Crypto Week Ahead: Bitcoin Rallies As Donald Trump Is Set to Take Oath As US President
Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $106,222.28.
Bitcoin (BTC), the world’s oldest and most valuable crypto, has rallied over the weekend as Donald Trump’s inauguration ceremony to assume the US President’s office approaches. The TRUMP coin, as well as wife Melania Trump’s own official cryptocurrency, are among the topmost gainers early Monday. It remains to be seen if Trump’s oath-taking ceremony and upcoming term will result in positive developments for the crypto sector, as has been predicted by experts across the globe. If Trump makes any announcements regarding rate cuts or makes any pro-crypto move, BTC and other coins are naturally expected to rally as well.
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 (January 13), the overall crypto market cap stood at $3.29 trillion. BTC price stood at around $94,600. ETH price stood at around $3,250.
A week later, the overall market cap rose to $3.54 trillion.
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DeFi's total volume stands at $19.06 billion, at 5.44 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $324.1 billion, at 92.55 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 58 points (out of 100).
BTC dominance, at the time of writing, stood at 57.28 percent.
Over the past seven days, Bitcoin achieved a high of $106,222.28 (on January 20) and a low of $90,118.7 (January 13).
Ethereum, on the other hand, saw a high of $3,512.06 (January 18) and a low of $2,953.12 (January 13).
Crypto Events To Note
The cryptocurrency market has witnessed a sharp wave of liquidations exceeding $1 billion in the last 24 hours, driven by Bitcoin's brief dip below $100,000 after nearing its record high. According to data from CoinGlass, approximately $1.18 billion was wiped out, affecting close to 406,000 traders. Long positions bore the brunt of the losses, accounting for $921 million, while short positions saw around $260 million in liquidations.
Ethereum (ETH) led the market shake-up, with long liquidations totalling $207.5 million, closely followed by Bitcoin (BTC), which recorded over $202 million in long liquidations. This substantial market activity highlights the ongoing volatility in the cryptocurrency space, with traders facing significant risks as prices fluctuate rapidly.
Also, incoming US First Lady Melania Trump has launched her own memecoin, MELANIA, which quickly skyrocketed to a market valuation of $6 billion within hours of its debut. Announced via her social media post on January 19, which was later shared by US President-elect Donald Trump, the token gained massive traction among crypto enthusiasts. According to DEXScreener, over 45,000 wallets snapped up the coin shortly after it was introduced at 9 PM UTC.
Meanwhile, Donald Trump’s controversial memecoin suffered a significant blow, plunging 38% in value amidst the buzz around MELANIA’s rapid success. The stark contrast in performance between the two tokens has sparked widespread chatter in both the political and cryptocurrency spheres. As the Trump family’s ventures into the digital currency space continue to draw attention, MELANIA’s remarkable start underscores the unpredictable nature of the memecoin market.
What Crypto Traders Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, "The crypto market extended its rally over the weekend, with Bitcoin peaking at $106,100. While investors booked profits at higher levels, Bitcoin is holding steady above the $100k mark showing strong resilience. As Trump’s inauguration approaches, key policy announcements will shape the market direction. Apart from an expected crypto-friendly move, any hints toward rate cuts may further boost investor sentiment. However, investors must prepare for some volatility as markets digest the implications of any announcements made over the week.”
Thangapandi Durai, CEO and Founder, Koinpark, said, “Over the past week, Bitcoin has experienced its usual share of ups and downs. The market saw a wave of optimism earlier in the week, partly driven by news of Donald Trump’s pre-inauguration events, which sparked discussions about potential policy changes that could favour cryptocurrencies. As is often the case with Bitcoin, its price has been fluctuating. Analysts have suggested a possible short-term dip before it moves toward key levels, such as the anticipated $100,000. Currently, Bitcoin is trading around $101,820, after reaching a high of $106,307 earlier. This highlights how closely Bitcoin is influenced by global events and investor sentiment. Every week tells a new story, and it’s always fascinating to watch how the market continues to evolve.”
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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.
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