Bitcoin Reclaims $98,000, Dogecoin Explodes, XRP, Ethereum Surge: 'Nothing More Bullish Than BTC Prices Going Up,' Trader Says

Author: Khyathi Dalal | January 03, 2025 03:17pm

Cryptocurrency markets are trading higher on Friday, with Bitcoin prices racing towards reclaiming the $100,000 mark again despite record ETF outflows on Thursday.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$98,729.85	+1.5%
Ethereum (CRYPTO: ETH)	$3,623.43	+4.7%
Solana (CRYPTO: SOL)	$216.94	+4.8%
XRP (CRYPTO: XRP)	$2.47	+3.3%
Dogecoin (CRYPTO: DOGE)	$0.3771	+11.4%
Shiba Inu (CRYPTO: SHIB)	$0.00002406	+5.3%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 20.3% and daily active addresses falling by 0.01%. Transactions greater than $100,000 are up from 8,267 to 8,953 in a single day. Exchanges netflows are up by 97.9%.
• Coinglass data reports 77,289 traders were liquidated in the past 24 hours for $217.22 million.
• Crypto chart analyst Ali Martinez highlighted that over 48,000 BTC, worth more than $4.5 billion, were withdrawn from exchanges in the past week.
• According to Glassnode data, Bitcoin spot ETFs saw total net inflows of $4.63 billion in December, significantly exceeding the 2024 monthly average of $2.77 billion. Notably, the majority of these inflows occurred during the first half of the month.

Notable Developments:

• Happy Birthday Bitcoin: 16 Fun Facts About Leading Cryptocurrency
• Here’s How Ripple’s RLUSD Launch Has Affected The XRP Price
• Michael Saylor Meets Eric Trump, Says ‘Bitcoin Is On The Menu At Mar-a-Lago’

Top Gainers:

Cryptocurrency	Price	Gains +/-
SPX6900 (CRYPTO: SPX)	$1.30	+31.8%
Ethena (CRYPTO: ENA)	$1.24	+18.7%
Fartcoin (CRYPTO: FARTCOIN)	$1.58	+15.8%

Trader Notes: With Bitcoin prices reclaiming $98,000, crypto trader Income Sharks highlighted a bullish trifecta: rising Bitcoin prices, increasing market capitalization and declining Bitcoin dominance.

He emphasized this dynamic as highly favorable, stating, "Perfect rejection and following the arrow.”

$BTC – Nothing more bullish than Bitcoin price going up while dominance going down and marketcap going up. Perfect rejection and following the arrow. https://t.co/BTP66unXcx pic.twitter.com/wHZElQOuYA

— IncomeSharks (@IncomeSharks) January 3, 2025

However, Rekt Capital cautioned traders against assuming Bitcoin is immune to future bear markets due to its mainstream adoption and maturity.

He predicts another bear market will follow this bull run, stating, "The beginnings of a new Bear Market will emerge later this year, with the majority of the downside occurring in 2026."

Meanwhile, crypto chart analyst Ali Martinez observed that Bitcoin is at a pivotal juncture, potentially retesting its 50-day moving average (MA).

He noted that a sustained close above the 50-day MA is critical to ending the correction and confirming a continuation of bullish momentum.

#Bitcoin $BTC remains at a critical point. This might just be a retest of the 50-day MA before a potential move lower. A sustained close above the 50-day MA is essential to signal the end of the correction and confirm bullish momentum. pic.twitter.com/ppfEjfoJkc

— Ali (@ali_charts) January 3, 2025

Read Next: 

• Best Bitcoin Strategy Is To ‘Put A Bit Away Every Month And Watch It Grow,’ Marathon Digital CEO Thiel Says

Image: Shutterstock

Posted In: $BTC $DOGE $ENA $ETH $SHIB $SOL $XRP