Bitcoin (BTC) surged to a new all-time high earlier today, surpassing $105,000 to reach $109,350 as the US readies for Donald Trump’s inauguration. BTC has risen nearly 4% over the past 24 hours as optimism in the markets builds ahead of the inauguration.
Meanwhile, Ethereum (ETH) has recovered from a minor wobble to reclaim $3,300 to reach its current level of $3,366. The cryptocurrency has registered a jump of nearly 6%. Ripple (XRP)’s momentum has also stalled over the past 24 hours, with the altcoin registering a drop of nearly 5% to $3.08. Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Stellar (XLM), Toncoin (TON), and Polkadot (DOT), also registered substantial declines. As a result, the crypto market cap has tumbled nearly 4% and currently sits at $3.51 trillion.
Donald Trump Meme Coin Sparks Market Frenzy And Concern
President-Elect Donald Trump launched the TRUMP meme coin just days before his inauguration, causing a surge in the crypto market and sparking ethical concerns and the potential exploitation of the presidential office, with promises to deregulate the crypto industry. The TRUMP meme coin features an image of Trump-inspired by the July assassination attempt in Pennsylvania. News about the coin emerged days before Trump takes office, sending the crypto market into a buying frenzy as traders sought to purchase the token. The surge potentially sapped momentum from the rest of the markets, with major cryptos in the red while Trump’s meme token surged 600%.
CIC Digital LLC, an entity associated with the Trump Organization, is selling the token. The token’s website states that CIC Digital and its affiliates own 80% of the token supply, which will be released gradually over the next three years.
However, the move has raised significant ethical concerns among market experts who view it as an attempt to profit from the presidential office. As a result, Ethics lawyers have condemned the move. Adav Noti, the executive director of Campaign Legal Center, stated,
“It is literally cashing in on the presidency, creating a financial instrument so people can transfer money to the president’s family in connection with his office. It is beyond unprecedented.”
Crypto venture capitalist and former executive at Coinbase, Nick Tomaino, stated,
“Trump owning 80% and timing the launch hours before the inauguration is predatory, and many will likely get hurt by it.”
The general public has also raised several questions about the token and the timing of its launch, accusing Trump of using his soon-to-be position for profit.
Melania Trump Launches Meme Coin
Following the launch of the TRUMP meme coin, incoming First Lady Melania Trump launched her own meme token, MELANIA, on January 20. The new meme coin led to a 50% drop in its value. The new token gained considerable traction, quickly reaching a market cap of $5 billion. However, its impact on the value of the TRUMP token was only temporary.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) broke above a key resistance level over the weekend, signaling a resurgence of bullish momentum and renewed optimism among traders. The flagship currency closed above the resistance at $101,000 on Sunday despite facing significant selling pressure, signaling a shift in market sentiment. The close above resistance levels has also strengthened BTC’s technical outlook, with analysts confident of higher price levels. BTC’s descending trendline acted as a formidable resistance level, preventing a jump in price. However, BTC’s breakout above the trendline has seen a shift, with the price surging to an intraday high of $106,552 before dropping to its current level. The rally suggests buyers have assumed control after a prolonged consolidation phase. With bullish sentiment gathering momentum, BTC surged to a new all-time high of $109,350 during the ongoing session, but has marginally declined since and is trading around $108,362.
BTC had dipped below the 20 and 50-day SMAs during the second week of January. By January 9, it fell to an intraday low of $91,298 before recovering the following day and settling at $94,818. BTC had a mixed weekend as it registered a marginal decline on Saturday and a marginal increase on Sunday to settle at $94,585. Monday saw the price collapse as BTC plummeted below $90,000 to an intraday low of $89,397. However, it recovered to reclaim $90,000 and ultimately settled at $94,492, registering a marginal increase. Tuesday saw BTC climb above the 20-day SMA after rising 2.19% and settling at $96,566. Bullish sentiment intensified on Wednesday as BTC surged past the 50-day SMA after an increase of almost 4% and settled at $100,051. However, it was back in the red on Thursday, dropping to an intraday low of $97,094 before settling at $99,798.
Source: TradingView
Buyers will look to retain control and push BTC above $110,000. On the other hand, sellers will look to retake control and drive BTC below $100,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) faced a substantial decline over the weekend even as buyers attempted to mount a recovery on Sunday. The price dropped close to the $3,100 support level before buyers prevented a further decline, with ETH ultimately reclaiming $3,200. The price chart shows that ETH is facing considerable difficulty moving past the resistance at $3,500. ETH started the previous weekend on a relatively positive note, registering a marginal increase on Saturday despite volatility and settling at $3,283. However, it was back in the red on Sunday, dropping 0.53% to $3,266. Monday saw a substantial jump in selling pressure as ETH plummeted to an intraday low of $2,927. However, buyers bought the dip, allowing ETH to recover and reclaim $3,000. ETH ultimately ended Monday at $3,137, down nearly 4%. ETH registered an increase of almost 3% on Tuesday and moved to $3,226. Bullish sentiment intensified on Wednesday as ETH surged 7% to move past the 20-day SMA and settle at $3,450. However, it was back in the red on Thursday, dropping just over 4% to slip below the 20-day SMA and settle at $3,308.
Source: TradingView
Buyers returned to the market on Friday as ETH rose nearly 5% to move past the 20-day SMA and settle at $3,473. Once again, the resistance around $3,500 came into play, and as a result, ETH dropped nearly 5% on Saturday to slip below the 20-day SMA and settle at $3,305. Buyers attempted a recovery on Sunday as ETH rose to an intraday high of $3,446. However, it could not stay at this level and dropped nearly 3% to an intraday low of $3,127 before settling at $3,212. The current session sees ETH up over 5% as buyers attempt to push the price above the 20-day SMA and test the resistance around $3,500.
Solana (SOL) Price Analysis
Solana (SOL) surged to a new all-time high on Sunday, smashing past $250 to reach an intraday high of $295 before registering a substantial drop. SOL was bullish over the past week as buyers pushed it above key resistance levels and moving averages. SOL was relatively muted last weekend, registering only marginal increases on Saturday and Sunday to settle at $188. SOL experienced a dramatic collapse on Monday as it fell to an intraday low of $169, briefly going below the 200-day SMA. It recovered from this level to reclaim $180 and ultimately settle at $182. SOL recovered on Tuesday as it rose 2.58% to $187.
Source: TradingView
Bullish sentiment intensified on Wednesday as SOL surged past the 20-day SMA and $200 after rising nearly 10% to $205. The price experienced volatility on Thursday as buyers and sellers attempted to establish control. Buyers ultimately gained the upper hand as SOL rose 2.56% to move past the 50-day SMA and settle at $211. SOL registered an increase of 4% on Friday and moved to $219 as buyers retained control. SOL surged on Saturday, rising an incredible 19.19% to settle at $261. Sunday saw SOL surge to a new all-time high of $295 as bulls set their sights on $300. However, SOL lost momentum after reaching $295, allowing sellers to wrest control. As a result, SOL plummeted to an intraday low of $237 before ultimately settling at $252. Sellers attempted to drive SOL below $200 during the current session as it dropped to an intraday low of $228. However, it recovered from this level and is currently up just over 2%, trading around $256.
Ripple (XRP) Price Analysis
Ripple (XRP) registered a sharp increase last Saturday as it rebounded from the 20-day SMA to settle at $2.57. However, it fell on Sunday, dropping nearly 3% to $2.50. The price fell to an intraday low of $2.33 on Monday as selling pressure intensified. However, XRP recovered from this level to register a marginal increase and settle at $2.52. The price continued to push higher on Tuesday, increasing nearly 6% to $2.66. Bullish sentiment intensified on Wednesday as XRP surged almost 18% to move past $3 and settle at $3.14. XRP experienced substantial volatility on Thursday as buyers and sellers attempted to establish control. As a result, the price dropped to an intraday low of $2.92 and reached an intraday high of $3.39 before settling at $3.24.
Source: TradingView
Buyers retained control on Friday, with XRP rising 1.50% to $3.29. However, XRP lost momentum over the weekend, plummeting to an intraday low of $3.05 before recovering and settling at $3.26, a decline of 0.81%. Bearish sentiment intensified on Sunday, as XRP plummeted nearly 10% to slip below $3 and settle at $2.95. However, buyers are back in control during the current session, with XRP up nearly 9% and trading around $3.20.
Algorand (ALGO) Price Analysis
Algorand (ALGO) was trading in the red at the beginning of the previous week, dropping below the 20-day SMA last Sunday to settle at $0.361. The price continued to drop on Monday, falling to an intraday low of $0.324 before settling at $0.349. ALGO recovered on Tuesday, rising nearly 7% to move past the 20-day SMA and a key resistance level to settle at $0.372. Bullish sentiment registered a substantial increase on Wednesday as ALGO surged past the 50-day SMA after rising over 19% and moving to $0.444. Buyers retained control on Thursday, with ALGO rising nearly 5% to $0.464.
Source: TradingView
Bullish sentiment waned on Friday after ALGO reached an intraday high of $0.496. With sellers active around $5, buyers could not push higher and ultimately settled at $0.468, registering only a marginal increase. Bearish sentiment returned on Saturday as the price fell just over 5% to $0.444. Selling pressure intensified on Sunday as ALGO dropped 10.55%, slipping below the 50-day SMA and $0.40 to settle at $0.397. However, ALGO has made a strong recovery during the ongoing session, with the price up over 16% to move back above the 50-day SMA. ALGO is trading around $0.463, with buyers setting their sights on testing the $0.50 level.
Injective (INJ) Price Analysis
Injective (INJ) started the previous week on a bearish note, registering a substantial drop to $18.52 on Monday. However, it recovered from this level to reclaim $20 and settle at $20.10, ultimately registering a fall of 3.44%. Sentiment changed on Tuesday, and INJ rose 5.35% to $21.18. Bullish sentiment registered a substantial increase on Wednesday as INJ surged nearly 9% to move past the 20 and 200-day SMAs to $23.06. However, it fell on Thursday, dropping 1.64% to $22.68.
Source: TradingView
Bullish sentiment returned on Friday as INJ rose over 9% and moved to $24.76. Despite reaching an intraday high of $26.01, INJ lost momentum and was back in the red over the weekend, dropping 3.55% on Saturday and over 13% on Sunday to slip below the 20 and 200-day SMAs and a key support level to $20.66. The current session sees INJ up over 12%, trading around $23.22.
Bittensor (TAO) Price Analysis
Bittensor (TAO) saw a dramatic collapse over the weekend as it slumped below key levels and moving averages. TAO’s price action has been mixed since last Monday, when it saw a stunning collapse, dropping below the 200-day SMA to an intraday low of $384. The price recovered from this level to reclaim $400 but could not move past the 200-day SMA, ultimately settling at $420. TAO continued to drop on Tuesday, falling nearly 1% to $416. However, it recovered on Wednesday, rising over 10% to move past the 200-day SMA and settling at $459. TAO was back in the red on Thursday, falling just over 3% to $445.
Source: TradingView
Buyers returned to the market on Friday as TAO rallied nearly 9% to move past the 20-day SMA and settle at $485. However, selling pressure returned over the weekend as TAO dropped almost 6% on Saturday to slip below the 20-day SMA and settle at $456. TAO attempted a recovery on Sunday, reaching an intraday high of $486. Buyers lost momentum after reaching this level, and TAO dropped 6.61%, going below the 200-day SMA to $426. The current session sees TAO back above the 200-day SMA, up just over 6% and trading around $452.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
