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The cryptocurrency market capitalization surpassed $3.3 trillion, up 3.8% in the past 24 hours. Ethereum (+7.4%), Solana (+7.5%), XRP (+24%) and Cardano (+9.6%) brought dynamism.
The price of Bitcoin surpassed $99,000 on Friday morning, continuing its steady assault towards all-time highs. A strong inflow of capital into spot BTC ETFs is fueling the systematic uptrend, largely driven by institutional clients and speculators. However, since the beginning of November, several rallies have also taken place. The most recent was the resignation of SEC chief Henry Gensler. He was actively working to curb the spread of cryptocurrencies in the financial sector. Now, traders are betting on a turnaround in crypto policy, not just more conciliatory regulation.
Bitcoin is quickly approaching $100,000, at which point we should expect a major shake-up at a major milestone, but we still see the end of this momentum around $110,000.
XRP rose by almost a quarter in less than 24 hours on news of the SEC chief’s departure. The price peaked at $1.43 early Friday before returning to $1.37. This was the high-water mark of 2021, where hopes for a legal victory against the SEC also rose. The all-time high of 3.84 was reached in early 2018, during the first altcoin craze.
News context
According to Bloomberg, Trump and his transition team are discussing the possibility of creating a White House position focused on cryptocurrencies with industry leaders. The official is expected to serve as a liaison between Congress, the White House, as well as the SEC and CFTC.
The Equal Opportunity Research Foundation has questioned the possibility of solving the US national debt problem with a Bitcoin reserve. The initiative, which has been submitted to Congress for consideration, involves purchasing 1 million BTC for five years at the expense of the Fed’s gold reserves.
Year to date, MicroStrategy shares are up 650%, outperforming Bitcoin’s growth by a factor of five. The company’s market capitalization exceeded $96 billion. Previously, the company’s founder, Michael Saylor, announced plans to transform MicroStrategy into a Bitcoin bank with a capitalization of $1 trillion.
