The crypto price on January 17, 2025 hit a major milestone, having a market capitalization of $3.56 trillion which exceeded the $3.5 trillion valuation of Apple, the biggest company in the world.
That rise was propped up by a 2.3% increase in the past 24 hours of the day plus a stable trading volume of $152 billion. Interestingly, Bitcoin (BTC) reached a new high of $102K, on the back of hopes for Donald Trump’s upcoming Presidency inauguration.
Key Factors Influencing the Market
Optimism from Political Changes:
The anticipation of Donald Trump’s presidency has positively impacted investor sentiment in the crypto market. Traders are hopeful for friendlier SEC regulations and clearer token guidelines following his inauguration.
Moreover, recently cooled inflation data has set the stage for additional Federal Reserve rate reductions, thereby further strengthening favorable market sentiment.
Crypto Price on January 17, 2025
1. Bitcoin (BTC) Price:
- Current Price: $101,185
- 24-hour Low/High: $97,405 / $102,080
- Market Cap: $2 trillion
BTC ETFs gained $98 million in inflows, with Ark 21Shares leading the purchase at $155 million.
2. Ethereum (ETH) Price:
- Current Price: $3,368
- 24-hour Low/High: $3,266 / $3,395
- Market Cap: $406 billion
ETH ETFs recorded an inflow of $55 million, led by Fidelity with purchases totaling $70 million.
3. XRP Price:
- Current Price: $3.31
- 24-hour Low/High: $3 / $3.38
XRP has seen a weekly gain of 45% and an impressive quarterly surge of 500%.
4. Solana (SOL) Price:
- Current Price: $212
- 24-hour Low/High: $198.7 / $216.9
- Market Cap: $103 billion
Top Crypto Gainers Today
- Hedera (HBAR): Price – $0.386 | 24-hour gain – 20%
- Fartcoin (FARTCOIN): Price – $1.46 | 24-hour gain – 20%
- EOS: Price – $0.983 | 24-hour gain – 14%
- Algorand (ALGO): Price – $0.48 | 24-hour gain – 11%
- Flare (FLR): Price – $0.028 | 24-hour gain – 10%
Top Crypto Losers Today
- ai16z (AI16Z): Price – $1.33 | 24-hour loss – 12%
- Virtuals Protocol (VIRTUAL): Price – $3.47 | 24-hour loss – 5.68%
- Sonic (S): Price – $0.7751 | 24-hour loss – 5.37%
- Lido DAO (LDO): Price – $2.00 | 24-hour loss – 4.32%
- Pudgy Penguins (PENGU): Price – $0.0333 | 24-hour loss – 2.9%
Meme Coin Performance
Meme coins also exhibited bullish momentum today:
- Dogecoin (DOGE) rose by 3%, trading at $0.387.
- Shiba Inu (SHIB) gained by 2%, trading at $0.00002265.
Among the important meme coins, PEPE, BONK, and WIF, respectively increased by 2% to 5% in the past 24 hours.
Personal Analysis
Political optimism in tandem with a slightly better economic indicator about inflation and interest rates might be a significant reason behind the current cryptocurrency market boom. Potential regulatory change on the advent of the Trump administration could attract more institutional investment into crypto assets, stabilizing and further growing the market.
Bitcoin performance seems to be hold up by positive investor sentiment as it moves towards new highs, while the institutional sentiment of Ethereum is mixed, as it shows the difficulties within the altcoin space.
These substantial improvements to lesser-known cryptocurrencies such as Hedera and Fartcoin, indicate that speculative trading continues to thrive amongst investors seeking to take high-risk opportunities.
(Source: Coingape)
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