Bulls set to pounce
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. 7th 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
BTC Back Above Six Figures; XDC Quietly Surges
The total worldwide crypto market capitalization sits comfortably at $3.7 trillion after adding $300 billion worth of value since New Year's Eve.
Bitcoin is back above $100,000. Just within the past week, the biggest crypto had sunk as low as $93K. Economic tumult in China is stoking a narrative regarding a potential influx of capital fleeing the mainland, increasing demand for BTC.
Cardano, a smart-contract-centric project that saw its native ADA reach its pinnacle more than three years ago, is quietly crushing it to start 2025. ADA is up 32% since last Tuesday to reach $1.13, which is two-thirds of the value ADA enjoyed in September of 2021.
XRP and Dogecoin each had solid stretches over the first seven days of this year with the former up 17% in that span and the latter up 20%.
Among Top 100 coins, XDC has enjoyed the best start, up 38% since last week to reach $0.095 as of today at 7:42 a.m. (EST). XDC briefly surged above a dime yesterday. That mark hadn't been reached in three years.
What's down
Solana Rises To Challenges, Then Falls
Solana (SOL) hit $222 yesterday. It's up 10% on the week. Solana has just revealed a new proposal for a "lattice-based" hashing system aimed at eliminating computational bottlenecks, Decrypt said. Meanwhile, Solana developers also claim to have created a vault system described as "quantum resistant."
Reportedly, the vault alleviates fears about quantum computers being able to potentially crack the cryptographic algorithms that secure digital wallets.
Checking SOL today at 8 a.m. (EST), the sixth-largest crypto was $213 following a decline of 1.6% over the prior 24 hours, according to CoinGecko.
What's next
Bull Market Enters Late Innings, Quant Says
Chinese assets (the yuan versus the greenback as well as the CSI 300 index) continued to slide to start the year, stoking the notion of a capital flight, potentially boosting Bitcoin demand, CoinDesk points out.
When China devalued in 2015, BTC traded 3x higher, according to LondonCryptoClub.
Distinctly optimistic vibes are in the air with BTC seemingly primed to take a stab at $109,000. BTC's record high of $108,135, per CoinGecko, came back on Dec. 17. The once lofty prediction of $120K BTC suddenly doesn't seem so far-fetched.
And yet there are notes of caution being sounded. The crypto market is right now in the “later stages of the current bull cycle,” according to Cointelegraph, citing Crypto Dan, a contributor to CryptoQuant.
The two-year-old, post-FTX-nadir bull market is likely to reach its cyclical peak by the second quarter of this year, or possibly earlier, Crypto Dan said.
