Originally published on: November 15, 2024
Bitcoin’s price is on the rise, with analysts predicting a breakthrough to the $100,000 mark before the end of November. The world’s first cryptocurrency recently hit a record high of over $90,000, making November the best historical month for Bitcoin’s price action.
United States President-elect Donald Trump is reportedly considering a crypto-friendly chair for the Commodity Futures Trading Commission (CFTC). Summer Mersinger, who has advocated for a more pro-crypto approach, is among those under consideration to lead the regulatory agency.
Analysts point to historical chart patterns and growing investor demand since the US elections as indicators that Bitcoin could reach $100,000 by the end of the month. The cryptocurrency’s over 100% year-to-date rally has outperformed traditional financial assets, according to experts.
Institutional investors are showing increased confidence in Bitcoin and the broader cryptocurrency market, with plans to allocate more funds to crypto assets in the long term. Swiss crypto bank Sygnum’s annual Future Finance survey found a strong appetite for crypto assets among institutional investors, citing positive market sentiment and shifting interests.
The Conflux Foundation has announced a $500 million investment to support the growth of PayFi, a blockchain-based payments platform aimed at bringing traditional finance services to the blockchain. The platform plans to offer financial products like credit cards and invoice financing on the blockchain.
Privacy advocate Edward Snowden recently addressed decentralization and the impact of venture capital on blockchain projects at Near’s Redacted conference in Bangkok. Snowden highlighted the challenges of heavy VC funding, using Solana as an example of a blockchain network potentially hindered by financial backing.
Overall, the top 100 cryptocurrencies by market capitalization ended the week positively, with memecoins like Peanut the Squirrel (PNUT) and Pepe (PEPE) leading the way. Stay updated on the latest DeFi developments by subscribing to the Finance Redefined newsletter for insightful analysis and educational content delivered every Friday.
