
Here is a summary of the most impactful news from the past week around Bitcoin, Ethereum and Solana, etc., a journey to the heart of the innovations and debates that have animated the crypto sector in recent days.
Bitcoin climbs to 8th place among global assets!
Bitcoin achieves a historic feat by surpassing silver to become the 8th most important financial asset in the world. This meteoric rise is driven by an impressive increase of more than 60% in its value since the start of the year. The market capitalization of Bitcoin thus reached more than 1,400 billion dollars, an absolute record for the cryptocurrency.
The key factor behind this exceptional growth is the resounding success of spot Bitcoin ETFs, which have attracted billions of dollars of investment since their approval. Analysts remain optimistic, considering a possible rise beyond the capitalizations of giants like Google and Amazon if Bitcoin exceeds the thresholds of $85,000 and $94,000 respectively. This remarkable performance signals as yet unexplored growth potential for Bitcoin, despite market volatilities.
Ethereum ushers in the era of near-fee with Dencun
Ethereum hits a major milestone with the deployment of Dencun, a significant update aimed at drastically reducing transaction fees. This advancement, the result of several years of development, promises to revolutionize the user experience by making transactions on Layer 2 (L2) scaling networks almost free. The introduction of Proto-Danksharding, the core element of this upgrade, marks a giant step towards improving Ethereum’s scalability and affordability, by providing a viable alternative to the prohibitive costs associated with transactions.
Proto-Danksharding, conceptualized by Vitalik Buterin, redefines how data is processed on Ethereum, enabling parallel processing and significantly increasing the network’s transaction capacity. This technical innovation is part of Ethereum’s long-term vision to achieve unprecedented scalability, capable of supporting millions of transactions per second with no perceptible fees for users. Dencun and Proto-Danksharding are just the first steps towards Full Sharding, which aims to accommodate hundreds of scaling networks for truly unlimited scalability, ushering in a new era for Ethereum and blockchain .
Solana reaches a capitalization of $82 billion
Solana, the blockchain known for its speed and efficiency, made history by reaching a staggering market capitalization of over $82 billion, setting a new record for the ecosystem. This impressive milestone comes after Solana overcame the challenges posed by the collapse of FTX, showing not only its resilience but also growing adoption by giants such as Shopify and Visa. Solana’s valuation, now the fifth largest digital asset by market capitalization, reflects its potential as a serious competitor to Ethereum, offering a faster and more cost-effective alternative.
The significant increase in the price of SOL, which trades around $200, and its impressive increase of 5.63% in 24 hours and 31.74% over a week, highlight the growing appeal of Solana. Its success among memecoin traders, seeking low transaction fees, as well as the growing recognition of its technology, contribute to its rise.
The Growing Challenge of Bitcoin Mining
Despite a cryptocurrency market marked by significant volatility, Bitcoin mining difficulty reached a record high of 83.95 trillion hashes, evidence of increased competition among miners and massive investment in computing power. This difficulty level, automatically adjusted by the Bitcoin algorithm to maintain a constant mining time per block, reflects miners’ enduring confidence in the long-term value of Bitcoin, even in the face of dramatic price fluctuations.
This increase in mining difficulty comes in a context where the price of Bitcoin had briefly reached an all-time high before undergoing a severe correction, and is a reminder of the unpredictable nature of the market. The resilience of miners, who continue to secure the network despite these challenges, highlights the community’s commitment to the sustainability and security of Bitcoin. This commitment persists even as the industry approaches the next halving, an event that will cut the mining reward in half, potentially increasing pressure on less efficient miners.
Dogecoin, Musk’s new favorite for Tesla
Elon Musk has once again shaken up the world of cryptocurrencies by announcing the possibility of accepting Dogecoin (DOGE) as a means of payment for Tesla electric vehicles. This announcement not only propelled the value of DOGE, but also marked a potentially transformative moment for the adoption of cryptocurrencies in general. Dogecoin, initially created as a joke in 2013, has since evolved into a major digital asset with a devoted online community and a market capitalization that makes it one of the largest cryptocurrencies in the world.
Tesla’s potential integration of DOGE for vehicle purchases follows previous acceptance of the cryptocurrency for goods, and highlights Musk’s continued interest in the disruptive potential of cryptos. This move could not only be a game changer for Dogecoin, transforming it from a “crypto meme” into a viable payment tool, but also signal a major turning point in the acceptance of cryptocurrencies by large companies.
Binance strengthens its regulatory compliance
In an effort to improve its reputation following regulatory challenges faced in 2023, Binance, one of the world’s largest cryptocurrency exchanges, announced a significant strengthening of its listing criteria. This initiative aims to increase investor protection by now requiring a minimum listing of one year for new tokens, as opposed to the previous six months. A measure that aims to deter malicious actors from participating in questionable practices such as “rug pulls,” where developers disappear with investors’ funds shortly after new tokens go on sale.
Additionally, Binance is also adjusting the allocations given to market makers with the aim of ensuring sufficient market liquidity upon the launch of the new tokens. Despite some concerns about the potentially excessive advantage given to these institutional investors, Binance says these changes are crucial to restoring investor confidence and promoting a more secure and transparent crypto ecosystem. Through these measures, Binance hopes not only to improve the quality of the projects listed on its platform, but also to strengthen its position with regulators and investors concerned about the security of digital assets.
Craig Wright is not Satoshi Nakamoto, justice rules
British justice has delivered its verdict in the long-disputed case concerning the identity of Satoshi Nakamoto, the mysterious creator of Bitcoin. Craig Wright, an Australian entrepreneur who claimed to be the mind behind Bitcoin, has been officially declared by the British High Court to not be Satoshi Nakamoto. The judgment highlights the lack of reliable and verifiable evidence presented by Wright to support his claims, ending a long period of speculation and controversy in the crypto community.
Separately, COPA, which led the charge against Wright, outlined its intention to ask British prosecutors to consider criminal charges against him for perjury and obstruction of justice, potentially marking the end of a saga that has captivated and divided many players in the crypto world.
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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