Market Update 17th December 2024
By Shikha Singh
Bitcoin has reached unprecedented heights, surpassing $107,000. President-elect Donald Trump’s announcement of creating a U.S. Bitcoin strategic reserve has contributed to this surge, boosting investor confidence.
In tandem with this, MicroStrategy recently acquired an additional 15,350 BTC for $1.5 billion, bringing its total holdings to 439,000 BTC, valued at over $45 billion.
This aggressive accumulation has led to MicroStrategy’s inclusion in the Nasdaq-100 Index, effective December 23, 2024, reflecting its significant role in the cryptocurrency market.
On December 16, 2024, Bitcoin and Ethereum exchange-traded funds (ETFs) experienced significant net inflows. Bitcoin ETFs saw approximately 6,100 BTC purchased, amounting to around $637 million. Ethereum ETFs had about 12,910 ETH acquired, totaling approximately $51 million.
These inflows reflect growing institutional confidence in cryptocurrencies, with Bitcoin and Ethereum leading the way. The consistent investment in these digital assets underscores their increasing acceptance and potential for future growth.
Talking about the other altcoins, Ethereum (ETH) climbed to $4,015, gaining 1.31% in the last 24 hours and 8.78% over the past week. Growing demand for ETH as a utility token for smart contracts and transaction fees on the Ethereum network supports its price rally.
Furthermore, XRP, associated with Ripple Labs, has experienced notable price movements, recently trading around $2.39. Broader market trends and potential regulatory developments, such as the anticipated appointment of Paul Atkins as SEC Chair, influence the volatility of the cryptocurrency and could impact XRP’s future trajectory.
Last but not least, Animoca Brands’ Mocaverse, a blockchain ecosystem, has witnessed a remarkable price increase of up to 370% for MOCA, the primary token. This surge follows its listing on South Korean cryptocurrency exchanges Bithumb and Upbit, significantly boosting its market presence and investor interest.
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