Bitcoin is back above $100,000 and set a fresh all-time high, as inflation data from the US came out in-line with analyst expectations, increasing the probability further of the Federal Reserve cutting rates at its upcoming meeting this week.
CME FedWatch currently displays a 97.1% probability that the Fed will cut interest rates by 25 basis points this Wednesday, says Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro.
Altcoins are also recovering from last week’s dip as illustrated by their total market capitalisation gaining 15%, increasing from $1.36 trillion to $1.55 trillion. However, bitcoin dominance, that is the percentage of the total crypto market capitalisation attributed to bitcoin, has been gaining over recent days.
This suggests that whilst altcoins have gained against the US dollar, they are currently being outpaced by bitcoin, so it may be too early at this moment in time to call an alt-season.
THE WEEK AHEAD
All eyes this week will be on Wednesday’s latest interest rate decision from the Federal Reserve, and more importantly Chairman Powell’s press conference.
We could see heavy volatility in crypto markets depending on Powell’s comments.
TRENDING CRYPTOS ON ETORO
Outside of the legacy cryptos such as bitcoin and XRP, JasmyCoin has been gaining traction amongst the eToro userbase recently.
After trading within a range and moving sideways for all of 2023, this year has seen the $JASMY price rise significantly, making consistent higher-highs and higher-lows, and at its peak last week up over 800% for 2024.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/trending
Memecoins also continue to be trending, in particular $PEPE and $BONK.
EYE-CATCHING STORIES
Microsoft’s shareholders vote against investing in bitcoin.
According to the voting results, only 28.234 million (0.55%) of Microsoft shareholder votes were cast in favor of the proposal versus an overwhelming 5.148 billion against.
Interestingly, reports broke last week that the same think tank, the National Center for Public Policy Research, who proposed investing in bitcoin to Microsoft shareholders, has now put a similar proposal to Amazon shareholders.
The proposal will be voted on at Amazon’s April 2025 shareholder meeting.
MicroStrategy acquired another 21,550 bitcoin last week, added to Nasdaq 100 index
MicroStrategy (MSTR) acquired another 21,550 bitcoin last week taking its total holdings to 423,650 bitcoin or 2.017% of the 21 million that will ever be in existence.
Furthermore, with MicroStrategy’s share price and market capitalisation significantly increasing since adopting its bitcoin treasury strategy, it will be added to the Nasdaq 100 on 23rd December as part of the annual rebalance of the index.
With MSTR being added to the Nasdaq 100 index, this could trigger substantial buying of the stock as passive investment products that track the Nasdaq 100 index would need to also be rebalanced to now include it.
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