Welcome to another edition of Crypto NFT Today! The last two weeks have been full of unmissable events that will define the future of blockchain, cryptocurrency and NFTs.
With cryptocurrencies advancing ahead of Trump’s inauguration, an encouraging Bitcoin inflation report, and more, there’s plenty of essential news you should know. So let’s go ahead and see what happens!
Cryptocurrencies jump ahead of Trump inauguration
Cryptocurrencies surged Thursday as investors turned to smaller, riskier coins ahead of President-elect Donald Trump’s inauguration.
XRP and Litecoin were among the best performers, up 13% and 22% respectively, according to Part Metrics. The CoinDesk 20 Index, a broad crypto market gauge, gained nearly 5%. Meanwhile, bitcoin rose less than 1%, hovering around $100,000 after a roughly 7% two-day rally earlier this week. Ether fell almost 3% on Thursday.
Encouraging Bitcoin Inflation Report Released
Bitcoin continued its rebound on Wednesday, hovering around $100,000 after another positive inflation report boosted investors’ risk appetite. The price of the leading cryptocurrency rose more than 3%, reaching $99,493.26, a gain of 7% over the past two days, according to Coin Metrics. It peaked at $100,715.13 in late afternoon trading.
The CoinDesk 20 Index, which tracks the broader cryptocurrency market, rose 7%. Shares of Coinbase climbed 7%, while Bitcoin-related stocks MicroStrategy and Mara Holdings saw gains of 5% and 4%, respectively.
Litecoin could soon receive an ETF
Days before the inauguration of US President-elect Donald Trump and new leadership at the Securities and Exchange Commission (SEC), other cryptocurrencies beyond bitcoin (BTC) and ether (ETH) could soon be approved for their own spot exchange. -traded funds (ETF).
Litecoin (LTC) is expected to be the first to receive approval, according to Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence. “Canary Funds has just filed an amended S-1 for its Litecoin ETF application. While there are no guarantees, this could signal the SEC’s commitment to the filing,” Seyffart explained on X.
Expert Predicts Dogecoin Skyrocketing
The crypto market often follows a cyclical pattern, with past price movements helping analysts predict future trends. Analyst Martinez applied this strategy in his commentary on Thursday, suggesting that Dogecoin could see another significant rise starting next week.
Martinez highlighted that Dogecoin saw a major uptrend during the week of January 25, 2021, following a 56% decline from its December high. For context, the meme token rose from $0.0143 in December 2021 to a low of $0.0067, before rebounding strongly and closing January with a 700% increase.
