As of December 22, 2024, Ethereum (ETH) is trading at approximately $3,391.19, reflecting a slight decrease of about 0.33% over the past 24 hours.
Recent Developments:
Market Performance: Despite a 50% increase this year, ETH has underperformed compared to Bitcoin's 128% surge and Solana's 133% rise. Analysts suggest that ETH often lags behind Bitcoin in early bull market phases but tends to catch up during subsequent hype phases.
Regulatory Environment: The U.S. Securities and Exchange Commission (SEC) has approved Bitcoin and Ethereum exchange-traded funds (ETFs), potentially increasing institutional interest and investment in ETH.
Network Upgrades: In March 2024, Ethereum implemented the "Dencun" upgrade, aimed at reducing transaction fees on Layer 2 networks built atop the Ethereum blockchain, enhancing scalability and user experience.
Security Concerns: In November 2024, South Korean police attributed a 2019 Ethereum theft, amounting to approximately $41.5 million, to North Korean hackers, underscoring ongoing security challenges in the crypto space.
Market Outlook:
Analysts anticipate that Ethereum could reach new all-time highs, potentially exceeding $5,000 in the coming year, provided current supply and demand dynamics persist. Factors such as increased staking, regulatory clarity, and broader adoption of decentralized finance (DeFi) platforms are expected to contribute to ETH's growth.
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Bitcoin has recently experienced significant price volatility. This decline follows a record high of $108,262 earlier this week.
Several factors have contributed to this fluctuation:
Federal Reserve's Monetary Policy: The Federal Reserve signaled a slowdown in interest rate cuts for 2025, influencing investor sentiment and impacting both equity and cryptocurrency markets.
Speculation on U.S. Bitcoin Reserve: President-elect Donald Trump's proposal to establish a national Bitcoin reserve has generated both enthusiasm and skepticism. While some politicians support the idea, Federal Reserve Chairman Jerome Powell stated that the institution cannot legally hold Bitcoin, dampening some of the optimism.
Additionally, the recent rise in 10-year Treasury yields has created a challenging environment for risk assets, including Bitcoin. Analysts note that Bitcoin's price often moves inversely to long-term Treasury yields, with higher yields leading to decreased demand for non-yielding assets like cryptocurrencies.
Despite the current downturn, Bitcoin has had a strong year, with its price surpassing $100,000 for the first time earlier this month. The approval of Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission has further legitimized the cryptocurrency, attracting more institutional investors.
Investors should remain aware of the inherent volatility in the cryptocurrency market and consider these developments when making investment decisions.
Dogecoin (DOGE) is currently trading at approximately $0.2975, reflecting a decline of about 17% over the past 24 hours.
This downturn is part of a broader trend, with the cryptocurrency experiencing a 26.7% decrease over the past week.
Despite these recent declines, Dogecoin has seen significant activity in 2024, particularly following the U.S. presidential election.
In November, President-elect Donald Trump announced the formation of the Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy.
This announcement led to a notable increase in Dogecoin's market capitalization, nearly doubling post-election.
However, the cryptocurrency remains highly volatile, with its value susceptible to rapid changes influenced by market sentiment and external factors.
Investors should exercise caution and conduct thorough research before making investment decisions in such a fluctuating market.
wow! earn best doge coin Recently, one of the founders of Dogecoin, Billy Marcus, made a big move on a platform called X, saying that Dogecoin is going to have deflation, which caused a stir in the cryptocurrency circle. As a friend who has been paying attention to Dogecoin, we have to talk about this. First, we need to understand what deflation is and how Dogecoin can achieve deflation. Billy Marcus said that it is not difficult, just a few steps: Developers take action: those big guys who write code, they have to submit a change on GitHub, the programmer's base camp, and this change is to make Dogecoin deflationary. The community and miners must agree: This is very important. Dogecoin is played by everyone, so the friends in the community must think it is good, and the friends who mine it must also be willing to follow the changes, so that the new rules can be established. After all, Dogecoin is maintained by everyone, and everyone must agree. Then, we have to look at the current situation of Dogecoin. There are about 146.78 billion Dogecoins now, and 5 billion new ones will be added every year. Although the number of Dogecoins increases every year is fixed, the proportion of this increase will gradually decrease compared to the total amount of Dogecoins, which is different from Bitcoin. Bitcoin has a total upper limit, just like a big cake, which is gone after it is cut. But Dogecoins can theoretically continue to increase, like a buffet that can never be finished. However, Billy Markus also said that the rules of Bitcoin are not set in stone and can be changed if everyone wants. This shows that these blockchain things are very flexible and not immutable. He also said that the design of Dogecoin may be more reliable than government-issued money (legal currency) in the future. To sum up, Billy Marcus has come up with a way to make Dogecoin rarer by not adding new coins as "generously" as it is now. Whether this method can succeed depends on whether the community and miners buy in. If it succeeds, Dogecoin may become more valuable.