Originally published on: November 29, 2024
With the anticipation building up before Donald Trump’s presidential inauguration on Jan. 20, Ethereum’s price is predicted to hit $4,000 as investor optimism grows. This positive outlook coincides with Gary Gensler’s departure as the Chair of the Securities and Exchange Commission, leading to potential relaxed regulations in the crypto industry.
In another exciting development, Dogecoin has managed to exceed the market capitalization of the renowned German car manufacturer Porsche. This surge in Dogecoin’s value is fueled by Elon Musk’s endorsements and the possibility of an exchange-traded product (ETP) being launched.
The rise in Ethereum’s value is attributed to increasing investor interest and expectations of favorable crypto regulations in the coming years. Currently, Ethereum’s open interest outshines Bitcoin with over $8.9 billion worth of contracts compared to Bitcoin’s $6.7 billion.
The growing momentum in Ethereum’s ecosystem is evident with layer-2 networks locking in a record-high total value of over $51.5 billion. This marks a significant increase from just $16.6 billion in November 2023, showcasing the rising value of Ethereum-native assets.
Cardano founder Charles Hoskinson predicts that decentralized finance (DeFi) in the Bitcoin ecosystem will surpass all other crypto DeFi options in the next two to three years. He sees immense potential in Bitcoin DeFi and envisions a new model for bridging Bitcoin without relying on centralized exchanges.
Furthermore, reports suggest that more than 30 tech and crypto founders in the US have been denied banking services in what is being called “Operation Chokepoint 2.0.” This orchestrated effort is raising concerns within the industry about access to essential financial services.
Wrapping up the week, the cryptocurrency market showed positive gains with Stellar and The Sandbox tokens emerging as top performers, with over 80% growth each.
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