Between revolutionary announcements, technological developments and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovation and a field of regulatory and economic battles. Here is a summary of the most notable news from the past week around Bitcoin, Ethereum, Binance and Solana, and Ripple.
Bitcoin declines, altcoins soar
While Bitcoin recorded a notable increase of 9% in one week, its dominance in the cryptocurrency market saw a slight decline, falling from 62% to 59% in just 48 hours. This decline paves the way for a potential “ altseason »: a period where altcoins — like Stellar (XLM), Ripple (XRP), VeChain (VET), and Polkadot (DOT) — outperform Bitcoin in performance. Influential figures such as Elon Musk, Larry Fink and even Donald Trump play a major role in supporting the ecosystem and thus promoting a shift towards alternative cryptos.
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Fatal updates? Ethereum sees its inflation explode
The Ethereum ecosystem faces a major new challenge with inflation climbing to 0.35%, reaching a total supply of 120.4 million ETH. This increase is largely due to the Dencun upgrade, rolled out in March, which introduced complex mechanisms like proto-danksharding, facilitating data availability while reducing base costs. Despite burning 45,022 ETH, the issuance of 78,676 new tokens in one month contributed to a net surplus of 30,000 ETH.
At the same time, staking is experiencing a boom with 34.7 million ETH locked, intensifying inflation through the redistribution of rewards to validators. These dynamics raise doubts about the viability of Ethereum's monetary policy in the long term, especially in competition with other altcoins.
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Binance prepares for the Bull Run
Faced with the acceleration in the adoption of cryptocurrencies, Binance is intensifying its efforts to anticipate a future Bull Run. The exchange plans to increase its compliance staff by 34% by the end of 2024, to 645 employees, and also strengthen its already almost complete risk management team with 137 of the planned 138 members. This strategic move aims to meet the growing requirements of international regulations while protecting the platform's 240 million users against emerging risks. Despite regulatory challenges imposed by authorities like the SEC, Binance displays exemplary resilience, banking on quality and expertise to maintain the highest security standards and support sustainable growth in the crypto industry.
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Bitcoin targets a capitalization of $2.5 trillion before January
Bitcoin is showing impressive momentum, recently hitting $98,500 after a 45% jump since early November. Although fluctuations persist, projections remain optimistic: BTC could cross the $100,000 mark with a 95% probability before December 31, according to Kalshi, a prediction market. Some go even further, estimating a 13% chance that it will reach $150,000 before the end of 2024. If these predictions come true, the capitalization of Bitcoin would exceed 2.5 trillion dollars, compared to 1.95 trillion currently (+ 42% since November). However, market volatility, with rapid rises and frequent corrections, prompts traders to oscillate between euphoria and caution.
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Solana hits all-time high at $263.21
On November 22, Solana (SOL) recorded a new all-time high when it reached $264.31, marking an 11% increase in 24 hours. This progression demonstrates the resilience of Solana, two years after the collapse of FTX which had a major impact on its share price. This spike comes as Solana recently surpassed Ethereum in trading volume on decentralized exchanges (DEXs), thanks to its efficiency and low costs. Key drivers of this surge include technological innovations, strategic partnerships and increasing adoption by developers and investors. Additionally, the possible approval of a Solana ETF by the SEC could further amplify this positive momentum.
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Gary Gensler announces his departure from the SEC
Gary Gensler, chairman of the SEC since April 2021, will leave office on January 20, 2025. His tenure was marked by strict crypto regulations and major financial reforms, such as improving the US Treasury markets and update of the national market system for shares. Its approach, often seen as hampering innovation in the cryptocurrency sector, has drawn criticism among industry players. This departure, anticipated in part by the election of Donald Trump, opens the way to a possible direction more favorable to cryptos. The markets are reacting positively, hoping for more flexible regulation under the new administration.
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Conclusion
This is the main thing to remember for this week. But if you want a more detailed recap and in-depth analysis straight to your inbox, feel free to subscribe to our weekly newsletter.
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