The crypto market keeps its pace
Market picture
The cryptocurrency market increased by 2.7% in the past 24 hours, reaching $3.6 trillion. It is returning to levels seen on January 7th and has been maintaining steady growth since the beginning of the week. Successful consolidation at these levels could pave the way to historical highs observed in December, effectively ending the period of corrective pullback and consolidation.
Crypto market sentiment remains in the ‘Greed’ territory, with values recording 75 for the second consecutive day. These figures indicate significant buyer interest but are not yet indicative of an overbought market.
Bitcoin’s price has exceeded $102K, entering the range it occupied ten days ago. Similar to the broader market, BTC is on the brink of reaching the December highs. Additionally, overcoming downward momentum intraday on Thursday has demonstrated buyer strength. If risk appetite in equities persists, an advance into the $108K-$110K range could materialize within a few days. Continued upward movement might trigger FOMO, potentially driving the price to $130K by the end of January.
News background
According to Bloomberg analyst Eric Balchunas, a Litecoin-based exchange-traded fund is anticipated to be the next spot cryptocurrency ETF in the U.S., which recently led to a 30% increase in LTC prices. There are currently five applications for Solana-based ETFs and two applications for XRP-based funds pending with the SEC.
Investment firm VanEck has applied to the SEC to launch an exchange-traded fund named Onchain Economy ETF, aimed at companies involved in digital transformation and/or digital asset-based instruments.
Caution prevails in the BTC options market, as bets on increased volatility intensify with the approach of Donald Trump’s inauguration as U.S. President on January 20th, The Block reports.
New York-based Burwick Law has announced plans to file a lawsuit against the Pump.fun platform on behalf of meme-coin investors who have incurred substantial losses.
Scam Sniffer warns that Telegram malware scams targeting crypto investors have now outpaced traditional phishing attacks. Since November, the number of fraudulent incidents on Telegram has surged 20-fold.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
