Crypto Price Analysis 12-18 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, UNISWAP: UNI, ALGORAND: ALGO, OPTIMISM: OP
Bitcoin (BTC) reached an all-time high for the second consecutive day, going past $108,000 and reaching a peak of $108,286. However, the cryptocurrency declined dramatically after reaching this level and is currently trading below $104,000, down almost 3% over the past 24 hours. Traders are now eying the $110,000 mark and are increasing bets for further gains in the options market.
Markets registered a decline overall as Ethereum (ETH) slipped below $4,000 after registering a drop of almost 5%. Dogecoin (DOGE) also registered a fall of nearly 4%, while Cardano (ADA) is down by 4.50%. Chainlink (LINK), Tron (TRX), Avalanche (AVAX), Toncoin (TON), Polkadot (DOT), and Aptos (APT) also registered notable declines. As a result, the crypto market cap is down almost 3% and is currently at $3.63 trillion.
Bitcoin (BTC) Sets Another All-Time High
Bitcoin (BTC) surged to a new all-time high of $108,268 late on Tuesday before declining dramatically to its current levels. BTC rose almost 2.2% on Tuesday to reach its latest milestone but could not push higher as it retreated thanks to growing selling pressure. The worlds largest cryptocurrency has seen gains of over 150% this year, with traders confident it will hit $110,000 before the end of the year. Their confidence is highlighted by the increasing bets for further gains in the options market. Shiliang Tang, the president of crypto principal trading firm Arbelos Markets, stated,
Weve seen buyers of $110k-$120k and $110k-$125k call spreads in Jan expiry, as well as rolling up of long strikes from $100k/$105k to 120k+ strikes.
BTC surged past the $100,000 milestone less than two weeks ago after President-elect Donald Trump announced he was nominating Paul Atkins, known for his pro-crypto views, as the incoming Securities and Exchange Commission (SEC) Chair. Spot Bitcoin ETFs also registered strong inflows as institutional interest in the asset continued to spike. James Butterfill, the Head of Research at CoinShares, stated,
What is driving prices is the US election dividend, and in 2025, the prospects for the US owning Bitcoin as a strategic reserve asset (likely not priced according to Polymarket, which sees it as having only a 27 percent chance of happening), geopolitical instability, looser monetary policy these factors are likely to remain supportive in 2025.
Major Altcoins Emerge As Top Performers
The crypto market cap surged past $3.7 trillion on Tuesday before declining to its current levels. Bitcoin (BTC) hit a new all-time high, while Ethereum (ETH) also registered gains before declining. With the US Federal Open Market Committee (FOMC) starting its last meeting of the year on Tuesday, markets remained bullish, anticipating a third consecutive rate cut decision. Market watchers anticipate the US Federal Reserve will likely lower its benchmark interest rate by 25 basis points at the end of its two-day meeting. If the Fed delivers an expected rate cut, it will likely rekindle investor demand for risk assets and bring a wave of capital to BTC and other altcoins.
XRP Bullish Following RLUSD Launch
With Ripple announcing the launch of the RLUSD stablecoin, analysts are turning bullish on XRP, with some predicting its value could surge to $22 by 2025. Popular crypto analyst CrediBULL Crypto has predicted XRPs market capitalization could reach a staggering $1.2 trillion during the ongoing bull cycle, which could continue well into the new year. CrediBULL Crypto shared his analysis on X, stating,
Zoom out a little so you dont forget the big picture. The structure on XRP here looks so freaking clean and bullish, its actually insane. Forget what happens on these lower time framesits noise (for a non-trader), the big picture is incredibly and unequivocally bullish.
XRP has registered an impressive rally since November, with its value increasing by 500%. However, its momentum has waned after hitting resistance around the $2.88 mark, leading to a decline and a brief struggle to stay above the $2 level.
Bitcoin-Ethereum Combo Fund To Lead Wave Of Crypto ETFs In 2025
Bloomberg ETF analyst Eric Balchnas has said he expects an exchange-traded fund tracking BTC and ETH to be the first in a wave of new crypto ETFs in 2025. Balchunas shared an analysis by fellow ETF analyst James Seyffart, stating,
We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the BTC + eth combo ETFs, then prob Litecoin (bc its fork of BTC = commodity), then HBAR (bc not labeled security), and then XRP/Solana (which have been labeled securities in pending lawsuits).
Balchunas and Seyffart expect the first Bitcoin and Ethereum combo fund to be closely followed by a fund tracking Litecoin (LTC) or Hedera (HBAR). However, Seyffart noted that the Securities and Exchange Commission (SEC) had rejected multiple Solana ETFs, adding that SOL and XRP ETFs would have to wait until Paul Atkins took charge of the SEC before being seriously considered. Balchunas believes regulators view LTC and HBAR more favorably, so they would get ETFs before assets like XRP and SOL.
LTC is likely to be greenlit because it is a fork of BTC and could be viewed as a commodity. Meanwhile, the SEC does not view HBAR as a security by the SEC, which could make it easier for it to receive approval.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) went past $108,000 late on Tuesday, setting yet another all-time high before declining rapidly during the current session, with the price currently at $103,760. But what is driving BTCs latest surge, and could growing institutional interest lead to a supply squeeze? BTCs post-election gains stand well over 50%, with its most recent rally beginning after President-elect Donald Trump proposed establishing a US Bitcoin Strategic reserve, which sparked considerable excitement in the market.
Another major factor driving the rally is growing institutional interest and activity, particularly from MicroStrategy. The company recently purchased its latest tranche of BTC worth $1.5 billion, bringing its total holdings to a staggering 439,000 BTC, valued around $48 billion at current prices. MicroStrategys inclusion in the Nasdaq 100 index is also expected to significantly boost demand for its stocks, which could positively impact BTC.
BTCs price action was mixed last week, as it registered a substantial drop on Monday, dropping almost 4% to an intraday low of $94,185 before settling at $97,434. Bearish sentiment persisted on Tuesday, with the price dropping to a low of $94,313 before settling at $96,912. BTC recovered on Wednesday to register an increase of just over 4% to climb above $100,000 and settled at $100,900. Despite positive price action on Wednesday, BTC fell back on Thursday, dropping by 0.97% and settling at $99,923. A recovery on Friday allowed BTC to reclaim the $100,000 level and settle at $101,394.
Source: TradingView
The weekend began with BTC registering a marginal decline on Saturday before rising almost 3% on Sunday to settle at $104,181. BTC surged to an intraday high of $107,464 to set an all-time high on Monday as bullish sentiment gathered pace. However, it could not stay at this level and ultimately settled at $105,750, registering an increase of 1.51%. Bullish sentiment persisted on Tuesday as BTC set a new all-time high, rising to $108,268 before declining and setting at $106,144. However, BTC declined during the current session, with the price down almost 2% at $104,246.
Despite the decline during the current session, analysts are confident BTC will surpass $110,000 before the end of the year.
Ethereum (ETH) Price Analysis
Ethereum (ETH) dropped considerably after briefly crossing $4,000 at the beginning of the week as it failed to consolidate above it yet again allowing sellers to drive the price lower. ETH has been bullish since the US elections but registered a substantial drop at the beginning of last week, falling over 7% to a low of $3,536 before settling at $3,715. The price continued to drop on Tuesday, falling 2.30% to $3,630. However, ETH brushed aside the growing bearish sentiment on Wednesday, registering an increase of 5.62% and settling at $3,834. Buyers retained control on Thursday as ETH rallied to an intraday high of $3,988. It lost momentum at this level and dropped to settle at $3,882, ultimately registering an increase of 1.26%. ETH went above $3,900 on Friday after rising 0.63% and settling at $3,907.
Source: TradingView
Despite registering considerable gains since Wednesday, ETH fell back on Saturday, dropping almost 1% to go below $3,900 and settle at $3,869. However, buyers returned to the market on Sunday as ETH rose 2.25% and settled at $3,956. The current week began with ETH experiencing significant volatility as buyers and sellers attempted to establish control. As a result, ETH fell to an intraday low of $3,882 and rose to an intraday high of $4,106 before settling at $3,985. ETH fell into the red on Tuesday as sellers returned to the market, dropping by 2.34% and settling at $3,982. The current session sees ETH continue to decline, with the price down just over 1% and trading around $3,850.
If sellers can drive ETH below the 20-day SMA, it could drop to $3,500 before recovering. On the other hand, buyers will attempt to regain control and reclaim $4,000.
Solana (SOL) Price Analysis
Solana (SOL) continues to trade in a downward trajectory, with sellers having driven it below the 50-day SMA. SOL suffered a substantial drop at the beginning of the previous week as sellers decisively took control and lowered the price by 8.55% to $216. Sellers attempted to drive SOL below $200 on Tuesday as it fell to an intraday low of $203, briefly slipping below the 20-day SMA. However, it recovered partially to go above the 20-day SMA and settle at $213, ultimately registering a drop of 1.47%. Despite the selling pressure, SOL recovered on Wednesday, rising over 6% and settling at $227. Buyers attempted to push SOL above the 20-day SMA on Thursday as it reached an intraday high of $234. However, they lost momentum after reaching this level and SOL dropped to $227, registering a marginal decline.
Source: TradingView
Bearish sentiment persisted on Friday as SOL dropped almost 1% and settled at $224, and intensified on Saturday as the price fell to a low of $215 before settling at $219. SOL recovered on Sunday, registering an increase of almost 2%, but fell on Monday, dropping 3.55% to go below the 50-day SMA and settle at $216. Tuesday saw volatility return as SOL dropped to an intraday low of $211 and reached an intraday high of $228. Buyers ultimately gained the upper hand and SOL settled at $223 after an increase of 3.23%. However, the current session sees SOL back in the red, with the price down almost 3% and trading at $216.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is struggling to recover after slipping below the 20-day SMA and has slipped below key support levels during the current session. DOGE experienced a significant drop on Monday as it fell over 11% to go below the 20-day SMA and settle at $0.414. Sellers continued to dominate on Tuesday as DOGE dropped almost 5% to $0.394. DOGE recovered on Wednesday, rising over 5% and settling at $0.414. However, despite the substantial increase, DOGE could not move past the 20-day SMA. As a result, it fell back on Thursday, dropping just over 2% and settling at $0.406. DOGE registered a marginal recovery on Friday, rising 0.89% and settling at $0.409.
Source: TradingView
With the 20-day SMA acting as a dynamic resistance level, DOGE fell back in the red on Saturday, dropping just over 3% and settling at $0.397. It recovered on Sunday to register an increase of 2.19% and end the weekend positively. However, bearish sentiment returned on Monday as DOGE failed to go above the 20-day SMA, allowing sellers to take control. As a result, DOGE dropped just over 1% and settled at $0.401. Sellers retained control on Tuesday, driving DOGE below $0.40 to $0.393. The current session sees DOGE down almost 3% and trading around $0.383.
Uniswap (UNI) Price Analysis
Uniswap (UNI)s bull run came to an abrupt halt last Sunday after peaking at an intraday high of $19.47. UNI failed to stay at this level and plummeted on Monday, dropping almost 14% to $16.05. Sellers retained control on Tuesday a UNI dropped to an intraday low of $14.05 before recovering to settle at $15.24, ultimately registering a drop of just over 5%. UNI recovered on Wednesday, rising almost 13% and moving to $17.15. Buyers attempted to push UNI above the resistance at $19 as it surged to an intraday high of $18.98. However, UNI lost momentum in the face of selling pressure and dropped to $17.69, ultimately registering an increase of just over 3%.
Source: TradingView
With momentum waning, UNI fell into the red on Friday, dropping just over 1% and settling at $17.49. Bearish sentiment increased on Saturday as UNI dropped 4.28% to $16.75. However, it recovered on Sunday to register an increase of 1.69% and ended the weekend at $17.03. The current week began with sellers in control, as UNI dropped almost 5% to $16.23. The price registered a marginal increase on Tuesday, trading at $16.29 during the ongoing session.
Algorand (ALGO) Price Analysis
Algorand (ALGO) is trading between $0.40 and $0.45, attempting to build momentum and go back above the 20-day SMA. ALGO fell to an intraday low of $0.352 last Monday as it plummeted over 16%. However, it recovered on Tuesday, rising by 1.55% and settling at $0.423. Buyers retained control on Wednesday as ALGO registered an increase of just over 7% and settled at $0.453. However, sentiment changed on Thursday as ALGO dropped by 5.53% and settled at $0.428. The price recovered on Friday, rising by 2.27% and settling at $0.437.
Source: TradingView
However, ALGO was back in the red on Saturday, dropping almost 4% to slip below the 20-day SMA and settle at $0.420. The price rebounded on Sunday, recovering from a low of $0.406 to register an increase of 2.65% and settle at $0.431. The current week began with ALGO dropping over 4% and settling at $0.413. Buyers attempted a recovery on Tuesday as ALGO reached an intraday high of $0.442. However, it lost momentum after reaching this level and dropped to $0.412. The current session sees ALGO down almost 3% as sellers look to drive it below the $0.40 support level.
Optimism (OP) Price Analysis
Optimism (OP) is struggling to recover after suffering a considerable decline over the past few sessions. The price plummeted last Monday, dropping almost 16% to go below the 20-day SMA and settle at $2.24, but not before falling to an intraday low of $2.01. Sellers retained control on Tuesday as OP dropped to a low of $2.03 before settling at $2.20. OP recovered from this level on Wednesday, rising almost 6% and settling at $2.33. Bullish sentiment intensified on Thursday as OP went above the 20-day SMA after an increase of 9.21% and settled at $2.55. Friday saw OP experience considerable volatility as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as OP registered a marginal increase and settled at $2.56.
Source: TradingView
OP turned bearish on Saturday as buyers lost momentum. As a result, the price fell over 5% to slip below the 20-day SMA and settle at $2.43. However, it recovered on Sunday to go above the 20-day SMA again after registering an increase of just over 4% to settle at $2.53. OP fell on Monday, dropping by 1.58% and settling at $2.49. Bearish sentiment intensified on Tuesday as OP dropped 6.45%, going below the 20-day SMA and settling at $2.33. The current session sees OP marginally up as buyers look to push back towards $2.50.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
