A snazzy start to new year
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m.2nd January 2025.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Bitcoin Greens Into The New Year
Two days into 2025, Bitcoin has taken a turn for the better. Suddenly, there's talk of an imminent upswing toward new highs. As of 7 a.m. (EST) today, the largest crypto was nearing $97,000 on a gain of 3.5% over 24 hours.
The final stretch of 2024 (and we do hope you had a terrific holiday) concluded with a whimper. A Santa rally never came. After getting near six figures on Christmas Day, BTC slumped to sub-$92K territory as the last few grains of yearly sand slipped away. The $94K mark came into view around midnight on New Year's Eve to cap a banner year (+110%); for December, though, BTC fell 5%.
The tail end of '24 will never be forgotten. A pro-crypto regime cruised into power and BTC topped $100,000. A looming BTC resurgence toward the $130,000 mark possibly by the end of Q1 '25 seems inevitable, said Cointelegraph, citing an investor/entrepreneur, Jason Williams, chirping on X. “A few weeks of consolidation could set the stage for a massive breakout," Williams said.
What's down
Big Alts Heed Their Wake-Up Call
No. 2 coin Ethereum endured a lousy past couple of weeks but it's back in the green right this moment. ETH's up 3.6% in 24 hours, hitting close to $3,500. ETH is down 4% over the past month. It last crossed $4K back in mid-December.
The third-largest crypto, XRP, reached a recent high of $2.82 in the early part of last month. XRP has declined about 15% since then. However, the token associated with Ripple is sitting among today's best-performing digital assets with a gain of 11% to reach $2.40.
Meanwhile, Dogecoin, which in early December looked like it might get to fifty cents, is back on the move, challenging 34 cents. DOGE is up 8% since this time yesterday. DOGE remains down 18% over the past 30 days.
What's next
Bears Really Do Hibernate
Crypto roared last year and another dramatic leg up could be right around the corner. Various metrics have now turned in Bitcoin's favor, Cointelegraph said.
For example, BTC open interest dropped to a two-month low. Counterintuitively, it's a signal of a sturdy spine. BTC futures open interest (total number of contracts across all BTC futures markets) peaked at 668,100 on Dec. 20. The current figure of 595,700 represents the puniest level since the day before the U.S. presidential election.
"Bears have gained the upper hand in the short term," Cointelegraph said. "But their diminished appetite suggests limited downside potential for BTC's price."
