As a crypto analyst, I’m wrapping up another exhilarating week in the crypto sphere, marked by traders and investors reveling in a wider market rebound. The closing bell saw Bitcoin (BTC) touching $105K, while Ripple‘s XRP experienced impressive gains of around 30% over the past seven days. To add to the buzz, a fresh meme coin called TRUMP has been making waves in the crypto community, skyrocketing ahead of Donald Trump’s upcoming presidential inauguration.
Let’s take a closer look at some of the latest and trending news about cryptocurrencies that CoinGape has recently shared.
BTC & Crypto Market Carry Momentum Ahead Of Donald Trump’s Presidential Inauguration
It seems that there’s a surge of interest in cryptocurrencies across the market, as Donald Trump prepares to take office on January 20. Trump’s pro-cryptocurrency stance and strong backing for digital assets have noticeably affected the market. With great enthusiasm surrounding his presidential inauguration, Bitcoin and other top crypto prices have rebounded after a period of decline, suggesting that Trump’s influence extends to the market.
In the last seven days, Bitcoin’s price increased more than 10%, peaking at approximately $105,000 as the week ended. Ethereum experienced a smaller growth of around 3%, finishing the week at about $3,370. Meanwhile, Solana skyrocketed by a substantial 37% in the same timeframe, closing the week at around $257. Additionally, meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) saw growth between 5%-20%, all of which occurred during the same period. It’s worth noting that this positive trend coincides with the upcoming inauguration of former President Donald Trump.
Furthermore, following this series of events, Oklahoma has enacted the Bitcoin Reserve Act, adding momentum to the asset during an optimistic market period. Moreover, according to CoinGape, Wyoming is also considering legislation that would enable state funds to invest in Bitcoin. In summary, these recent occurrences as the Republican prepares for his presidency have signaled a positive influence on the cryptocurrency market.
Ripple’s XRP Hovers Above $3
At the same time, Ripple’s native currency has become a new topic generating excitement in the market, rising by 28% over the past week to reach $3.26. The cryptocurrency benefits from a broader upward trend as the newly elected 47th U.S. president is about to take office, as previously stated. Furthermore, various other advancements have drawn further interest towards this digital asset.
Significantly, the chances of an XRP Exchange-Traded Fund (ETF) have grown stronger following Gary Gensler’s departure. As stated by Nate Geraci, applications for ProShares Leveraged & Inverse XRP ETFs and ProShares XRP Futures ETF have been submitted. This move has sparked a surge of market optimism about Ripple’s digital currency.
Additionally, it has been reported that Ripple’s co-founder Chris Larsen transferred $60.54 million worth of XRP from his wallet, igniting debate within the crypto community, especially in light of recent court filings against the SEC. Notably, other large Ripple holders also moved over 130 million tokens as both parties consented to file stipulations regarding cross-appeals. The SEC also submitted its latest opening brief. All these events have been significant developments for the Ripple community this week.
TRUMP Meme Coin Gains Traction
In contrast to this, Donald Trump unveiled the launch of his TRUMP meme coin this week, igniting further debates. Interestingly, the Official TRUMP coin experienced a staggering 3000% surge in value within mere 20 hours, placing it just behind Pepe Coin in market capitalization. The token’s soaring popularity as the presidential inauguration approaches has caused a stir among traders and investors worldwide.
Additionally, it’s worth mentioning that the storage of whales for the latest meme token on Solana has experienced a significant surge, causing optimism about potential price fluctuations in the future. In summary, these occurrences are among the most influential events in the cryptocurrency market during the last week.
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2025-01-19 08:36