Crypto Week Ahead: Bitcoin Slows Down Due To Holiday-Season Inactivity, All Eyes Now On Trump’s Inauguration In January

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 56.49 percent.

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Bitcoin (BTC) looks to end 2024 on a slightly dampening note, as it dwelled within the $93,000 range at the time of writing. This year has been good for crypto’s grand old coin, helping it chart an impressive all-time high of $108k, riding high on the ‘Trump Bump’. For now, it appears that investors are taking a bit of a breather during the holiday season. It’s safe to expect that Donald Trump’s inauguration on January 20 might lend to another rally for cryptocurrencies. However, for now, the prices appear to be in a doldrum.

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 23), the overall crypto market cap stood at $3.34 trillion. BTC price stood at around $95,500. ETH price stood at around $3,300.

A week later, the overall market cap dipped to $3.27 trillion.

DeFi's total volume stands at $7.83 billion, at 8.15 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $88 billion, at 91.52 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 50 points (out of 100).

BTC dominance, at the time of writing, stood at 56.49 percent.

Over the past seven days, Bitcoin achieved a high of $99,800.57 (on December 26) and a low of $92,564.34 (December 24).

Ethereum, on the other hand, saw a high of $3,535.91 (December 25) and a low of $3,274.84 (December 23).

Crypto Events To Note

MicroStrategy co-founder Michael Saylor shared a Bitcoin chart from the SaylorTracker website on December 29, sparking speculation about the company's next move. Known for his regular Sunday posts highlighting Bitcoin trends, Saylor's updates often precede MicroStrategy’s Bitcoin purchases, typically executed on Mondays.

In his latest post to 3.9 million followers on X (formerly Twitter), Saylor wrote, “Disconcerting blue lines on SaylorTracker.com,” prompting buzz among crypto enthusiasts about potential market activity. MicroStrategy’s most recent Bitcoin acquisition occurred on December 22, when the firm added 5,200 BTC to its holdings at an average price of $106,000 per coin. This marks the company’s smallest Bitcoin purchase since July, signalling a shift in its usual buying strategy.

Additionally, the future of Bitcoin under President-elect Donald Trump may largely depend on how global investors perceive the strength of the US economy and the dollar, according to Ki Young Ju, CEO and founder of CryptoQuant. Ju highlighted that assets like Bitcoin and gold typically gain value during times of economic uncertainty or when investors feel the dominance of the US economy is at risk. However, current sentiment suggests continued confidence in the US dollar as a reliable safe haven currency.

Given this environment, Ju speculated that the Trump administration is unlikely to adopt Bitcoin as part of its strategic reserve, a move that could be seen as undermining the dollar's dominance. Furthermore, he suggested that such economic dynamics might lead Trump to reconsider any earlier indications of a pro-Bitcoin stance.

Lastly, a warning to note. Crypto hackers are employing sophisticated tactics to deceive individuals into installing harmful malware. These malicious programs can grant hackers access to victims' systems, enabling them to steal digital assets or inflict other significant damage.

Blockchain expert Taylor Monahan, also known as Tay on X, has uncovered this latest scam. The strategy begins with hackers pretending to be recruiters from well-known crypto firms, enticing targets with lucrative job offers boasting salaries between $200,000 and $350,000.

Unlike previous schemes involving malware-hidden PDFs or disguised software downloads, this approach manipulates victims into troubleshooting fake issues with their microphone or video access. By following these bogus instructions, individuals unwittingly expose their systems to malicious software.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Over the week, Bitcoin has been trading range-bound between $99k and $92.5k as trading activity from institutional investors reduced due to the holiday season, limiting any major price movements. While BTC has seen some correction over the weekend, such pullbacks have historically set the stage for stronger rallies allowing the market to build momentum. As we move towards the new year, retail investors look for a strong catalyst to drive price action.”

Thangapandi Durai, CEO and Founder, Koinpark, said, “Bitcoin has had an eventful week. U.S. Bitcoin ETFs are on the up, pulling in $475.2 million after a short streak of outflows. Big names like Fidelity, ARK, and BlackRock are pushing these ETFs, making them hold more assets than gold ETFs – a clear sign that investors are still betting on Bitcoin’s potential, even when the price dips a bit. On the corporate front, MicroStrategy is all-in on Bitcoin, now owning 2.12% of the total supply. They’re not stopping anytime soon, planning to invest up to $42 billion, and this bold move has boosted their stock value by 467% in 2024.”

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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.