Cryptocurrency Weekly Wrap-Up: BTC’s ATH of $75,240, Donald Trump Presidential Win, ETH Price Rally
11/09/2024 20:18Bitcoin (BTC) reached an unprecedented high of $75,240 on November 8, as institutional interest continued to surge. This rally has been fostered by the recent win of Donald Trump as the new President elect of the United States, which set a frenzy across the financial market. News reports that ...
Bitcoin (BTC) reached an unprecedented high of $75,240 on November 8, as institutional interest continued to surge. This rally has been fostered by the recent win of Donald Trump as the new President elect of the United States, which set a frenzy across the financial market. News reports that BlackRock led this movement by adding $21 billion in BTC to its portfolio.
BlackRock’s investment has provided further legitimacy to the digital asset market. The investment is part of a broader shift in institutional portfolios, with Bitcoin now seen as an inflation hedge.
Ethereum saw a more volatile trading activity this week to trade at $2,800 before a series of whale sell-offs brought about fluctuations. According to Cryptopolitain, large holders offloaded substantial quantities of ETH, leading to increased trading volume and short-term price drops. These successful sales may mean that some large holders are still disposing of their stakes while demand for the ETH continues to be witnessed.
Experts believe these transactions reflect tactical decisions among large investors. Ethereum’s future remains strong despite the recent sell-offs.
Cardano (ADA) saw a 10% price increase following new upgrades to its blockchain, achieving new highs within the week. According to Investing.com, the enhancements affect the speed and security of the transactions, all of which boosts Cardano’s appeal to the DeFi developers who are looking for better alternatives to Ethereum.
ADA’s improved infrastructure strengthens its position in decentralized finance, drawing users and developers interest alike. Networking experts are optimistic that ADA will continue to expand as enhancements to the network occur.
Shiba Inu (SHIB) saw renewed activity during the week with the transfer of 200 billion tokens, worth approximately $1.7 million, into Gemini’s wallet on November 5. This large transaction created large expectations of a shift in market direction. SHIB’s trading volume spiked in response, positioning it alongside other high-volume tokens such as Dogecoin (DOGE) and XRP. Analysts believe that the transaction could indicate future liquidity-building or trading plans.
Grayscale pending an application to trade a diversified crypto index ETF means that conventional financial players are about to gain direct access to the crypto market. According to an article on CoinTelegraph on November 4, the ETF will on approval offer retail investors exposure to a basket of digital assets without direct exposure to individual assets.
The ETF would indeed expand a new avenue of investment that would allow investors to have indirect exposure to the digital assets but with a conservative approach. If approved, this ETF will likely garner acceptance across the population, giving a window of investment to conservative investors.
People have turned to cryptocurrency as its investment is comparatively less volatile in the wake of rising economic fluctuations. On the 6th of November, there was an article in AP News regarding stagnated growth in China, pressure in the world market, and high interest rates that have made investors shift to digital currency such as Bitcoin. The conventional markets have challenges of continuous fluctuation, making cryptocurrencies to be more appealing and less affected by an economic crisis.
According to economists, high-end asset levels are rising because as global economies grapple with inflation and slower growth, cryptocurrencies are fast becoming a hedge. This trend is even more evident for Bitcoin because the higher chart shows how it reacted to the adoption of the volatile, new form of investment.
In her article, I focus on the work of AI agents in the crypto world. Speaking with Todd Ruoff, CEO of Autonomy’s Network, he explains how AI agents might change DeFi by automating transactions and adjusting for real-time movement.
According to Ruoff, “AI agents will be able to manage an entire DeFi portfolio and modify it to changes in the market without the interventions of humans.”
Such automation might help reduce the need to monitor portfolios constantly by users and perhaps change the existing landscape of DeFi. Ruoff highlighted that integration of AI in DeFi could help improve efficiency, speed, and flexibility, and bring the products to mainstream users.
DevCon 2024 is the platform where blockchain lovers get together to debate novelties in Web3, environmental impact, and DeFi metrics. More than 100 sessions related to further areas of interest such as connecting chains, the integration of the environment, and entities outside the banking system.
DevCon Key takeaways include the pride the sector takes in the long term growth and innovation that it is pursuing, and how developers are introducing projects that aim to create new traditional systems, literally. Check out Blockleader’s curation of the best side events to visit here
The Free Republic of Liberland has adopted blockchain for the administration of the nation and is introducing decentralised identity verification and digital services. On November 6, Blockleaders indicated that decentralisation can transform governance by using this approach. The Prime Minister Justin Sun added that Liberland is a pilot project to use blockchain in the administration to improve the technology-driven process of governance for transparency.
A new drink brand targeted at the crypto community called REKT Drinks was launched this week, and within 48 hours of launch, more than 222,000 cans were sold. This success showcased the role of crypto in defining the use cases primarily of lifestyle products.
An official from the company added, “Crypto is not merely the financial industry; it is a way of life.”