Ether’s price may be set to breach $4,000 as investor optimism is growing ahead of United States President-elect Donald Trump’s inauguration on Jan. 20, which coincides with the last day in office for Securities and Exchange Commission Chair Gary Gensler — a shift associated with decreasing regulatory scrutiny on the crypto industry.
Adding to crypto investor enthusiasm, Dogecoin has exceeded the market capitalization of German carmaker Porsche, partially driven by Elon Musk’s endorsements and a potential ETP.
Ether to breach $4,000 before Trump’s inauguration — Analyst
Ether’s price is set for more upward momentum based on growing investor interest and expectations of positive crypto regulations leading into 2025, which may set it up for a rally above $4,000.
Ether (ETH) has outperformed Bitcoin (BTC) in open interest, with over $8.9 billion worth of open contracts, compared to Bitcoin’s $6.7 billion.
ETH vs. BTC open interest. Source: Block Scholes/Bybit Analytics
The current decline in Bitcoin open interest suggests it is a result of “considered repositioning,” not mass liquidations, according to a Nov. 28 report by Block Scholes and Bybit Analytics.
This dynamic may put Ether on track to rally above $4,000 before Jan. 20, when Trump will take office, according to a Bybit spokesperson, who told Cointelegraph:
“Bybit analysts see $4,000 on the horizon for ETH before Jan. 20.”
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Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally
Dogecoin has surpassed the market capitalization of luxury automaker Porsche, driven by endorsements from Elon Musk and the potential launch of an exchange-traded product (ETP) for the memecoin.
Dogecoin (DOGE) has risen 175% during the past month to a $57.8-billion market capitalization, surpassing Porsche’s $56.1-billion market cap, as of 8:34 am UTC on Nov. 27, Cointelegraph and TradingView data showed.
DOGE/USD 1-month chart. Source: Cointelegraph/TradingView
Dogecoin has had significant momentum in 2024, partly driven by continued social media endorsements from billionaire Elon Musk.
Musk’s recent involvement in creating the nascent Department of Government Efficiency (DOGE), an agency aimed at cutting government spending and streamlining regulations, has further stoked interest.
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Ethereum layer 2s surpass record $51 billion TVL after 205% yearly growth
The Ethereum ecosystem is seeing increasing value growth, showing more investor interest in Ethereum-native assets.
Ethereum layer-2 networks have reached a new all-time high of more than $51.5 billion in cumulative total value locked (TVL).
This marks an over 205% increase in cumulative TVL, from just $16.6 billion in November 2023, L2Beat data shows.
Total value locked, Ethereum L2s, 1-year chart. Source: L2Beat
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Cardano founder predicts Bitcoin DeFi will dominate crypto within three years
Cardano founder Charles Hoskinson said decentralized finance (DeFi) in the Bitcoin ecosystem will eclipse all other crypto DeFi within two to three years.
He touted the potential for Bitcoin DeFi while making a bold price prediction and highlighting a new model for bridging Bitcoin without using centralized exchanges.
“I started in the Bitcoin space, and I loved Bitcoin. Bitcoin has been a big part of my life, and the only reason I’m here today is because Bitcoin exists,” he said in a YouTube video posted on Nov. 27.
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Crypto founders share debanking stories during “Operation Chokepoint 2.0”
More than 30 technology and cryptocurrency founders in the United States have reportedly been denied access to banking services in what some insiders describe as an orchestrated effort dubbed “Operation Chokepoint 2.0.”
“Did you know that 30 tech founders were secretly debanked,” asked Tesla founder and billionaire Elon Musk in a Nov. 27 X post.
In the post, Musk shared a clip of Andreessen Horowitz co-founder Marc Andreessen discussing the issue on the Joe Rogan Experience podcast. In the clip, Andreessen claimed:
“Operation Chokepoint 2.0 is primarily against their political enemies and disfavoured tech startups. In the tech world, we had over 30 tech founders debanked in the last four years. It’s been a big recurring pattern.”
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DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
Of the top 100, the Stellar (XLM) token rose over 81% as the week’s best performer, followed by The Sandbox (SAND) metaverse token, up over 80% during the past week.
Total value locked in DeFi. Source: DefiLlama
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
