Bitcoin has reached a new high of $106.4k, above its last high of $103.9k, due to retail activity and Trump's recent statements.
Ethereum, too, had crossed $4000 and looks at a potential rally towards $15k.
However, other altcoins saw sluggish growth today.
MicroStrategy's Michael Saylor hints at another Bitcoin purchase.
The rally of 5% in Bitcoin in the last 24 hours has turned the markets bullish once again after slight corrections last week. Bitcoin's price seems to have made these gains mostly based on institutional buying, retail demand, and some whale activity. A key role in propping up BTC also goes to Donald Trump's reaffirmation to include Bitcoin is US Dollar's strategic reserves.
This expected rise in Bitcoin has led to a slight gain in its market cap but has greatly impacted the crypto market cap. The total crypto market cap is now at an all-time high of $3.73 trillion.
Ethereum, too, made a decent gain of 3.5% in the last 24 hours and crossed $4k. At press time, Ethereum was trading around $4005. Despite repeated attempts to cross its last ATH, ETH failed to achieve it. However, that is soon set to change as several experts claim that ETH's undervaluation could soon end.
The top altcoin trio of XRP, SOL and BNB too have made some decent gains today. XRP rose by 1.3%, SOL by 2.4%, while BNB made a small gain of 0.5% to reach $2.44, $226, and $720, respectively. Last week, a bullish move by Chainlink set it on a rally towards the ATH of $53.
Memecoins, too, made decent gains over the last 24 hours. DOGE gained 3.11% to reach $0.41 levels and SHIB gained 2.43% to reach $0.000028. Other memecoins too made similar gains.
Amid a new ATH, the Bitcoin network's hash rate has exceeded 800 Exa Hash per second(EH/s). This growth in hashing power comes after almost a month in November when Bitcoin grew from $69k to almost $100k within a fortnight. This year, Bitcoin saw its hash rate grow from 469 EH/s to 800 EH/s, almost doubling despite losses due to the 2024 halving event.
As Bitcoin hits a new ATH, MicroStrategy's Michael Saylor announced another Bitcoin purchase, asking whether MSTR's BTC question was missing another green dot. This would be the first purchase by the Bitcoin giant after the $100k price. Due to prior Bitcoin purchases, MicroStrategy enjoys a low average price of $60k. The company now enjoys a $19 billion-plus profit with a 75% yield this year.
Donald Trump recently announced his plans to move to the Bitcoin standard by adding Bitcoin to the financial reserves that back the US Dollar. Though the $15 trillion purchase still seems like a wild dream, Forbes has verified it. If implemented, the purchase could easily boost Bitcoin's price above $1 million.
Trump's crypto promises were one of the key reasons why Bitcoin crossed $100k within a fortnight of Trump winning the US Presidential elections.
Bitcoin ETFs have broken their consistency records, with the current month seeing inflows of $500 million per day consistently. The impact of these inflows is that despite $8.5 billion of BTC sold by miners, the price of Bitcoin rose by 5.75% over the last 7 days, crossing its last ATH of $103.9k. At press time, Bitcoin was trading at $106.4k.
Bitcoin ETF Inflows - December 2024
Coinglass
However, Ethereum ETFs weren't able to match Bitcoin ETF inflows despite the former seeing a rising trend. At press time, Ethereum had crossed $4k, whose current gains mostly seem to arrive from the retail crypto market.
Ethereum ETF Inflows - December 2024
Coinglass
Despite the lag, Ethereum is soon expected to grow above $10k and could rise till $15k levels. Several experts, including chart expert Ali Martinez, Bankless co-founder Ryan Sean Adams, and others, have pointed towards the undervaluation of Ethereum along with historical charts that indicate that a rally in ETH could emerge soon.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it 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.
