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Market Update: Ripple Keeps Rising as Bitcoin Encounters Resistance

On Friday night, Bitcoin price hit a peak of $99,645 according to CoinGecko data.

By Mike Hesp
• 2 min read
Market Update: Ripple Keeps Rising as Bitcoin Encounters Resistance

On Friday night, the Bitcoin price according to CoinGecko data reached a peak of $99,645. After that selling pressure increased and Bitcoin had to step back a bit. Many altcoins including Ripple and Dogecoin kept their upward trend.

An important reason for the optimistic mood: many crypto investors celebrate the announced retirement of SEC chairman Gary Gensler. On January 20, 2025, he will resign as chairman. The head of the U.S. securities regulator is known as a strict supervisor of the crypto industry.

The total crypto market capitalization reached a new all-time high of $3.35 trillion. Only two American tech giants, Nvidia and Apple, currently have a higher market value than the crypto market.

At the time of writing, Bitcoin price is around $98,560, a slight drop of 0.6% from the previous day. Compared to a week ago, Bitcoin is up 8.1%.

While Ethereum remains steady at $3,400, Ripple's XRP token continues its forward march forward. XRP is currently at $1.56, up 12.7% in the last 24 hours.

Solana, Ethereum's biggest challenger, reached a new all-time high yesterday. The SOL price is currently $259.4, a slight decline of 0.5% from the previous day.

Some altcoins from the last bull run are performing exceptionally well. Compared to the previous day, Stellar (XLM) rose 56.3%, VeChain (VET) 39.1%, and Cardano (ADA) 27.2%.

The Fear & Greed Index, currently at 93 points, signals "extreme greed" and may indicate an overheated market.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.