Crypto Market Rebounds as Market Cap Hits $3.4 Trillion
Cryptocurrency prices experienced a significant rise during Thursday’s trading,
with increased activity pushing the market cap back to $3.4 trillion.
This trend reflects strong investor interest in buying at the start of the new year,
following a profit-taking wave at the end of 2024.
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Bitcoin
Bitcoin rose by 2.05%, reaching $96,500.10, while Ethereum climbed 3.12% to $3,454.90,
Ripple increased 3.07% to $2.3881, and Dogecoin jumped 4.62% to $0.3415.
The total cryptocurrency market cap surged by 4.54%, recovering from its dip below $3.4 trillion on December 26.
Ripple recorded an 11% gain in the past 24 hours.
A report from CoinDesk highlighted unusual trading activity for Ripple on South Korean exchanges,
which drove its significant price increase.
Trump
Meanwhile, the new U.S. administration under Donald Trump appointed businessman David Sacks as a key cryptocurrency advisor.
His role includes overseeing new initiatives, such as a proposal to establish a national Bitcoin reserve,
signaling growing government interest in the sector.
This move aligns with efforts to position the United States as a global leader in digital currencies.
Additionally, traditional investment institutions have shown increased interest in cryptocurrencies.
For instance, Wisconsin’s state pension fund recently made substantial investments in Bitcoin,
allocating over $160 million to newly approved funds earlier this year.
With Bitcoin reaching a record high of over $108,000 in December and rising government and institutional support,
the market appears poised for further growth in 2025.
Crypto Market Rebounds as Market Cap Hits $3.4 Trillion