The Top Crypto News of the Week: Bitcoin, Binance, Ethereum, Solana, and Ripple
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Amid revolutionary announcements, technological advancements, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovations and a battleground of regulatory and economic disputes. Here is a summary of the most notable news from the past week surrounding Bitcoin, Ethereum, Binance, Solana, and Ripple.
Bitcoin declines, altcoins surge
While Bitcoin marked a notable increase of 9% in one week, its dominance over the cryptocurrency market experienced a slight decline, dropping from 62% to 59% in just 48 hours. This decline paves the way for a potential “altseason”: a period where altcoins — such as 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, thus favoring a shift towards alternative cryptos.
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Fatal updates? Ethereum sees its inflation explode
The Ethereum ecosystem faces a new major 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, deployed in March, which introduced complex mechanisms such as proto-danksharding, facilitating data availability while reducing base fees. Despite the burn of 45,022 ETH, the issuance of 78,676 new tokens in one month has contributed to a net surplus of 30,000 ETH. Meanwhile, staking is booming with 34.7 million ETH locked, intensifying inflation through the redistribution of rewards to validators. These dynamics raise doubts about the long-term viability of Ethereum’s monetary policy, especially in competition with other altcoins.
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Binance prepares for the Bull Run
In the face of accelerating cryptocurrency adoption, 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, thus reaching 645 employees, and also strengthen its risk management team, which is already nearly complete with 137 of the 138 members planned. This strategic move aims to meet the growing requirements of international regulations while protecting the 240 million users of the platform against emerging risks. Despite regulatory challenges imposed by authorities like the SEC, Binance shows exemplary resilience, betting on quality and expertise to maintain the highest security standards and support sustainable growth in the crypto industry.
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Bitcoin aims for a market cap of $2.5 trillion before January
Bitcoin shows impressive momentum, recently reaching $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 could reach $150,000 before the end of 2024. If these forecasts come to fruition, Bitcoin’s market capitalization would exceed $2.5 trillion, up from $1.95 trillion currently (+42% since November). However, market volatility, with rapid increases and frequent corrections, prompts traders to oscillate between euphoria and caution.
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Solana reaches a historic high of $263.21
On November 22, Solana (SOL) recorded a new historic high reaching $264.31, marking an 11% increase in 24 hours. This progress reflects the resilience of Solana, two years after the collapse of FTX that heavily impacted its price. This peak comes as Solana has recently surpassed Ethereum in transaction volume on decentralized exchanges (DEX), thanks to its efficiency and low costs. Key factors for this surge include technological innovations, strategic partnerships, and growing 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, SEC chairman since April 2021, will leave his post on January 20, 2025. His tenure has been marked by strict crypto regulations and major financial reforms, such as improving American Treasury markets and updating the national market system for stocks. His approach, often perceived as stifling innovation in the cryptocurrency sector, has drawn criticism from industry players. This departure, partly anticipated by Donald Trump’s election, opens the door for a possible direction more favorable to cryptos. Markets are reacting positively, hoping for more lenient regulation under the new administration.
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Conclusion
Here is the essence to remember for this week. But if you would like a more detailed recap and in-depth analysis directly in your inbox, feel free to subscribe to our weekly newsletter.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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