Bitcoin Looks To Regain Momentum As DOGE And SUI Surge

Bitcoin (BTC) continued to surge in the past 24 hours, reaching a multi-week high of $99,000 before retracting by around $1,000. Altcoins have also posted significant gains, with Ethereum (ETH) trading above $3,500, and Dogecoin (DOGE) soaring by double digits.

Bitcoin Nears $99K

After a mid-December crash, Bitcoin struggled to recover, dropping to a monthly low of $91,300 on December 30th. However, the bulls stepped in and pushed the price up to $96,000 by December 31st.

Following a brief pullback to $93,000, BTC climbed further, reaching over $97,000 on January 2nd and peaking at $99,000. It now sits around $97,000. Bitcoin saw its market cap rise to $1.940 trillion, while its dominance over altcoins decreased to 53.3%.

Meanwhile, ETH surged 4.5%, surpassing $3,500. Other altcoins like SOL, XRP, ADA, AVAX, TRX, and TON also saw gains, while DOGE jumped 14% to nearly $0.39. SUI outperformed everyone else through, rising 17% and hitting a new all-time high above $5. The total crypto market cap increased by around $100 billion, reaching $3.640 trillion.

Other Markets

Bond spreads are being closely monitored, with five key figures in focus as investors assess how low they can go. Meanwhile, Federal Reserve Governor Adriana Kugler highlighted that the fight against inflation is ongoing, a view shared by Fed officials Daly and Kugler. The December U.S. jobs report will also cap a year of modest hiring trends.

Elsewhere, Asian stock markets may be swayed by Chinese stimulus, tariffs, and the actions of the Fed. Guyana is removing shipwrecks in the Essequibo region to improve safety for oil vessels. Shawbrook owners are considering an IPO in early 2025, while Wall Street showed a more cautious outlook as 2025 gets underway.

Finally, Vanguard plans its first actively managed ETFs in two years while municipal bond sales continue to surge, with buyers hoping for a boost soon. Meanwhile, the DAX index has begun trading in 2025, and zero-day options are growing in popularity on the S&P 500.