Original Title: ETH to $4K before Trump inauguration, Dogecoin flips Porsche: Finance Redefined
Original Author: Zoltan Vardai
Original source: https://cointelegraph.com/
Translated by: Daisy, Mars Finance
Ethereum price may break $4,000, bullish outlook before Trump inauguration
As the inauguration date of President-elect Trump approaches on January 20, and also the last day in office for SEC Chairman Gary Gensler, investor optimism in the crypto market is rising. The market expects a reduction in regulatory pressure to have a positive impact on Ethereum.
Analysts expect the price of Ethereum to rise further due to investor interest and a more favorable crypto regulatory outlook, potentially breaking $4,000 before Trump officially takes office. Current data shows that the total value of Ethereum's open contracts is $8.9 billion, significantly higher than Bitcoin's $6.7 billion.
ETH vs. BTC open interest. Source: Block Scholes/Bybit Analytics
According to a report released by Block Scholes and Bybit Analytics on November 28, the current decline in Bitcoin's open contracts suggests that this is the result of 'thoughtful repositioning' rather than mass liquidation.
A Bybit spokesperson told Cointelegraph that this dynamic could push Ether above $4,000 before Trump takes office on January 20:
'Bybit analysts predict that ETH will reach $4,000 before January 20.'
Dogecoin's market cap surpasses Porsche: Musk's support drives a new wave of increase
Supported by Elon Musk and potentially driven by the launch of exchange-traded products (ETP) aimed at this memecoin, Dogecoin's market cap has surpassed that of luxury car manufacturer Porsche.
Data from Cointelegraph and TradingView shows that as of November 27 at 8:34 AM UTC, Tesla has increased by 175% over the past month, with a market cap of $57.8 billion, surpassing Porsche's market cap of $56.1 billion.
DOGE/USD 1 month chart. Source: Cointelegraph/TradingView
Dogecoin has gained significant momentum in 2024, partly due to billionaire Elon Musk's continued support on social media.
Musk recently participated in the establishment of the newly formed Department of Government Efficiency (DOGE), aimed at cutting government spending and streamlining regulations, which further piqued interest.
The total locked value (TVL) of Ethereum Layer 2 has surpassed the $51 billion mark, with an annual growth rate of 205%
The value of the Ethereum ecosystem is continuously growing, indicating increasing investor interest in Ethereum's native assets.
The cumulative total locked value (TVL) of Ethereum's Layer 2 networks has reached an all-time high of over $51.5 billion.
L2Beat data shows this marks an increase of over 205% in cumulative TVL, compared to just $16.6 billion in November 2023.
Total locked value of Ethereum L2, 1 year chart. Source: L2Beat
Cardano founder predicts Bitcoin DeFi will dominate cryptocurrency in three years
Cardano founder Charles Hoskinson states that decentralized finance (DeFi) in the Bitcoin ecosystem will surpass all other crypto DeFi in two to three years.
While touting the potential of Bitcoin DeFi, he made bold price predictions and emphasized a new model that does not use centralized exchanges to bridge Bitcoin.
'I started with Bitcoin, I love Bitcoin. Bitcoin is a very important part of my life, and the only reason I am here today is because of Bitcoin's existence,' he said in a YouTube video released on November 27.
Cryptocurrency founders share stories of decentralized finance during 'Operation Chokepoint 2.0'
Reports indicate that over 30 tech and cryptocurrency founders in the U.S. have been denied banking services, with some industry insiders calling it a coordinated effort known as 'Operation Chokepoint 2.0.'
Tesla founder and billionaire Elon Musk asked in a November 27 X post: 'Did you know that 30 tech founders were secretly stripped of their bank accounts?'
In the post, Musk shared a video clip of Marc Andreessen, co-founder of Andreessen Horowitz, discussing the issue on the Joe Rogan Experience podcast. In the video, Andreessen claims:
'Operation Chokepoint 2.0 primarily targets their political enemies and underperforming tech startups. In the tech sector, over the past four years, we have seen more than 30 tech founders go bankrupt. This is a recurring major phenomenon.'
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, most of the top 100 cryptocurrencies by market cap showed gains by the end of the week.
Among the top 100, Stellar token surged over 81%, becoming the best-performing token of the week, followed by The Sandbox metaverse token, which rose over 80% in the past week.
Total value locked in DeFi. Source: DefiLlama
