BTC reached a new all-time high of $108,353 on December 17th, but has since been on a downward trend. However, after dropping to a low of $91,530 on December 30th, it has seen a significant rally, gaining over 7% in the past 6 days, reaching a high of $98,976.91 yesterday. It is currently trading at $98,050, up 0.1% in the last 24 hours.
Ethereum Continues to Surge
Meanwhile, ETH reached a high of $4,107 on December 17th, but then dropped to a low of $3,101 on December 20th. However, it has also seen a significant rally recently, gaining over 17% from the December 20th low. It is currently trading at $3,638, up 1.4% in the last 24 hours.
Liquidation Data Across the Network Stabilizes
According to Coinglass data, the total crypto liquidations in the past 24 hours amounted to $171 million, with $74.44 million in long liquidations and $96.68 million in short liquidations. Over 63,000 traders were liquidated, and the liquidation data has stabilized.
Fear and Greed Index Remains in the Greed Zone
According to Alternative data, the current Fear and Greed Index is 72 (yesterday it was 73), indicating a "Greed" level.
The Crypto Fear and Greed Index is calculated based on six market sentiment indicators: Volatility (25%), Market Momentum/Volume (25%), Social Media (15%), Surveys (15%), Dominance (10%), and Trends (10%).
BTC Could Reach $105,000 in January
Looking ahead, a Bitfinex analyst stated today that BTC could reach $105,000 in January:
We expect BTC to maintain a range-bound market as investors seek to deploy capital across a variety of asset classes, and we anticipate BTC will trade between $95,000 and $110,000 by the end of January.
The inauguration of President-elect Trump on the 20th could be a significant catalyst for the crypto market, as people have high expectations for the new US administration, including more crypto-friendly regulations and improved economic policies. However, the Bitfinex analyst believes that the inauguration may not immediately trigger a market rally:
We expect the new presidency to bring more clarity to crypto policy, but we do not believe the inauguration will be a significant price appreciation event, but rather a prelude to paving a less obstructed path for crypto in the US.
