The Crypto Bump Might Be Around for a Long Time
The crypto revolution is happening right under our noses, evident from the way a number of meme tokens are making hundreds of millions of dollars and yet the crypto bubble still has not burst.
While much of the world is waiting for Donald Trump to enter office as the next US President, the cryptocurrency industry is not waiting on his upcoming decisions for the market that will surely cause a huge surge in trading. Instead, the market is already surging, with Bitcoin reaching a massive all-time high and numerous other cryptos rising substantially over the last few weeks.
There is no disputing that the crypto market has been incredibly hot lately and will likely get hotter. The $HAWK coin garnered almost $500 million in market cap in December. Several of the hottest coins at the moment are entirely memecoins without any real-world usefulness. They are fueled by Reddit forums and online popularity more so than any kind of utility.
These kinds of virtually useless coins making waves like this may seem to spell doom for the market and indicate a bubble that is in danger of bursting, but even investment firms and successful businesses of all kinds are pouring money into buying up crypto. MicroStrategy is the most notorious of these commercial crypto whales, as they have purchased billions of dollars in bitcoins in 2024 alone.
One crypto whale- Justin Sun- purchased more than $200 million in Ethereum coins. The narrative around cryptocurrency is changing, and even mainstream investors no longer seem to think that it is simply a fad. There is strong investment value in many of these coins, and they have begun to be adopted by governments and banking institutions alike. Ethereum and Bitcoin ETFs, for example, are now accepted by many major banks, and both the United States and Russia have expressed interest in establishing national cryptocurrency reserves.
A Cooling Down
In the last week, the crypto market has started to cool, but this is seen by many analysts as a temporary condition. The $HAWK coin experienced a rug pull, with the creators taking millions in coins and cashing them out. Bitcoin has dropped from $108K to $94K, and the market as a whole has settled down from its recent highs.
This is expected to be only a temporary state of affairs, though. With Donald Trumpβs election victory fueling the trading frenzy for cryptocurrency, his swearing in is likely to start another frenzy. In just a few weeks, this cooling down period will likely be forgotten amid a new surge of crypto highs.
It does not look like the current elevated state of the cryptocurrency market is going anywhere, though. It will likely remain in the headlines and make millions of dollars for savvy investors as Trump helps to legitimize cryptocurrency in the coming months.
Even NFTs are making a comeback, with some of them selling for upwards of $10,000 in recent weeks. New ETFs are preparing to hit the market in 2025, and the era of rug pulls has returned. If a bubble is going to burst in this market, it appears to be a long way from happening.
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