Hey, crypto enthusiasts! Welcome to another edition of The Blockchain Bulletin. This will provide tidbits from the crypto community, ranging from blockchain-based developments to the surge of new tokens and everything in between. Without much ado, let’s take a quick recap of all that happened in the crypto space over the last 24 hours.
As stated earlier in the previous edition, the year kicked off to a bright start, with fresh tokens making their first all-time highs. Moving on, Bitcoin is showing promise of making another milestone. The king of crypto, which shook the community with its $100K milestone last year, is forecasted to breach another $100k and achieve $200K by the year-end. At press time, the coin is trading at $96K with a market cap of $1.91T and a 24-hour trading volume of $42.77B
Highlighting its potential, Metaplanet CEO Simon Gerovich predicted that Bitcoin will gain traction by 2025-end if Donald Trump adopts Bitcoin as a strategic reserve. He further added that if Trump complied, several Asian countries, including Japan, would follow suit. Notably, Metaplanet has about 1,762 Bitcoins worth $165M in its holdings, and its stock increased by 1,947% in 2024, closing the year at around ¥3,480.
However, market observers are skeptical as the coin faces pressure, with the Coinbase Index going low due to a lack of institutional demand. Providing analytical information, analyst CryptoQuant stated that the Index fell to -0.200 due to uncertainty around the U.S. elections and closed the year at -0.237. Although investors are advised caution, the direction of the coin can be determined only after a while.
A Recap On What Happened in The Crypto Market Over 2024On the other hand, the XRP community had a momentous joy when the token surged past Tether in market capitalization. Soaring 11%, the token temporarily pushed beyond USDT and stood at 139.03B, while USDT stood at 137.13B. The brief jump is channeled to the token being in the limelight again following Gensler’s exit from the SEC. Further, major token movements were detected, coinciding with the price surge.
Further, the Sui Network’s token SUI marked a 385% yearly growth, showing potential to hit another all-time high. According to the CoinMarketCap data, the token, ranking 16th, achieved its all time high in December 2024 and is onward to make another breach. Also, technical analysis stated that the token exhibits a buy option whenever its daily RSI reaches the 50 level. Considering its yearly performance and consistent gains, the token has aroused investor interest quickly.
Meanwhile, the meme coin market faced disappointment in Kekius Maximus after it fell drastically. The coin, which faced significant pressure following Elon Musk’s change in his X profile, surged by 900% but very soon fell by 75%, highlighting the volatile nature of speculation sentiment. Investors, who rushed to cash in on the opportunity, considering it to be another ‘Dogecoin’ moment, were left exasperated when the rally was short-lived.
Despite the challenges, the crypto community witnessed the crypto exchange Binance hit 250M users. According to its official announcement, Binance reported that it reached 200M users in June 2024, and within seven months, it achieved another 50M, reflecting the growing trend of crypto fans worldwide. It further promised to achieve a milestone of 1 billion users and set the benchmark for mass adoption.
Making its presence known in the market, AI meme tokens see rapid growth, with its market cap hitting the $10B milestone, with Fartcoin leading a 47.69% daily surge. While Zerobro witnessed an 86.04% weekly gain, the ai16z token hit a $2.65B market cap, recording a significant advancement over the past seven days.
AI and DeSci Lead Crypto Narratives with Record Growth in 2024On the institutional front, Garanti BBVA has partnered with Bit2Me for crypto trading. Being the fifth largest bank in Turkey, BBVA has now initiated the full functioning of crypto services to the public, expecting high demand for digital asset services in Turkey and other countries. Being compliant with MiCA regulations, investors can now trade BTC and even ETH with the bank.
