The crypto market has concluded another eventful week, marked by gains for investors and traders amidst a broader recovery. Bitcoin (BTC) soared to $105,000 as the week ended, while Ripple’s XRP witnessed a remarkable 30% rise. Meanwhile, the newly launched TRUMP meme coin has captured global attention with its extraordinary rally ahead of Donald Trump’s presidential inauguration. Let’s dive deeper into the week’s most impactful updates in the crypto space.
Trump’s Inauguration Boosts Crypto Optimism
As Donald Trump prepares for his January 20 inauguration, a wave of crypto-friendly sentiment has invigorated the market. Known for his supportive stance toward digital assets, Trump’s presidency is sparking optimism across the crypto ecosystem. Major cryptocurrencies have rebounded from recent declines, reflecting the positive market sentiment.
- Bitcoin (BTC) gained over 10% this week, closing at $105,000.
- Ethereum (ETH) experienced a 3% increase, reaching $3,370.
- Solana (SOL) surged by an impressive 37%, ending the week at $257.
- Meme coins such as SHIB and DOGE recorded gains ranging from 5% to 20%.
These trends align with the heightened anticipation surrounding Trump’s presidency and its potential impact on the market.
Oklahoma Passes Bitcoin Reserve Bill
In a landmark move, Oklahoma has introduced the Bitcoin Reserve Bill, further solidifying its support for the leading cryptocurrency. Meanwhile, Wyoming is considering legislation that would allow state funds to invest in Bitcoin. These developments highlight the growing acceptance of digital assets as the Republican administration takes the reins.
Ripple’s XRP Surpasses $3
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Ripple’s XRP emerged as another standout, surging by 28% to close at $3.26. Key drivers of this rally include:
- Growing optimism for an XRP ETF, particularly following the departure of SEC Chair Gary Gensler.
- ProShares submitting applications for Leveraged & Inverse XRP ETFs and XRP Futures ETFs.
- Major XRP transfers, including $60.54 million moved from co-founder Chris Larsen’s wallet.
Ripple whales transferred over 130 million tokens amidst ongoing SEC litigation, fueling further interest in XRP.
TRUMP Meme Coin Gains Traction
The newly launched TRUMP meme coin became the talk of the week after a staggering 3000% surge within 20 hours. The coin now ranks just behind Pepe Coin in market capitalization, with its popularity soaring globally as traders and investors anticipate its potential.
Notably, whale accumulation of a new meme coin on Solana has also increased, suggesting bullish sentiment for the asset’s future performance.
Conclusion
From Bitcoin’s strong rally to the explosive debut of the TRUMP coin, this week’s developments underscore the dynamic nature of the crypto market. For more detailed analysis and insights, follow The Bit Journal as we continue to track these exciting trends.
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