The crypto markets experienced a surge of excitement two weeks ago as Bitcoin hit all-time highs throughout the week. Bullish sentiment dominated headlines, fueled by developments like Bitcoin exchange-traded fund (ETF) options, improving Ethereum ETF inflows, and renewed interest in non-fungible tokens (NFTs).
Bitcoin stole the spotlight as it shattered one record after another, climbing steadily toward the $100,000 milestone. By the end of the week, it had surged past $99,000, with many analysts predicting it would hit $100,000 during the U.S. trading session that Friday.
The launch of Bitcoin ETF options contributed to the market frenzy. Bloomberg’s James Seyffart called it “a pretty big success,” leading to speculation about a potential gamma squeeze that could send Bitcoin prices skyrocketing.
While many attributed Bitcoin’s rise to positive news, some market watchers suggested that price action drives sentiment, not the other way around. In this view, bullish or bearish narratives gain traction depending on whether prices are rising or falling.
Ethereum (ETH), often considered Bitcoin’s closest competitor, had a mixed week. Despite showing some recovery on Thursday, ETH has continued to lose ground against Bitcoin over the past 18 months.
However, there are signs that Ethereum might be bottoming out. Eric Balchunas, Bloomberg’s Senior ETF Analyst, pointed to positive Ethereum ETF inflows, suggesting the worst may be over. Prominent crypto traders like Bitcoin Jack and Cobie also highlighted bullish setups for Ethereum, speculating that it could begin to shine as Bitcoin moves past $100,000 or $150,000.
In the political sphere, pro-crypto developments connected to the incoming Trump administration created additional buzz. Reports suggested the administration might appoint a “crypto czar” to oversee digital asset policies. Crypto advocate Howard Lutnick is reportedly being considered for Commerce Secretary, and rumors circulated about Trump’s media company exploring a deal to acquire crypto exchange Bakkt.
Coinbase CEO Brian Armstrong also met privately with the president-elect, fueling speculation about favorable policies for the crypto industry.
Meme coins remained a source of entertainment and drama. The rise of Tiktok inspired $CHILLGUY was overshadowed by controversy when the artist behind the character rejected crypto donations. Meanwhile, a Gen Z creator live-streamed two rug-pull scams, pocketing $50,000 between tokens $QUANT and $SORRY.
Ironically, the abandoned $QUANT token gained a life of its own, with its community pumping its market cap to $70 million. The incident underscored the chaotic but captivating nature of meme coin culture.
After months of decline, the NFT market is showing signs of recovery. CryptoPunks, one of the most iconic NFT collections, recorded 150 trades in five days, with its floor price climbing back above $100,000 from a low of $60,000. If Ethereum continues its upward trend, Ethereum-based NFTs could see a significant resurgence.
With Bitcoin nearing six figures, Ethereum stabilizing, and NFTs regaining momentum, the crypto market’s excitement shows no signs of slowing. Whether you’re an investor, trader, or just a crypto enthusiast, the past few weeks have offered plenty of action and insights into the ever-evolving world of digital assets.
For more latest news and update visit UK Profits.
