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The Blockchain Bulletin, Dec 31: Will Ethereum Reach its Target $5K?

The Blockchain Bulletin, Dec 31: Will Ethereum Reach its Target $5K?

CryptotaleCryptotale2024/12/30 22:00
By:Mercy
The Blockchain Bulletin, Dec 31: Will Ethereum Reach its Target $5K? image 0

Hey everyone! Welcome back to the latest edition of the Blockchain Bulletin. Being the last edition of 2024, it feels surreal to reflect on how far we’ve come—embracing innovation, overcoming challenges, and building a future powered by resilience and vision. As we reach the brink of 2024, let’s recap all that happened in the crypto landscape over the past 24 hours.

Starting with the king of crypto, the Bitcoin price fell below its peak as the year-end rally lost steam. The coin, which surged following Donald Trump’s election victory in November, saw its highest all-time high in mid-December at $108K and later slumped to $93K, showing a retracement of its peak. At press time, Bitcoin is trading at $92,508 with a market cap of $1.83T. 

Another factor for Bitcoin’s downfall is speculated to stem from the rate cuts by the Federal Reserve, which has reduced investor interest. However, despite its shortfall, Bitcoin is expected to regain momentum with Trump taking over the office on January 20, 2025. On the other hand, MicroStrategy has accumulated nearly 444,262 Bitcoins worth above $41.4 billion and El Salvador has amassed over 6K Bitcoins worth over $561.3 million. The latest acquisition has come due to the country’s unchanging accumulation plan, which gained nearly 105%. 

Moving onto the next big crypto, Ethereum is eyeing $5,000 by early 2025 as technical patterns align. Trading at 3,337.67 at press time, ETH is positioned just 33% away from its target. Market observers state that a potential $6,000 in Q1 2025 is possible amid growing institutional demand. Further, with technical patterns demonstrating a head and shoulders pattern, analysts state that ETH can even reach above $8. On the other hand, the ETH ETFs of BlackRock and Fidelity acquired 101,390 ETH worth $343.2 million over the last seven days. 

Related: https://cryptotale.org/solana-surpasses-ethereum-in-new-developers-after-8-years/

The Ripple Labs’ XRP token has witnessed a volatile sentiment in the market this year. With back-to-back cases against the SEC, the XRP community’s joy was profound after Trump gained success in the elections, which speculated a potential end to their regulatory cases, arousing investor interest. As the year closes, XRP’s yearly candle close would define the token’s trajectory for 2025. Notably, XRP hit an all-time high of $2, at the beginning of this month and is speculated to cross its previous ATH of $3, which was achieved nearly seven years ago. 

Germany and Hong Kong have joined the list of countries that are planning to adopt Bitcoin as a strategic reserve fund in the upcoming year. In both regions, the legislators are considering Bitcoin as an instrument for increasing their capital and protecting it from economic fluctuations. Being a crypto hub, Hong Kong already has 12 exchange traded funds (ETFs) and its market cap is HK$7.4B and is planning to use Bitcoin as a legal tender like El Salvador. On the other hand, the former German Finance Minister urged the European Central Bank and the Bundesbank to invest in Bitcoin at the earliest.

Related: https://cryptotale.org/hong-kong-expands-crypto-hub-with-four-new-exchange-licenses/

On the market front, over the past 24 hours, a total of 106,534 traders were liquidated, with the overall liquidations reaching $280.27 million. Notable liquidations were witnessed in Bitcoin at $79.29M, Ethereum at $38.76M, Solana at $14.43M, and XRP at $7.56M.  Notably, the trading volume of decentralized exchanges (DEX) reached a record $320.5 billion, crossing its November count of $299.6 billion. The significant jump is pinpointed to the steady growth of DeFi markets, indicating an increase in interaction and activation within the crypto space. Based on records, Uniswap recorded $103B, while PancakeSwap followed with $72B, and Raydium positioned at the third place, had a trading volume of $54.6 billion.

Being the first meme coin, DOGE’s movement always garners attention. Trading near crucial support levels, the meme coin price action remains bullish, stagnating close to its resistance level at $0.34236. Moving in a descending triangle formation, market observers state that DOGE could potentially surge to $0.4, breaking its key resistance levels.

On the other hand, staking goes live on Hyperliquid mainnet (HYPE) to boost network security. This will enable users to secure the network and earn rewards in HYPE. By staking, users can unlock their tokens and assign them to nominated validators who in turn propose new blocks on the network. By providing rewards, the development of the platform could be enhanced, bringing in a variety of services, and strengthening the security and stability of Hyperliquid’s blockchain.

Considering stringent regulation guidelines for cryptocurrency exchanges, Bybit has been warned by Malaysia’s Securities Commission (SC) for operating without a proper license. Following the notice, the exchange shut down its operations in the region and has vowed to reopen after obtaining all the legal documents. 

The post The Blockchain Bulletin, Dec 31: Will Ethereum Reach its Target $5K? appeared first on CryptoTale.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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