Matrixport: The Market Has a Few Weeks to Maintain Positive Momentum Ahead of Trump's Inauguration
In Brief
Matrixport indicates that the market's upward drive should persist, fueled by hopes that Donald Trump will implement U.S. regulatory changes that are more welcoming to cryptocurrencies.
Matrixport has shared fresh insights, highlighting that Bitcoin’s value shot up by $12,546 within the past week, eclipsing the $81,000 threshold—marking one of the most significant gains in its history. dollar This increase represents an 18.8% rise, and although Bitcoin has seen steeper percentage increases in the past, the sheer dollar amount of this rally is particularly remarkable.
The firm believes the market's positive trend is set to continue, driven by expectations that Donald Trump will adopt a more cryptocurrency-friendly approach to U.S. regulations. With his inauguration slated for January 20th, there’s a crucial window for the market to keep this momentum. positive trend .
At the same time, Michaël van de Poppe, who is both the CIO and Founder of MN Consultancy and an experienced cryptocurrency trader, notes that significant futures positions are currently held open and predicts a possible market pullback in the coming week before Bitcoin resumes its upward path. He underlined that such pullbacks create substantial opportunities.
Bitcoin Reaches New All-Time High Following Trump's Election Victory, Catalyzing Broader Market Growth
In the wake of this month's U.S. elections, the overall market has shown a positive trend, significantly influenced by Donald Trump's electoral win. Bitcoin's price hit a new all-time record (ATH) at $82,136, with the altcoin sector also benefitting from these gains.
As of the latest update, Bitcoin is priced at $82,060, marking a 3.41% rise in the last 24 hours. The coin's intraday low and high are noted at $78,790 and $82,136, respectively. Bitcoin's market cap is currently estimated at $1.62 trillion, and its market dominance has edged up by 0.71%, now sitting at 58.30%. This price movement aligns with approximately $1.6 billion in inflows into spot Bitcoin ETFs from the past week, as per data from SoSoValue.
Additionally, the total global cryptocurrency market cap rose by 3.94% in the last 24 hours, now reaching $2.77 trillion. The total market volume surged a staggering 80.44%, amounting to $235.86 billion today, according to CoinMarketCap.
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