Crypto NFT today: second week of January

Welcome to another edition of NFT crypto today! The past two weeks have been full of must-know events that will define the future of blockchain, cryptocurrencies, and NFTs.

With cryptocurrencies jumping ahead of Trump’s inauguration, Bitcoin’s inflation report bringing encouragement, and more, there’s plenty of key news you should know. So, let’s dive in and see what happens!

Cryptocurrencies jump ahead of Trump’s inauguration

Cryptocurrencies rose on Thursday as investors shifted their focus to smaller, riskier currencies ahead of President-elect Donald Trump’s inauguration.

XRP and Litecoin were among the best-performing coins, rising 13% and 22%, respectively, according to Currency standards. The CoinDesk 20 Index, a broad index of the cryptocurrency market, rose nearly 5%. Meanwhile, Bitcoin rose less than 1%, hovering near $100,000 after a two-day rally of about 7% earlier this week. Ether fell nearly 3% on Thursday.

Bitcoin inflation report released

Bitcoin continued its rebound on Wednesday, hovering around $100,000 after another positive inflation report boosted investors’ appetite for risk. The price of the leading cryptocurrency rose more than 3%, to $99,493.26, recording a 7% increase over the past two days, according to Coin Metrics. It peaked at $100,715.13 during late afternoon trading.

The CoinDesk 20 Index, which tracks the broader cryptocurrency market, rose 7%. Coinbase shares rose 7%, while bitcoin-related stocks MicroStrategy and Mara Holdings saw gains of 5% and 4%, respectively.

Litecoin may receive exchange-traded funds (ETF) soon

With US President-elect Donald Trump’s inauguration just days away, and new leadership expected to take over the SEC, other factors are at play. Cryptocurrencies Beyond Bitcoin (BTC) and Ethereum (ETH) their own spot trading funds (ETFs) may soon be approved.

Litecoin (LTC) is expected to be the first to receive approval, according to Eric Balchunas and James Seyfart, ETF analysts at Bloomberg Intelligence. “Canary Funds just filed an amended S-1 application for a Litecoin ETF. Although there are no guarantees, this may indicate SEC involvement in the filing process. Seyfart shared On X.

Experts expect Dogecoin to rise

The cryptocurrency market often follows a cyclical pattern, where past price movements help analysts predict future trends. Analyst Martinez applied this strategy in his commentary on Thursday, noting that Dogecoin could see another significant rally starting next week.

Martinez noted Which Dogecoin It saw a major uptrend in the week of January 25, 2021, after a 56% decline from its December high. To provide context, the meme token fell from $0.0143 in December 2021 to a low of $0.0067, before rebounding sharply and closing January with a 700% increase.