In the past week, the cryptocurrency market experienced euphoria as Bitcoin returned to the recently lost mark of $100,000. However, this excitement quickly turned into apathy when the leading cryptocurrency failed to maintain this level, reports a correspondent from the Kapital.kz business information center.
According to technical analyst Ali Martinez, Bitcoin's price needs to overcome only a weak resistance in the $104,700–105,770 range, where, as he noted, a "supply wall" of 107,000 BTC is concentrated. He emphasized that at the time of his analysis, the first cryptocurrency was significantly above the important support zone of $95,400–98,400, as 1.77 million addresses had purchased over 1.53 million BTC within this range. Michael van de Poppe, founder of MN Trading, shared a similar viewpoint: if the $100,000 level holds, he expects new historical highs.
However, the short-term dynamics of the leading cryptocurrency proved to be ambiguous: in January, it noticeably revived, once again surpassing the psychological barrier of $100,000 on January 5, dragging altcoins into the "green zone," but by January 8, Bitcoin had fallen below this threshold. Despite local fluctuations, the consensus in the market remained "bullish": experts are confident that digital gold will resume its upward trajectory. The presence of "bullish momentum" is confirmed by options statistics indicating increased interest in executing contracts in the $110,000–120,000 range. Representatives from Deribit and Amberdata reported this, focusing on call options with a strike price of $120,000, whose total nominal open interest has already reached $1.52 billion. They added that the put-to-call ratio for all expiration dates on Deribit decreased to 0.24, indicating a clear dominance of bullish sentiment. In an Amberdata report, it was explained that the upcoming inauguration of Donald Trump on January 20 could serve as a powerful driver for further increases in Bitcoin's value. Analysts noted that on Saturday, January 4, one trader on Deribit spent over $6 million on call options with a strike price of $100,000 and an expiration date of March 28, demonstrating confidence in the imminent return of the first cryptocurrency to "six-figure" values. This move indicates expectations of new historical highs following Donald Trump's official assumption of the U.S. presidency.
According to Coinglass, the futures market also maintained resilience: funding rates for long positions in Bitcoin and Ethereum were around 10% annually. Ryan Li, chief analyst at Bitget Research, told The Block that such values indicate a sustained positive environment and further room for growth, especially considering the recovery of liquidity. He explained that over the past week, the market capitalization of stablecoins increased by about $3 billion, and one of the main reasons for this is the activity of institutional players.
James Butterfill, head of the research division at CoinShares, suggested that by 2025, Bitcoin could be in a broad range of $80,000–150,000. According to him, the possibility of the asset's market capitalization growing up to 25% of gold's value in the long term cannot be ruled out, which would correspond to a price of around $250,000, although it is unlikely to happen precisely in 2025. If the elected U.S. president Donald Trump fails to fulfill his promises regarding the crypto industry, Bitcoin is likely to be closer to the $80,000 mark. James Butterfill added that disappointment in Donald Trump's initiatives could lead to a significant corrective movement in the market.
JPMorgan experts stated that the "depreciation trading" trend would persist in the long term, as the share of gold and Bitcoin in investment portfolios continues to grow. Analysts emphasized that the annual growth in gold prices has surpassed levels implied by fluctuations in U.S. dollar yields and government bonds, linking this to the return of risk hedging strategies. Additionally, the record inflow of capital into the cryptocurrency market in 2024 confirmed that Bitcoin has become a fundamentally important tool for numerous market participants. JPMorgan specialists described the past year as "transformative" for the digital assets sector, noting that total investments in this area approached $78 billion over the 12 months. They added that the strengthening role of gold is clearly reflected in the volumes of the precious metal held by both central banks and private investors, who often use derivatives and ETFs, forming a significant share of the non-bank segment worldwide.
Amid discussions about market structure, the conversation about the institutional impulse of 2024 continued. James Butterfill, head of the research department at CoinShares, reported that this period was marked by record inflows into crypto-asset-based funds, with amounts exceeding four times the previous peak in 2021 ($10.5 billion). Specifically, investments in Bitcoin funds reached $38 billion (29% of AUM), while altcoin instruments attracted $813 million (18% of AUM). James Butterfill explained that in the first three trading days of this year, investment products based on digital assets collectively received $585 million; however, considering the last two trading days of 2024, there were net outflows of $75 million for the week overall. He added that in 2024, Ethereum re-emerged: total inflows into this product amounted to $4.8 billion (26% of AUM), which was 2.4 times higher than the results of 2021 and 60 times greater than the figures for 2023. The expert emphasized that Ethereum significantly outperformed Solana, which received $69 million (4% of AUM) in investments.
At the end of the seven-day reporting period, the total capitalization of the cryptocurrency market failed to return above the psychological mark of $3.5 trillion. As of the evening of Wednesday, January 8, 2025, it stood at $3.36 trillion, which is 3.07% higher than the values recorded at the end of the previous reporting period.
1. Bitcoin (BTC). As of the evening of Wednesday, January 8, 2025, the price of "digital gold" was recorded at around $96,584. Over the past seven days, Bitcoin showed moderate growth, increasing in price by 3.26%. The market capitalization of BTC during the same period rose by $61 billion, reaching $1,913 billion. The share of the "first cryptocurrency" in the total market capitalization grew by 0.03 percentage points, ending the reporting period at 56.68%.
2. Ethereum (ETH). As of the evening of Wednesday, January 8, 2025, the price of "Ether" settled at $3,363. Over the past seven days, "digital oil" grew by 0.66%. Meanwhile, Ethereum's share in the total cryptocurrency market capitalization decreased by 0.27 percentage points, standing at 12.05%.
3. Ripple (XRP). As of the evening of Wednesday, January 8, 2025, the price of Ripple (XRP) reached $2.31, showing a significant growth of 7.94% over the week. The share of the "banking cryptocurrency" in the total capitalization increased by 0.19 percentage points, finishing the reporting period at 3.95%.
4. Binance Coin (BNB). As of the evening of Wednesday, January 8, 2025, the price of Binance Coin (BNB) fell to $693. Over the week, the asset's price decreased by 1.70%. The share of BNB in the overall market capitalization decreased by 0.14 percentage points, dropping to 2.97%.
5. Solana (SOL). As of the evening of Wednesday, January 8, 2025, the price of Solana (SOL) was $197. Over the seven-day period, "Sol" gained 3.68%. The share of Solana in the total cryptocurrency market capitalization increased by 0.01 percentage points, reaching 2.83%.
6. DogeCoin (Doge). As of the evening of Wednesday, January 8, 2025, the price of Dogecoin (DOGE) reached $0.35. The growth of the "meme" cryptocurrency over the week was 10.41%. The token's share in the market capitalization remained virtually unchanged, staying stable amid price declines.