Bitcoin Price Nears $100k. What's Next for Crypto?
At the beginning of the week, Bitcoin, often referred to as a digital gold, was almost breaching the $100,000 mark. Its price has been rising since mid-2024 and was currently on the verge of breaking its all-time high and reaching $99,500. Currently, BTC is trading at $95,116 at the time of writing. According to data from Cointelegraph the upward rally was driven by institutional investors. The average daily turnover surged to $30 billion driven by rising investors' interests and trading frequency.
Market analysts have listed several reasons that have contributed to the rally which include: Increased certainty on the U.S. regulatory policies that have helped reduce the uncertainties which investors faced before. The Head of Trading Analysis at Captain Altcoin noted to Cointelegraph that "Bitcoin surges closer to $100K" as market maturity and mainstream adoption of cryptocurrencies grow.
The prospects of Bitcoin are lively and promising. Some of the crypto experts believe that if the existing opportunities continue the same way up to early 2025, the asset will be trading at $120,000.
Stablecoins Cross $190 Billion Market Cap
According to a report by Cryptopolitan, stablecoins have recently surpassed a cumulative market capitalization of $190 billion. Around 60% of this value belongs to the top stablecoin, Tether (USDT), followed by USD Coin (USDC) and then Binance BNB.
Stablecoins are emerging as key cases in transaction facilitation, cross-border payments, and DeFi applications. Stablecoins technology used for digital transfer payments has gained acceptance most among emerging markets. "The rise in stablecoin adoption reflects a growing demand for reliable digital assets," said one industry expert cited in the report.
S&P 500 Cracks 6000 Mark, Boosting the Crypto Market
On November 26, S&P 500 made a historic milestone, closing above 6,000 for the second time in history. Besides being the most traditional measure of performance in equity markets, such a level proves the validity of the event in a historical view. Following the incident, a positive response was also experienced in the cryptocurrency market with Bitcoin and other digital assets recording gains within the very day.
There is an increasing correlation between the crypto and traditional market, stemming from institutional investors' perceptions of Bitcoin as both a speculative asset and a hedge against uncertainty. Cryptopolitan reported that Bitcoin was up by 4% after the rally of S&P 500 driven by optimism from investors.
Hong Kong Introduces Retail Crypto Trading
Hong Kong made news headlines by launching crypto trading service through its first-ever virtual bank to retail customers. The unique service was launched on Nov. 25 and it intends to simplify the process for users to buy, sell and manage digital assets.
Hong Kong has stood out as the world's financial innovative center, with the best national crypto policies that continue to catch up on global interest. Experts project that there could be a total user base of 2.3 million on the platform by mid-2025. "It will significantly move the needle for Hong Kong's retail investors in terms of how they engage with digital assets in a secured environment," said one financial expert.
StarkNet Staking Introduces Retail Investors
The first phase of StarkNet staking started on November 25, marking an important date in the timeline of Ethereum scalability solutions. Within just 2 hours, the number of participants in the staking program surged above the 10,000 mark, locking assets amounting to $200 million.
The new staking mechanism enables users to back network validation with benefits. Observed by the industry experts, their forecast is based on encountering decentralized finance and boosting Ethereum's scalability in the long run.
Tether’s Global Impact
Jillian Godsil’s Blockleaders article, "No Filter: What Tether Can Do for the World,", published on Nov. 25, explores how stablecoins like Tether are changing the world of finance. In turn, she drew attention to their function of filling the gaps in the financing of development goals while stating that stablecoins can spread access to financial services.
She also notes that should Tether become popular, it can completely change cross-border remittances, particularly in less developed countries. Platforms like Tether, which offer customers a dependable and efficient stablecoin, are redefining financial service.
Cultural Critique: Glitter Nihilism in Crypto
Analyzing the situation in her article published on Nov. 26, Godsil reported on the obsession with shiny projects in the crypto world. Her piece for Blockleaders, titled "Glitter Nihilism in Crypto," advocates for diversification into more meaningful projects within the blockchain space. The article narrates the glamorous and in many instances unproductive narratives of cryptocurrencies while calling for substantive growth.
Swings in Leadership and Possibility of Bitcoin’s Rise
Lisa Gibbon's article for The Street on Nov 26, explained how emerging elections in the U.S. could shape the future Bitcoin outlook. Regulatory certainty and favorable policies could lead to more institutional investments, which might push Bitcoin’s price to $200,000 by 2025, she said.
The article reported, “Political reforms are expected to be a key driver of cryptocurrencies to the world of fiat currency.” This perspective draws focus to the fact that governance is a key variable that will determine the trend of digitized commodities.
Art and Crypto: The Speculative Connection
On November 25, an article titled "Art is Bananas, but So Too is Currency in The Street" discussed the connection between art and speculative entities like Bitcoin. It highlighted the recent auction which featured a banana as an art work, emphasising that the valuation of both art and cryptocurrency is based on perception rather than intrinsic reality.
The article remarked, "To one person, a piece of artwork is valued at a hundred dollars when painted by a famous artist, while to another, Bitcoin is worth a hundred dollars."
In the end
The banana was eaten - forcing conversation on what is art, what is money and just who is Justin Sun.
