Crypto NFT Today: Cryptocurrencies Jump Ahead of Trump’s Inauguration, and More

Cryptocurrencies Surged on Thursday as Investors Shifted Focus to Smaller, Higher-Risk Coins Ahead of President-Elect Donald Trump’s Inauguration

Among the top performers were XRP and litecoin, which rose by 13% and 22%, respectively, as per Coin Metrics data. The CoinDesk 20 index, a broad crypto market indicator, gained nearly 5%. Meanwhile, bitcoin increased by less than 1%, hovering near $100,000 after a two-day rally of around 7% earlier this week. On the other hand, ether dropped nearly 3% on Thursday.

Bitcoin Continued Its Rebound on Wednesday, Hovering Around $100,000 After Another Positive Inflation Report

The price of the leading cryptocurrency was up more than 3%, reaching $99,493.26, marking a 7% gain over the past two days, according to Coin Metrics. It peaked at $100,715.13 during late afternoon trading.

Bitcoin's Encouraging Inflation Report Releases in Detail

The CoinDesk 20 index, which tracks the broader cryptocurrency market, rose by 7%. Shares of Coinbase climbed 7%, while Bitcoin-related stocks MicroStrategy and Mara Holdings saw gains of 5% and 4%, respectively.

After Piling on Gains, XRP May Be Pausing for Breath Ahead of Trump Inauguration; Litecoin ETF Coming Soon?

With U.S. President-elect Donald Trump’s inauguration a few days away and new leadership set to take over at the Securities and Exchange Commission (SEC), other cryptocurrencies beyond bitcoin (BTC) and ether (ETH) may soon be approved for their own spot exchange-traded funds (ETFs).

According to Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence, litecoin (LTC) is expected to be the first to receive approval. “Canary Funds just filed an amended S-1 for their litecoin ETF application. While there are no guarantees, this could signal SEC engagement on the filing,” Seyffart shared on X.

Expert Predicts Dogecoin Surge as Crypto Market Poised for Another Round of Gains Starting Next Week

The crypto market often follows a cyclical pattern, with past price movements helping analysts predict future trends. Analyst Martinez applied this strategy in his commentary on Thursday, suggesting that Dogecoin could see another significant rise starting next week.

To elaborate, Martinez highlighted how Dogecoin experienced a major uptrend in the week of January 25, 2021, following a 56% drop from its December high. To provide context, the meme token fell from $0.0143 in December 2021 to a low of $0.0067, before rebounding sharply and closing January with a 700% increase.