WHY IS THE CRYPTO MARKET UP TODAY:
■"Crypto Market Rises Amid Optimism for Pro-Growth Policies and Economic Trends"
●Market Overview:
The global cryptocurrency market capitalization saw a 1.04% increase in the past 24 hours, reaching $3.53 trillion on Jan. 6, just weeks before Donald Trump’s presidential inauguration. Trading activity surged by 5.8% to $92.7 billion, highlighting heightened interest.
Bitcoin advanced 1.1% to $99,533, approaching the $100,000 threshold but still trailing its Dec. 17 peak of $108,268 by 8%. Ether gained 1%, trading at $3,673.
●Pro-Crypto Policy Anticipation:
The incoming Trump administration is fueling investor confidence, with analysts predicting regulatory changes favorable to the crypto industry. Ripple CEO Brad Garlinghouse noted that “75% of Ripple’s open roles are now based in the U.S.,” reflecting the shift in expectations.
ARK Invest’s Cathie Wood forecasts significant deregulation, predicting an uptick in mergers, acquisitions, and innovation, reiterating her projection that Bitcoin could surpass $1 million by 2030.
●Macroeconomic Boosters:
Easing inflation and improving economic metrics are bolstering the crypto rally. Markus Thielen of 10x Research cited optimism ahead of the Jan. 15 Consumer Price Index (CPI) release and a positive market outlook leading up to the Federal Reserve’s Jan. 29 meeting. Rates are expected to remain steady at 4.25%-4.5%.
●Technical Momentum:
The TOTAL crypto market cap chart shows a bullish flag formation, indicating potential for continued growth. A weekly close above $3.58 trillion could trigger an upward trajectory toward $4 trillion or even $6.06 trillion, representing a 76% surge from current levels.
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