Key Cryptocurrencies to Watch This Week: Bitcoin, XRP, Dogecoin & More

The cryptocurrency market is going through a rough patch, with prices swinging wildly due to a mix of global economic concerns and speculative anticipation. An unexpected jobs report and the fear of rising inflation have added to the uncertainty. Additionally, Donald Trump’s upcoming inauguration and his possible stance on cryptocurrencies have become a hot topic in investment circles. Let’s dive into the key players to keep an eye on this week.

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Bitcoin (BTC): Will Trump’s Policies Shake Things Up?

Bitcoin, the leading digital currency, is no stranger to volatility, and this week is no exception. As Donald Trump’s inauguration approaches, many in the crypto world are speculating about his potential influence on the market. During his 2024 campaign, Trump showed support for the crypto sector, sparking questions about whether he might unveil a Bitcoin reserve or introduce favorable regulations for the industry.

At the moment, Bitcoin is trading at $90,303, a decline of over 9% from last week. Investors are watching closely, as any announcements from Trump could have a big impact on Bitcoin’s performance.

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Ether (ETH): Feeling the Pressure

Ethereum’s native token, Ether, has had a tougher week than Bitcoin, with its value dropping by a staggering 17%. This steep decline is largely due to continuous outflows from Ether-based exchange-traded funds (ETFs), which has dented investor confidence.

Currently priced at $3,037, Ether’s recent struggles highlight the challenges facing the Ethereum network. Enthusiasts and traders alike are looking for signs of a recovery in the near future.

XRP (XRP): The Legal Battle That Won’t End

Ripple’s XRP remains a focal point in the crypto space as the company prepares for a crucial court hearing on January 15. The case revolves around allegations from the U.S. Securities and Exchange Commission (SEC) that Ripple sold XRP as an unregistered security. The outcome of this hearing could have far-reaching implications for the entire crypto industry.

Despite the legal hurdles, XRP is holding steady at $2.45, up slightly by 0.74% over the past week. With so much riding on the upcoming hearing, XRP’s future remains uncertain but full of potential.

Dogecoin (DOGE): The Wild Card

Dogecoin, the infamous meme coin, is once again the center of speculation. Many are linking its potential movements to Donald Trump’s inauguration, given his close association with Elon Musk, a vocal supporter of the cryptocurrency. Musk’s tweets and public statements have historically influenced Dogecoin’s price.

Currently, Dogecoin is trading at $0.32, down 17% from last week. While its volatility makes it a risky choice, it also holds the potential for sharp, sudden gains if favorable conditions arise.

Bitget Token (BGB): A Rare Bright Spot

Amid widespread losses, Bitget Token (BGB) has stood out as a strong performer. The token’s recent success can be attributed to innovations from the Bitget exchange, including the introduction of a Solana limit order feature that helps traders automate transactions at their desired prices. This tool is particularly valuable in volatile markets.

In addition, Bitget’s decision to burn 40% of its circulating tokens has created a sense of scarcity, boosting demand and driving up prices. As a result, BGB is trading at $6.6, a 5.8% increase for the week.

The crypto market is bracing for a critical week, with Trump’s inauguration and global economic trends expected to play a major role. For traders, staying informed and alert will be key as the market reacts to these unfolding events. Whether it’s a time of opportunity or caution, the next few days promise to be eventful in the world of cryptocurrency.

Also Read: Spot Bitcoin ETFs: Winners and Losers in Their First Year of Trading