Bitcoin (BTC) has stabilized near $98,000 as the market prepares for Donald Trump’s inauguration on January 20. After enduring nearly two weeks of downturns, the cryptocurrency landscape is showing signs of recovery. What does this mean for Bitcoin and other altcoins?
What is Bitcoin’s Current Situation?
In the last day, Bitcoin experienced a liquidation of $164 million, marking a 26% reduction in liquidations compared to previous figures. Currently, BTC’s price stands at approximately $98,425.
How Are Altcoins Performing?
The total trading volume for cryptocurrencies has dipped to $88 billion, a stark contrast to earlier peaks of $300 billion. Nevertheless, the overall market valuation of cryptocurrencies surpasses $3.5 trillion, indicating a rebound in the fear index back to neutral levels.
- Bitcoin holding steady at $91,500 as a key support level.
- Possible BTC price increase to six figures if positive sentiment continues.
- Top gainers include AIOZ and PENGU, rising by 20% and 12% respectively.
- Futures volatility has led to significant liquidations in various altcoins.
With the incoming administration expected to embrace cryptocurrency, the market may continue its upward trajectory. The recent ETF data showing a net positive inflow of over $908 million has instilled confidence among traders, paving the way for potential gains in the coming week.
