Bitcoin, Binance, Ethereum, Solana and Ripple: The biggest crypto news of the past week
In the world of cryptocurrency, exciting announcements, new technologies, and changes in regulations show that this space is full of innovation and challenges. Here’s a recap of the key news from the past week regarding Bitcoin, Ethereum, Binance, Solana, and Ripple.
Bitcoin, Ethereum, Binance, and Ripple: Key Highlights of the Week Bitcoin Falls Back, Altcoins Rise Bitcoin experienced a significant 9% rise in one week, but its market dominance dropped from 62% to 59% within 48 hours. This shift hints at a possible "altseason," where alternative coins like Stellar (XLM), Ripple (XRP), VeChain (VET), and Polkadot (DOT) may outperform Bitcoin. Notable individuals such as Elon Musk and Larry Fink are influencing this trend in favor of alternative cryptocurrencies.
Ethereum Faces Inflation Issues The Ethereum network is dealing with rising inflation, which has climbed to 0.35%, reaching a total supply of 120.4 million ETH. This spike is primarily due to the Dencun upgrade, launched in March, which introduced complex methods for handling data and reducing fees. Although 45,022 ETH were burned, the addition of 78,676 new tokens in a month resulted in a net gain of 30,000 ETH. Meanwhile, staking continues to grow, with 34.7 million ETH locked up, creating further inflation as rewards are distributed to validators. These changes raise concerns about the long-term sustainability of Ethereum’s financial strategy, especially against competing coins.
Binance Gears Up for Future Growth With more people adopting cryptocurrency, Binance is preparing for a future increase in the market. The exchange plans to boost its compliance team by 34% by the end of 2024, aiming for 645 staff members, and is also enhancing its risk management team. This approach is intended to meet the rising demands of global regulations while ensuring the safety of its 240 million users. Despite facing challenges from regulators like the SEC, Binance shows strong resilience and is focused on maintaining high security standards and supporting growth in the crypto sector.
Bitcoin Aims for $2.5 Trillion Market Value Bitcoin is on a strong upward trend, recently reaching $98,500 after a 45% rise since early November. While price swings continue, the outlook remains positive: it could hit $100,000 with a 95% likelihood before the end of the year, according to Kalshi. Some forecasts even suggest a 13% chance it could reach $150,000 by late 2024. If these predictions hold true, Bitcoin’s market cap would exceed $2.5 trillion, rising from $1.95 trillion (+42% since November). However, the market’s volatility leads traders to switch between excitement and caution frequently.
Solana Reaches New Highs On November 22, Solana (SOL) achieved a record high of $264.31, which is an 11% increase in just one day. This rise indicates Solana’s strength, especially two years after the FTX collapse that negatively impacted its price. The increase is linked to Solana’s recent outperformance of Ethereum in trading volume on decentralized exchanges (DEXs), driven by its efficiency and low fees. Factors contributing to this growth include advancements in technology, important partnerships, and increased interest from developers and investors. Moreover, the potential approval of a Solana ETF by the SEC could further boost its popularity.