Key Insights:
Bitcoin could make $150k soon as ETF inflows strengthen amid institutional buying.
On the other hand, Ethereum is lowkey bullish, priced above $4k.
Ripple is one of the top gainers today, surpassing $2.5.
Memecoins have become slightly bearish.
Riding on high inflows from retail, whales, institutional, and ETF investors, Bitcoin made another ATH of $107,780 on Monday, 17 Dec 2024, at press time. The recent high was achieved after Bitcoin saw a $637 million inflow from ETFs.
Just yesterday, Bitcoin had achieved a high of $106.4k based on heavy buying from institutions and retail markets in the weekend.
The ETFs seem to have fled to buy BTC in a similar way as FOMO-led buying.
However, according to an estimate by BlockchainCenter.net, Bitcoin was still in an accumulation zone, and as per their Rainbow Chart, it has the potential to cross $500k in this current bull cycle.
Bitcoin Rainbow Charts 16 Dec 2024
BlockchainCenter.Net
However, as opposed to Bitcoin, Ethereum saw little to no gains, with the last hour's gains in Ethereum at press time being in negative territory.
In the last 24 hours, Ethereum gained 0.55%, less than one-third of Bitcoin's 1.77%. Further, over the last seven days, Bitcoin outperformed Ethereum by almost 3%.
Still, experts expect a large rally in Ethereum soon.
Opposed to Bitcoin, Ethereum, and XRP, broader markets saw little to no gains and saw some corrections.
Among the top altcoin trio, XRP gained 5.38%, Solana lost 3.3%, and BNB made a nominal gain of 0.18%. XRP could see its RLUSD's official launch today after some significant minting last week.
The gains in XRP come from the possible end of the SEC's multi-year hunt, as its chief, Gary Gensler, is set to leave his office after resigning.
Memecoins that have outperformed every other sector in the crypto markets have seen decent corrections.
Among the top two memecoins, DOGE lost 1.5% to $0.39 in the last 24 hours, while Shiba Inu lost 2.2% to $0.000026.
Bitcoin ETFs saw a large net inflow of $637 million on Monday with BlackRock's IBIT being the largest gainer with $418 million inflows yesterday. IBIT has become the largest Bitcoin ETF with an AUM of 54.8 billion, which is approximately the value of 539k Bitcoins.
The second largest ETF was Grayscale, with an AUM of $22 billion.
With a net inflow of $51 million on Monday, Ethereum ETFs seemed to lag in comparison with their Bitcoin counterparts.
Lately, Ethereum ETFs have seen inflows close to Bitcoin ETFs, which had sparked the hope of an altcoin revival in the markets.
Ethereum experts still believe that ETH could shed its undervaluation and rally up to $15k levels this year.
Crypto Fear and Greed Index 17 Dec 2024
CoinMarketCap
Crypto Fear and Greed Index was at 81 showing extreme bullishness in the markets. However, a large part of this bullishness was due to Bitcoin alone.
The Altcoin Season Index, on the other hand, showed levels of 62 at press time.
Altcoin Season Index 17 Dec 2024
CoinMarketCap
In crypto markets, despite Bitcoin showing bullish momentum, the altcoins have failed to pick up speed. This has resulted in a skewed market where Bitcoin's dominance dominates 56.6% of the crypto market cap.
The main cause of this seems to be the mainstream adoption of Bitcoin where it no longer remains an alternate asset but has been adopted in general as an unavoidable part of everyone's investment portfolio.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.