1 days ago
A return to markets after the holidays and anticipation of Donald Trump’s inauguration as U.S. president is building bullish sentiment for bitcoin and the broader crypto market. The asset is up 10% in the past week, retaking the $102,000 level late Monday and reversing nearly all losses from early December. It fell from a peak of nearly $109,000 on Dec.17 to a local low of just below $92,000 on Dec.30, which momentarily sparked fears of a deeper downturn. The surge comes as U.S.-listed spot bitcoin exchange-traded funds (ETFs) raked in $987 million on Monday, their highest since Nov.21, data from SoSoValue shows. Fidelity’s FBTC led inflows with $370 million pouring in, followed by BlackRock’s IBIT with $209 million and Ark Invest’s ARKB with $71 million. Nine of the twelve ETFs recorded inflows, with none showing outflows in a standout day for the cohort. Trump’s expected crypto policies and broader economic plans have brought back positive sentiment among traders — bumping up BTC prices in a usual precursor to an altcoin rally. “We believe that the demand for bitcoin is manifesting itself after a downbeat Fed outlook in late December put the brakes on a Santa Claus rally,” Jeff Mei, COO at crypto exchange BTSE, told CoinDesk in a Telegram message Tuesday. “Now that traders have wrapped up their vacations and are back to work, they`ve resumed purchases of Bitcoin, crypto, and stocks in a bullish trend as we approach Donald Trump`s inauguration,” Mei added. Some traders are targeting the $109,000 level in the short term before a bullish trend is confirmed, setting the stage for even higher prices. “So far, the technical picture looks like a classic correction completion with a resumption of the growth from the Fibonacci retracement level of 61.8% of the rally since the beginning of November,” shared Alex Kuptsikevich, FxPro chief market analyst, in an email. “This scenario will be confirmed if the historical highs of around $109,000 are confidently breached. At the same time, we expect Bitcoin`s growth to accelerate after the $100,000 mark.” Fibonacci levels are a technical analysis tool to identify potential support and resistance points where price movements might pause or reverse. Some traders believe that tracking Fibonacci levels can offer predictive value in identifying key price levels — which may become a self-fulfilling prophecy that causes price reactions in the market. As such, market volatility is expected to stay low until the U.S. Nonfarm payrolls (NFP) report on Friday, which some believe will kick-start the new trading year with “decision-makers fully back at work,” per Augustine Fan, head of insights at SOFA. Strong NFP data could strengthens the U.S. dollar, potentially leading to higher interest rates, which can negatively affect risk assets like stocks and bitcoin. “However, the highest volatility event for the month is priced to be FOMC at the end of the month as the economic stats are priced to show `soft landing` signs soon,” Fan added. BTC trades just above $101,600 in Asian morning hours Tuesday, up 2% in the past 24 hours. The broad-based CoinDesk 20 (CD20) , a liquid index tracking the largest tokens by market cap is up 0.53%.
CoinDesk
You can visit the page to read the article.
Source: CoinDesk
Tags :
Markets
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Bitget Launches ZENUSDT Futures Trading with Maximum Leverage of 75x
Victoria, Seychelles, January 8th, 2025, Chainwire Bitget , the leading cryptocurrency exchange and Web3 company, has launched ZENUSDT perpetual futures trading with a maximum leverage of 75x, effective January 6, 2025, at 20:00 (UTC+8). This launch introduces advanced trading opportunities, complemented by support for futures trading bots, enabling users to automate strategies and optimize their trading performance. ZENUSDT-M perpetual futures are settled in USDT and offer a tick size of 0.001, with funding fees settled every eight hours. Trading is available 24/7, ensuring continuous access to the market. Users can access this feature through the official Bitget website or the Bitget app, making trading flexible and convenient for global participants. To maintain a secure and efficient trading environment, Bitget retains the discretion to adjust key parameters such as tick size, maximum leverage, and maintenance margin rates based on prevailing market conditions. This proactive risk management approach ensures optimal trading performance while safeguarding users against market volatility. Comprehensive Futures Offerings Bitget’s futures platform includes USDT-M Futures, Coin-M Futures, and USDC-M Futures: USDT-M Futures: Utilize USDT for all trading pairs, allowing users to manage multiple futures contracts under a unified account. Profits, losses, and risks are consolidated within the same equity pool for streamlined portfolio management. Coin-M Futures: Trade using the underlying asset as collateral for settlements. USDC-M Futures: Designed for settlements in USDC, catering to a wider array of trading preferences. This addition to Bitget’s extensive futures lineup reflects the platform’s commitment to empowering traders with innovative tools, flexible options, and a robust trading ecosystem. About Bitget Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions while offering real-time access to Bitcoin price , Ethereum price , and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA , in the EASTERN, SEA, and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet For media inquiries, please contact: media@bitget.com Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use . Contact Public Relations Media Bitget media@bitget.com CoinDesk
![Analyst and trader Kevin Svenson believes that the most explosive phase of the cycle for altcoins is still to come. In a new strategy session, Svenson tells his 81,300 YouTube subscribers that based on historic precedence the TOTAL3 chart may soon have an astronomical breakout. The TOTAL3 chart tracks the market capitalization of all crypto assets excluding Bitcoin ( BTC ), Ethereum ( ETH ) and stablecoins. “[In 2021] Bitcoin got to a really high price and just started chopping. And when it was chopping around, the TOTAL3 went to the moon.” Source: Kevin Svenson/YouTube Svenson predicts that the most explosive season for the alts will start around the 40th week after the halving event in April 2024, when miners’ rewards were cut in half, which would be around the end of January. “So in this cycle right now the altcoins are currently not even the 40th week post-halving. We haven’t even gotten the all-time high break. In the last cycle, when you broke that high, it was 170% for the TOTAL3 as a whole, 170% up. Maybe it won’t be as much a percent, but still, there’s a major move ahead of us… The most bullish part of the cycle has not even started yet, hasn’t even begun yet. So we have multiple more weeks to go where Bitcoin could get really, really bullish and continue to be bullish. And the altcoins also will look for a major pump over the next couple of months, in my opinion.” Source: Kevin Svenson/YouTube Looking at his chart, the analyst suggests the TOTAL3 market cap may reach around $2 trillion for the cycle peak, up from the current $982.2 billion. Svenson also believes that the flagship crypto’s dominance level (BTC.D) will soon start to decline. The BTC.D is the ratio between the market cap of BTC versus the market cap of all crypto assets combined. “What you’ll notice in previous cycles is that right after the 40th week – the halving takes place, 40 weeks later – that’s when [Bitcoin] dominance really starts to plummet… Once we get into this green zone past the 40th week that’s when I think Bitcoin dominance is going to start to take a big tumble, and altcoins are going to take over in dominance.” Looking at his chart, the analyst suggests that BTC.D may dip to around 42% within six months. Source: Kevin Svenson/YouTube At time of writing, BTC.D is at 58.01%. ? Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Most Bullish Part of Altcoin Cycle Hasn’t Even Begun Yet, According to Analyst Kevin Svenson appeared first on The Daily Hodl .](/image/677e32dabe1f9.jpg)
Most Bullish Part of Altcoin Cycle Hasn’t Even Begun Yet, According to Analyst Kevin Svenson
Analyst and trader Kevin Svenson believes that the most explosive phase of the cycle for altcoins is still to come. In a new strategy session, Svenson tells his 81,300 YouTube subscribers that based on historic precedence the TOTAL3 chart may soon have an astronomical breakout. The TOTAL3 chart tracks the market capitalization of all crypto assets excluding Bitcoin ( BTC ), Ethereum ( ETH ) and stablecoins. “[In 2021] Bitcoin got to a really high price and just started chopping. And when it was chopping around, the TOTAL3 went to the moon.” Source: Kevin Svenson/YouTube Svenson predicts that the most explosive season for the alts will start around the 40th week after the halving event in April 2024, when miners’ rewards were cut in half, which would be around the end of January. “So in this cycle right now the altcoins are currently not even the 40th week post-halving. We haven’t even gotten the all-time high break. In the last cycle, when you broke that high, it was 170% for the TOTAL3 as a whole, 170% up. Maybe it won’t be as much a percent, but still, there’s a major move ahead of us… The most bullish part of the cycle has not even started yet, hasn’t even begun yet. So we have multiple more weeks to go where Bitcoin could get really, really bullish and continue to be bullish. And the altcoins also will look for a major pump over the next couple of months, in my opinion.” Source: Kevin Svenson/YouTube Looking at his chart, the analyst suggests the TOTAL3 market cap may reach around $2 trillion for the cycle peak, up from the current $982.2 billion. Svenson also believes that the flagship crypto’s dominance level (BTC.D) will soon start to decline. The BTC.D is the ratio between the market cap of BTC versus the market cap of all crypto assets combined. “What you’ll notice in previous cycles is that right after the 40th week – the halving takes place, 40 weeks later – that’s when [Bitcoin] dominance really starts to plummet… Once we get into this green zone past the 40th week that’s when I think Bitcoin dominance is going to start to take a big tumble, and altcoins are going to take over in dominance.” Looking at his chart, the analyst suggests that BTC.D may dip to around 42% within six months. Source: Kevin Svenson/YouTube At time of writing, BTC.D is at 58.01%. ? Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Most Bullish Part of Altcoin Cycle Hasn’t Even Begun Yet, According to Analyst Kevin Svenson appeared first on The Daily Hodl . CoinDesk
