Bitcoin Price: US$ 98,668.02 (+2.90%)
Ethereum Price: US$ 3,837.80 (+6.18%)
Bitcoin reached a historic high of $104,000 on December 5, 2024, driven by significant inflows into Bitcoin ETFs and reduced supply from the April halving. Republican Donald Trump’s pro-crypto policies, including key appointments and growing corporate adoption, further fuelled market optimism. Its value has surged 126% since the start of the year, reaching a market capitalisation of $2 trillion, although the growth pace remains more modest compared to past bull runs. Following this milestone, Mt. Gox moved $2.4 billion in Bitcoin, sparking debate about potential market impacts. However, analysts believe any sell-side pressure has already been priced in. As Bitcoin dominance surged to 57%, eclipsing recent altcoin gains, market sentiment reached “extreme greed,” amplified by liquidations and social buzz. Industry leaders celebrated Bitcoin’s unparalleled long-term performance and its transformative potential in the financial world.
Bitcoin hit the historic $100,000 price mark on December 5, 2024, but ARK Invest’s Cathie Wood believes it is still in the early stages of its potential. She cites Bitcoin’s digital and borderless nature as key factors for its bright future, with predictions of it reaching $1 million by 2030. Currently valued at around $2 trillion, Bitcoin’s market value signals substantial growth ahead. Meanwhile, Binance.US has tapped into the lucrative memecoin market by listing Pepe (PEPE), which was trading at a market capitalisation of nearly $9 billion as of December 4. Other exchanges, like Coinbase, are also increasing their memecoin offerings. Opinions on these tokens are divided, with some seeing them as a legitimate use case for crypto and others as speculative. In another development, venture capital firm Andreessen Horowitz (a16z) has highlighted key trends for the crypto industry in 2025. They predict the integration of AI with blockchain, the rise of decentralised chatbots, tokenised assets like biometric data, and the replacement of credit card transactions by stablecoins in small and medium businesses, all of which are expected to drive further innovation in the sector.
Federal Reserve Chair Jerome Powell reiterated that Bitcoin is more akin to gold than a competitor to the US dollar, emphasising its speculative nature and lack of stability as a currency. He dismissed Bitcoin’s association with declining faith in the Federal Reserve, stating that Bitcoin is primarily a digital asset rivalling gold. In a separate news, Austin Federa, formerly of the Solana Foundation, announced the launch of DoubleZero, a novel blockchain infrastructure designed to enhance transaction speeds and decentralisation through its “N1” architecture. The infrastructure aims to eliminate communication bottlenecks in high-performance blockchains and other data-reliant systems such as online gaming and AI model training. In another development, Anchorage Digital became the first federally chartered U.S. bank to support liquid Ether staking, offering institutional clients access to Liquid Collective’s staking tokens. This integration signals growing institutional demand for staking solutions amid potential advancements in crypto-friendly regulatory environments.
Source: https://cointelegraph.com
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