At the start of the week, Bitcoin, often referred to as digital gold, almost exceeded the $100,000 mark. Its price has been on the rise since mid-2024 and is currently on the verge of surpassing its all-time high and reaching $99,500. Currently, BTC is trading at $95,116 at the time of writing. According to Cointelegraph data, the rise was driven by institutional investors. Average daily turnover has soared to $30 billion, driven by growing investor interest and frequency of trading.
Market analysts listed several reasons that contributed to this rally, including: Increased certainty regarding U.S. regulatory policies that helped reduce the uncertainties investors previously faced. The head of business analysis at Captain Altcoin noted to Cointelegraph that “Bitcoin is closing in on $100,000” as market maturity and widespread adoption of cryptocurrencies increases.
The outlook for Bitcoin is bright and promising. Some crypto experts believe that if existing opportunities continue in the same way until early 2025, the asset will trade at $120,000.
According to a report by Cryptopolitan, stablecoins recently surpassed a cumulative market capitalization of $190 billion. Around 60% of this value belongs to the leading stablecoin, Tether (USDT), followed by USD Coin (USDC) and finally Binance BNB.
Stablecoins are emerging as key elements in transaction facilitation, cross-border payments and DeFi applications. Stablecoins technology used for digital transfer payments is the most widely accepted in emerging markets. “The growing adoption of stablecoins reflects a growing demand for trusted digital assets,” said an industry expert cited in the report.
On November 26, the S&P 500 reached a historic milestone by closing above 6,000 for the second time in its history. In addition to being the most traditional performance measure in the equity markets, such a level proves the validity of the event from a historical point of view. Following the incident, a positive response was also seen in the cryptocurrency market, with Bitcoin and other digital assets seeing gains during the day itself.
There is a growing correlation between the cryptocurrency market and the traditional market, due to institutional investors’ perception of Bitcoin as both a speculative asset and a hedge against uncertainty. Cryptopolitan reported that Bitcoin was up 4% after the S&P 500 rally driven by investor optimism.
Hong Kong made headlines by launching a cryptocurrency trading service through its first-ever virtual bank aimed at retail customers. This unique service was launched on November 25 and aims to simplify the process for users to buy, sell and manage digital assets.
Hong Kong has established itself as the center of global financial innovation, with the best domestic crypto policies continuing to catch up with global interest. Experts predict that there could be a total user base of 2.3 million on the platform by mid-2025. “This will significantly evolve the situation for Hong Kong retail investors in terms of how they engage in digital assets in a secure environment,” said a financial expert.
The first phase of StarkNet staking began on November 25, marking an important date in the timeline for Ethereum scalability solutions. In just 2 hours, the number of participants in the staking program exceeded the 10,000 mark, locking up assets amounting to $200 million.
The new staking mechanism allows users to support network validation with benefits. Observed by industry experts, their predictions are based on the discovery of decentralized finance and increasing the scalability of Ethereum in the long term.
Article by Jillian Godsil on Blockleaders, “No Filter: What Tether Can Do for the World”released on November 25, explores how stablecoins like Tether are changing the world of finance. In turn, she drew attention to their function of filling gaps in financing development goals while asserting that stablecoins can expand access to financial services.
She also notes that if Tether becomes popular, it could completely change cross-border remittances, especially in less developed countries. Platforms like Tether, which offer customers a reliable and efficient stablecoin, are redefining financial service.
Analyzing the situation in his article published on November 26, Godsil noted the obsession with brilliant projects in the crypto world. His article for Blockleaders, titled “Glitter Nihilism in Crypto,” argues for diversifying into more meaningful projects within the blockchain space. The article tells the glamorous and in many cases unproductive narratives of cryptocurrencies while calling for substantial growth.
Lisa Gibbon’s article for The Street on November 26 discussed how the emerging US elections could shape Bitcoin’s future prospects. Regulatory certainty and favorable policies could lead to more institutional investment, which could push the price of Bitcoin to $200,000 by 2025, she said.
The article reported: “Policy reforms are expected to be a key driver of the introduction of cryptocurrencies into the world of fiat currency. » This perspective emphasizes that governance is a key variable that will determine the trend of digitalized products.
On November 25, an article titled “Art is a banana, but so is money on the street” discussed the connection between art and speculative entities like Bitcoin. He highlighted the recent auction featuring a banana as a work of art, emphasizing that the valuation of art and cryptocurrency is based on perception rather than intrinsic reality.
The article noted: “To one person, a work of art is worth a hundred dollars when it is painted by a famous artist, while to another, Bitcoin is worth a hundred dollars. »
The banana was eaten – forcing the conversation about what art is, what money is, and who Justin Sun is.
