healthy pullback provides an opportunity for renewed strength as Bitcoin tests key support levels. Bitcoin’s ability to hold above $90,000 is a positive sign, and if the price manages to break through the $104,088 resistance, we could see a new surge towards new all-time highs.”

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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.