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Bitcoin, Ethereum, Dogecoin Begin New Year On A Healthy Note

Leading cryptocurrencies ticked higher on New Year's Day as investors combined the festive spirit with some risk-taking.

Bitcoin surged past $95,000 while Ethereum almost crossed $3,400 as the world bid goodbye to 2024 and welcomed 2025

Widely followed cryptocurrency investor Daan Crypto Trades drew attention to Ethereum's historically strong performance in the first quarter.

"ETH generally sees a good amount of action in Q1. Even during the past few years during the downtrend against BTC," the analyst remarked.

"During the previous bull cycle, 2020 and 2021 saw large moves for the ETH/BTC ratio which also kick-started an alt season."

Crypto-related shares rose in overnight trading. MicroStrategy, MARA Holdings rose more than 3%; Canaan, Riot Platforms, Coinbase Global, Inc. jump between 2% and 3%.

Roaring Kitty's Rick James-Themed Post Triggers 300% Rally In GameStop Coin

Cryptocurrencies tied to Keith Gill, aka Roaring Kitty, witnessed a massive spike overnight on Wednesday after the legendary trader dropped a Rick James-themed GIF.

The post showed comic icon Dave Chappelle impersonating star musician James, although its market reference was not immediately clear. But that hardly mattered to cryptocurrency degens.

Solana-based meme coin GmeStop (GME) spiked over 13% in the last 24 hours, while BNB Chain-based GameStop Coin (GME) exploded 328%, data from CoinMarketCap revealed.

These coins were themed around GameStop Corp., the meme stock at the center of Roaring Kitty’s historic short squeeze of 2021.

Bitcoin Slips in December as Investors Cash In on Record Rally

Bitcoin’s record-breaking run faltered toward the end of 2024, leading to its first monthly drop since August.

The digital asset fell 3.2% last month as US investors cashed profits after a rally triggered by President-elect Donald Trump’s victory pushed Bitcoin to an all-time high of $108,315 mid-December. Feverish speculation in the crypto market has cooled as expectations for interest-rate cuts from the Federal Reserve waned, eroding appetite for riskier assets.

The group of a dozen Bitcoin exchange-traded funds in the US saw a net outflow of about $1.8 billion since Dec. 19, according to data compiled by Bloomberg. Open interest — or outstanding contracts — for Bitcoin futures hosted by Chicago-based CME Group Inc., seen as a measure for US institutional interest, also fell nearly 20% from its December peak.

Crypto’s $205 Billion Stablecoin Market Set to Go Mainstream

While Bitcoin’s surge above $100,000 captivated the headlines in 2024, many financial firms were more focused this year on a different type of cryptocurrency whose price is never meant to rise — or fall for that matter.

Mainstream players such as Visa, PayPal Holdings Inc., Stripe Inc. and others are making investments in projects involving stablecoins, which are crypto tokens typically designed to be pegged to the value of the US dollar or another traditional currency.

Bitcoin Spot ETF Flow

The Bitcoin spot ETF with the highest net inflow on December 31 was Fidelity Wise Origin Bitcoin (FBTC), with a net inflow of $36.81 million. While iShares Bitcoin Trust showed a net outflow of 23.45 million, according to SoSoValue.