As investor optimism grows ahead of the inauguration of U.S. President-elect Donald Trump on January 20, the last day of Securities and Exchange Commission Chairman Gary Gensler’s term, the price of Ether may exceed $4,000. Regulatory scrutiny of the cryptocurrency industry.
Adding to the enthusiasm of cryptocurrency investors, Dogecoin has surpassed the market capitalization of German car manufacturer Porsche, thanks in part to support from Elon Musk and a potential ETP.
$4,000 in Ethereum leaked before Trump’s inauguration – Analyst
The price of Ethereum is expected to gain further upward momentum based on growing investor interest and expectations of positive cryptocurrency regulation through 2025, which could lead to an upward trend above $4,000.
Ethereum (ETH) has surpassed Bitcoin (BTC) in open interest with over $8.9 billion in open contracts compared to Bitcoin’s $6.7 billion.
ETH vs. BTC open interest. Source: Block Scholes/Bybit Analytics
A November 28 report from Block Scholes and Bybit Analytics suggests that the current decline in Bitcoin open interest is the result of “considered reallocation” rather than mass liquidation.
These dynamics could lead Ethereum to rise above $4,000 before January 20, when President Trump takes office, a Bybit spokesperson told Cointelegraph.
“Bybit analysts expect ETH to reach $4,000 before January 20th.”
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Dogecoin flips Porsche market cap as DOGE ETP, Musk drives rally.
Dogecoin has surpassed the market capitalization of luxury car manufacturer Porsche, thanks to Elon Musk’s approval and the possible launch of an exchange-traded product (ETP) for Memecoin.
According to Cointelegraph and TradingView data, as of 8:34 a.m. UTC on November 27, Dogecoin (DOGE) had risen 175% over the past month, reaching a market cap of $57.8 billion, surpassing Porsche’s market cap of $56.1 billion. I passed it.
DOGE/USD 1 month chart. Source: Cointelegraph/TradingView
Dogecoin has gained significant momentum in 2024, thanks in part to continued social media endorsements from billionaire Elon Musk.
Musk’s recent involvement in creating the Department of Government Efficiency (DOGE), an agency aimed at cutting government spending and streamlining regulation, has sparked further interest.
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Ethereum Layer 2 surpasses a record $51 billion TVL after growing 205% year over year.
The Ethereum ecosystem is experiencing increasing value growth and investor interest in Ethereum-based assets is increasing.
The Ethereum layer-2 network has reached an all-time high of over $51.5 billion in cumulative total value locked (TVL).
This represents an increase of more than 205% in cumulative TVL compared to $16.6 billion in November 2023, according to L2Beat data.
Total value locked, Ethereum L2, 1-year chart. Source: L2Beat
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Cardano founder predicts Bitcoin DeFi will dominate cryptocurrency within three years.
Cardano founder Charles Hoskinson said that decentralized finance (DeFi) in the Bitcoin ecosystem will overtake all other cryptocurrency DeFi within two to three years.
He touted the potential of Bitcoin DeFi, making bold price predictions and highlighting new models for connecting Bitcoin without using centralized exchanges.
“I started in the Bitcoin space and loved Bitcoin. Bitcoin has been a huge part of my life, and the only reason I’m here today is because Bitcoin exists,” he said in a YouTube video posted on November 27.
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Crypto founders share their story of banking disruption during “Operation Chokepoint 2.0”
More than 30 tech and cryptocurrency startups in the U.S. have reportedly been denied access to banking services in a coordinated effort that some insiders are calling “Operation Chokepoint 2.0.”
Tesla founder and billionaire Elon Musk asked in an X post on November 27, “Did you know that 30 tech startups secretly bankrolled you?”
In the post, Musk shared a video of Andreessen Horowitz co-founder Marc Andreessen discussing the issue. Joe Rogan Experience Podcast. In the video, Andreessen claimed:
“Operation Chokepoint 2.0 primarily targets political enemies and disadvantaged technology startups. In the tech sector, more than 30 tech startups have been laid off by banks in the past four years. “It was a largely recurring pattern.”
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DeFi Market Overview
Most of the top 100 cryptocurrencies by market capitalization closed in the green this week, according to data from Cointelegraph Markets Pro and TradingView.
Among the top 100, the Stellar (XLM) token was the best performer this week, up over 81%, followed by The Sandbox (SAND) metaverse token, up over 80% over the past week.
Total value locked in DeFi. Source: DefiLlama
Thank you for reading our roundup of this week’s most influential DeFi developments. Join us next Friday for more stories, insights and education about this dynamic and evolving space.