Crypto Price Analysis 12-17 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, ARBITRUM: ARB, CHAINLINK: LINK, TONCOIN: TON, FANTOM: FTM
Bitcoin (BTC) surged past $107,000, reaching a new all-time high of $107,780 after President-elect Donald Trump reiterated his plans to create a US Bitcoin strategic reserve similar to the country’s strategic oil reserves. BTC is up 2.42% over the past 24 hours and 10% over the past week as its post-election rally continues.
The world’s largest and most popular cryptocurrency has registered gains of over 50% since Trump’s November election victory.
BTC’s record-breaking price action has significantly impacted other cryptocurrencies as well. Ethereum (ETH) crossed the crucial $4,000 mark, up 2.40% over the past 24 hours. Ripple (XRP)’s latest rally has seen it leapfrog Tether (USDT) again to become the third-largest cryptocurrency. XRP is up almost 16% over the past week. However, Solana (SOL) registered a notable decline, down nearly 3% over the past 24 hours. Cardano (ADA), Tron (TRX), Chainlink (LINK), and Aave (AAVE) also registered substantial gains.
Crypto Receives Major Boost Thanks To Trump’s Comments
Bitcoin (BTC) has rallied over 50% since the US elections, which saw Trump voted to office, along with several pro-crypto candidates. As a result of the substantial jump in prices, the overall value of the crypto market has doubled over the year so far to hit $3.8 trillion, according to data from CoinGecko. Trump, who once called crypto a scam, embraced digital assets during his election campaign and promised to make the US the crypto capital of the world. Trump also named former PayPal executive David Sacks White House czar for artificial intelligence and cryptocurrencies. Additionally, Trump has nominated pro-crypto attorney Paul Atkins as the next Securities and Exchange Commission (SEC) Chair.
MicroStrategy Added To Nasdaq-100
Michael Saylor-led MicroStrategy will be added to the Nasdaq-100 Index. The change will come into effect before the market opens. MicroStrategy’s strategy of aggressively investing in Bitcoin (BTC) has seen the company’s shares soar sixfold during the ongoing year. As a result, its market value has surged to $94 billion. The company is also the largest corporate holder of BTC. The news also led to the company’s shares registering an increase of 4.2% on Monday. Matthew Dibb, the Chief Investment Officer at Astronaut Capital, stated the inclusion was a bit unexpected, adding,
“The inclusion seems a bit unexpected, but that hasn’t stopped the excitement of what many believe to be the start of a looping cycle of capital that could potentially drive up the spot Bitcoin price.”
MicroStrategy Purchases More Bitcoin (BTC)
MicroStrategy purchased an additional 15,350 BTC during the week ending December 15 at an average price of roughly $100,386 per BTC. The purchase was financed by selling MicroStrategy shares. The latest purchase brings MicroStrategy’s total BTC reserves to a staggering 439,000 BTC worth $47 billion at current prices. MicroStrategy’s aggressive Bitcoin strategy has seen the company’s market cap grow from $1.1 billion to almost $100 billion. The jump in BTC prices has also boosted MicroStrategy shares. BTC has seen an unprecedented rally this year thanks to the launch of spot Bitcoin ETFs and Trump’s victory in the US presidential elections. The company has also been included in the Nasdaq 100.
The company now aims to become part of the S&P 500 index. However, this may be difficult, according to analysts James Seyffart and Eric Balchunas. While companies must have a market cap of at least $18 billion, the S&P has complete discretion in deciding which companies make the cut. According to Seyffart and Balchunas, MicroStrategy’s biggest problem could be profitability, with the company failing to profit over the past few quarters. However, that could change in 2025.
Current accounting rules do not allow companies like MicroStrategy to record BTC on their books at fair value. Instead, they must take an impairment loss if prices fall and cannot take any gains from rising BTC prices into their books. However, new rules by the Financial Accounting Standards Board allow companies to capture some upside from rising BTC prices.
Ripple To Roll Out RLUSD Stablecoin
Ripple announced it will begin rolling out the RLUSD stablecoin on December 17 after receiving regulatory approval. It will be listed on several prominent exchanges and crypto platforms, including MoonPay, Uphold, Archax, and CoinMENA. Further listings on Bitstamp, Bitso, Bullish, and others are also planned in the coming weeks. The company also announced two additions to its stablecoin advisory board: Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, the former first vice president and COO of the Federal Reserve Bank of Boston.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) hit another record as it surged to a new all-time high of $107,780, thanks to growing optimism about its potential role as a US reserve asset. BTC’s latest milestone came after President-elect Donald Trump announced his intention to create a Bitcoin strategic reserve similar to the US Strategic Petroleum Reserve. Trump reaffirmed his stance in an interview, stating that the US would do something great with crypto. As a result, markets have a renewed sense of optimism, with other altcoins also registering substantial gains. Additionally, crypto exchange-traded products (ETPs) have also registered record-breaking inflows. Data from CoinShares reported a staggering $3.2 billion flowing into these products, with BTC accounting for over half of these investments.
BTC declined marginally after hitting a new all-time high and is trading around $106,719, up almost 1% over the past 24 hours. Sentiment around BTC has become positive after Trump’s comments, despite the asset getting off to a bearish start during the previous week. BTC started last week with a drop of 3.57%, falling to an intraday low of $94,185, briefly slipping below the 20-day SMA. However, it recovered partially from this level to go above the 20-day SMA and settle at $97,434. Bearish sentiment persisted on Tuesday as BTC registered a marginal decline and settled at $96,912, but not before dropping to an intraday low of $94,313. Despite starting the week in the red, BTC recovered on Wednesday, registering an increase of 4.12% to cross $100,000 and settle at $100,900. However, the price fell back in the red on Thursday, dropping almost 1% to slip below $100,000 and settle at $99,923.
Source: TradingView
BTC recovered on Friday to reclaim $100,000 after an increase of 1.47% and settled at $101,394. However, the weekend began with a marginal decline as buyers failed to build momentum on Saturday. BTC recovered strongly on Sunday, registering an increase of almost 3%, and settled at $104,181. Bullish sentiment persisted on Monday as BTC set a new all-time high, reaching an intraday high of $107,780 before marginally declining to $105,750. The current session sees BTC up by almost 1% as it eyes the $110,000 mark.
Ethereum (ETH) Price Analysis
Ethereum (ETH) finally broke past the resistance at $4,000, a level it struggled to surpass. Market watchers will hope ETH can build on its recent uptick and push towards $4,500. ETH has struggled to go above $4,000 since the beginning of December and plummeted over 7% last Monday as it failed to stay above this level. As a result, ETH fell to an intraday low of $3,536 before settling at $3,715. Sellers retained control on Tuesday as ETH dropped to an intraday low of $3,521, briefly going below the 20-day SMA before settling at $3,630, a decline of 2.30%. However, ETH recovered on Wednesday, registering an increase of 5.62% to cross $3,800 and settle at $3,834. Buyers retained control on Thursday as ETH rose to an intraday high of $3,988 before declining to settle at $3,882, ultimately registering an increase of 1.26%.
Source: TradingView
Bullish sentiment began waning on Friday as ETH registered only a marginal increase. Despite the marginal increase, ETH could go above $3,900 and settle at $3,907. The weekend began with ETH dropping almost 1% on Saturday to go below $3,900 and settle at $3,869. However, it recovered on Sunday, registering an increase of 2.25% and settling at $3,956. The current week began with ETH experiencing significant volatility as buyers and sellers struggled to take control. As a result, ETH dropped to an intraday low of $3,882 and rose to an intraday high of $4,106 before settling at $3,985 after an increase of 0.74%. The current session sees ETH marginally up and trading around $4,007. Buyers will look to keep ETH above $4,000 and push towards $4,500. On the other hand, sellers will attempt to wrest control and drive ETH below $4,000 and towards $3,800.
Solana (SOL) Price Analysis
Solana (SOL) slipped below the $220 support level as growing selling pressure saw the price plummet to $211. SOL has been trading in a downward trajectory since November 23, as its bull run halted abruptly after it failed to stay above $260. Bearish sentiment intensified considerably at the beginning of last week, as SOL plummeted by 8.55% to drop to an intraday low of $205 before settling at $216. Sellers retained control on Tuesday as SOL fell to an intraday low of $201 before settling at $213 after a drop of 1.47%. Despite considerable selling pressure, SOL recovered on Wednesday, registering an increase of 6.38% and settling at $227. SOL attempted to push above the 20-day SMA on Thursday as it reached an intraday high of $234. However, it lost momentum after reaching this level and dropped to $215, registering a marginal decline.
Source: TradingView
Sellers retained control on Friday as SOL dropped by 0.96% to $224. Sellers attempted to drag SOL below the 50-day SMA on Saturday as it fell to an intraday low of $215. However, it partially recovered from this level to settle at $219, ultimately registering a drop of 2.22%. SOL recovered on Sunday, registering an increase of almost 2% and moving to $224. Despite ending the weekend positively, SOL was back in the red on Monday, dropping nearly 4% to slip below the 50-day SMA and $220 to settle at $216. The current session sees SOL marginally down as sellers look to drive SOL towards $200.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) is struggling to build momentum and go above the 20-day SMA as sellers look to yank the price below $1. ARB suffered a substantial decline at the beginning of last week, plummeting over 17% to an intraday low of $0.840 before partially recovering and settling at $0.960. Bearish sentiment persisted on Tuesday, with ARB witnessing an increase in volatility. As a result, ARB rose to an intraday high of $1.10 and fell to an intraday low of $0.875 before settling at $0.938, below the 20-day SMA. The price recovered on Wednesday, rising by 6.51% to move past the 20-day SMA and settle at $0.999.
Source: TradingView
Buyers pushed ARB to an intraday high of $1.11 on Thursday as bullish sentiment increased considerably. However, buyers could not maintain momentum, and the price dropped to $1.02, registering an increase of almost 3%. Friday saw a marginal increase as ARB rose to $1.03 as momentum began waning. Sellers took control on Saturday, driving ARB down nearly 5% as it fell below the 20-day SMA and $1 and settled at $0.984. The price recovered on Sunday, rising over 3% to reclaim $1 and settle at $1.01. However, bearish sentiment returned on Monday as ARB fell by 1.28% and settled at $1. The current session sees ARB down by almost 1%, slipping below $1 and trading around $0.995.
Chainlink (LINK) Price Analysis
Chainlink (LINK) is struggling to go above $30, with buyers losing momentum thanks to considerable selling pressure. LINK suffered a substantial collapse last Monday as it dropped almost 15%, falling to an intraday low of $19.78 before settling at $22.30. The price faced considerable volatility on Tuesday as buyers and sellers struggled to establish control. As a result, LINK rose to an intraday high of $23.78 and fell to an intraday low of $20.29 before settling at $22.13, ultimately registering a marginal decline. LINK recovered on Wednesday as it rebounded from its support levels to register an increase of almost 9% and settle at $24.06. Bullish sentiment intensified considerably on Thursday as LINK rose over 21% and surged to $29.15, as it sought to rest the resistance at $30.
Source: TradingView
With LINK encountering resistance at this level, volatility increased on Friday as buyers and sellers sought to dictate price action. As a result, LINK rose to an intraday high of $30.95. However, it could not stay at this level and fell to a low of $27.54 before settling at 428.99 after a marginal decline. Buyers attempted to claim $30 over the weekend as LINK rose to $30.78 before settling at $29.11. Sunday also saw a marginal increase as LINK settled at $29.24, still unable to stay above $30. Bearish sentiment intensified on Monday after another failed attempt to go above $30, as LINK fell almost 2% after reaching an intraday high of $30.83 and settled at $28.72. The current session sees LINK down nearly 2% as buyers look to lower the price towards $25.
Toncoin (TON) Price Analysis
Toncoin (TON) registered a dramatic drop last week, falling over 14% to slip below key support levels and the 20 and 200-day SMAs to $5.80. TON fell further on Tuesday, dropping to an intraday low of $5.50. However, it recovered from this level to register an increase of 2.41% and settled at $5.94. Bullish sentiment intensified on Wednesday as TON rose almost 7% to reclaim $6, move above the 200-day SMA, and settle at $6.34. Buyers attempted to go above the 20-day SMA on Thursday, and TON reached an intraday high of $6.48. However, it lost momentum at this level and registered a marginal drop to settle at $6.32.
Source: TradingView
Sellers retained control on Friday as TON dropped 0.54% and settled at $6.29. Selling pressure increased on Saturday as TON dropped over 1% and settled at $6.22. Despite growing selling pressure, TON recovered on Sunday to register an increase of almost 3% and settle at $6.39. Bearish sentiment returned on Monday as TON dropped over 5% to slip below the 200-day SMA and settle at $6.05. The current session sees the price marginally down as sellers look to drive TON below $6.
Fantom (FTM) Price Analysis
Fantom (FTM) is looking to continue its ascent towards $1.50 despite experiencing a wobble on Monday. FTM registered a dramatic drop last Monday, falling almost 16% and settling at $1.12. Despite starting the week in the red, FTM recovered on Tuesday, rising over 3% and settling at $1.15. Bullish sentiment persisted on Wednesday as FTM rose 8% and settled at $1.25. Buyers attempted to push higher on Thursday as FTM reached an intraday high of $1.32. However, it lost momentum after reaching this level and dropped to $1.23, registering a decline of 1.35%. Buyers returned to the market on Friday as FTM registered an increase of almost 7% and settled at $1.31.
Source: TradingView
Despite a strong showing on Friday, FTM fell back in the red on Saturday, dropping almost 7% to $1.22. The price recovered on Saturday, surging nearly 17% to go above the resistance at $1.35 and settle at $1.38. The current session sees FTM marginally up as buyers and sellers struggle to establish control.
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.
