ETH To $4K Before Trump Inauguration, Dogecoin Flips Porsche: Finance Redefined
The price of Ether may be set to breach $4,000 as investors' optimism is rising as US President-elect Donald Trump is inaugurated on January 20, which coincides with the last day of the chairman of the Securities and Exchange Commission Gary Gensler – a change related to the reduction of regulatory control over the crypto industry.
Adding to crypto investor enthusiasm, Dogecoin has surpassed the market capitalization of German carmaker Porsche, driven in part by Elon Musk's backing and ETP.
Ether to breach $4,000 before Trump's inauguration – Analyst
Ether's price is set for further upside based on rising investor interest and expectations of positive crypto regulations heading into 2025, which could set it up for a rally above $4,000.
Ether (ETH) has surpassed Bitcoin (BTC) in open interest, with more than $8.9 billion worth of open contracts, compared to Bitcoin's $6.7 billion.
ETH and BTC open interest. Source: Block Scholes/Bybit Analytics
According to a Nov. 28 report by Block Scholes and Bybit Analytics, the decline in Bitcoin open interest is “the result of speculative positioning” rather than mass liquidity.
This volatility could put Ethereum on track to raise more than $4,000 before Trump takes office on January 20, a Bybit spokesperson told Cointelegraph:
“Bybit Analysts See $4,000 on Horizon for ETH Before January 20th.”
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Dogecoin replaces the market value of Porsche as DOGE ETP, Musk Drive Rally
Dogecoin has surpassed the market capitalization of luxury car maker Porsche, which is set to launch an exchange-traded product (ETP) for memecoin, thanks to backing from Elon Musk.
Dogecoin (DOGE) has increased 175% in the past month to a market capitalization of $57.8-billion, surpassing Porsche's $56.1-billion market cap, as of 8:34 am UTC on November 27, Cointelegraph and TradingView data showed.
DOGE/USD 1-Month Chart. Source: Cointelegraph/TradingView
Dogecoin In 2024, it had a significant boost, thanks in part to social media support from billionaire Elon Musk.
Musk's recent involvement in creating the fledgling Office of Government Efficiency (DOGE), an agency aimed at reducing government spending and streamlining regulations, has drawn even more interest.
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Ethereum Layer 2s Surpasses $51 Billion TVL After 205% YoY Growth
The Ethereum ecosystem is seeing increasing value growth, indicating more investor interest in Ethereum-native assets.
Ethereum's layer-2 networks hit a new all-time high of over $51.5 billion in total value locked (TVL).
This represents a growth of more than 205% from the total TVL of $16.6 billion in November 2023, L2Beat data shows.
Total Price Locked, Ethereum L2s, 1-year chart. Source: L2Beat
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The founder of Cardano predicts that Bitcoin DeFi will dominate crypto in three years
According to Cardano founder Charles Hoskinson, decentralized finance (DeFi) will eclipse all other crypto DeFi within the Bitcoin ecosystem within two to three years.
He highlighted the potential of Bitcoin DeFi while boldly highlighting price prediction and a new model for connecting 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 of bitcoin,” he said in a YouTube video posted Nov. 27.
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Crypto founders share stories of debanking during “Operation Chokepoint 2.0.”
In the United States, more than 30 tech and cryptocurrency founders have been barred from banking in what some insiders are describing as a coordinated effort called “Operation Chocpon 2.0.”
“Did you know 30 tech founders are secretly banned,” Tesla founder and billionaire Elon Musk asked 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, Andresen said:
“Operation Chocpon 2.0 is mainly against their political enemies and tech startups. In the tech world, we've had over 30 tech founders debanked in the past four years. It was a big recurring pattern.”
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
Among the top 100, the Stellar (XLM) token was the best performer of the week, rising more than 81%, followed by The Sandbox (SAND) metaverse token, which rose more than 80% last week.
Total value is locked in DeFi. Source: Defillama
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
