Major Developments for the Week
- Bitcoin surges to yet another all-time high, but stops shy of $100K
- Solana reaches all-time high of $264, multiple filings submitted for SOL spot ETFs
- XRP hits 3-year high – a potential game-changer for regulatory clarity?
- HBAR up 127.38% over past 2 weeks, amid speculation over SpaceX satellite crypto project
- ETH and the path to $20,000 – analysts predict short-term correction, but remain bullish
- Bitcoin ETFs hit new record with over $3.1B in weekly inflows
- SEC Chair Gary Gensler announces resignation amid Trump’s pro-crypto agenda
- Hong Kong’s largest digital bank launches retail crypto trading
- Trump nominates hedge fund manager Scott Bessent as Treasury secretary
- Justin Sun buys more of Trump’s WLFI than should be available
Bitcoin surges to yet another all-time high, stopping just shy of $100K
BTC’s Fresh All-Time Highs – and Short-Term Resistance
This week, Bitcoin set a new all-time high of $99,800, stopping just short of $100,000. This surge is part of a broader post-election rally, driven by optimism around the incoming purportedly crypto-friendly Trump administration as well as an ongoing increase in institutional demand.
Image created by Sam North, eToro analyst
Past performance is not an indication of future results
As Bitcoin approaches this hugely significant milestone, the price has pulled back a few times due to traders selling ahead of this psychological resistance level. Weekend volatility saw prices dip as low as $95,800, triggering $470 million in liquidations. Some investors fear a potential wave of selling pressure once the level is reached, leading them to exit early to secure profits and avoid being caught in a potential downturn, which creates a self-reinforcing cycle of sell-offs before the big number is tested.
BTC’s trends reveal a story – explore our interactive magazine and discover something unexpected!
Altcoins Rising: Key Players and Groundbreaking Moves Shaping the Crypto Landscape
While Bitcoin commands the spotlight, altcoins are showing strong performance, indicating a growing momentum in this segment. Historical patterns show that altcoins typically surge after Bitcoin enters a parabolic phase, and several altcoins are already making waves.
Solana
One of last week’s key movers is Solana, which reached an all-time high of $264. Monthly trade volumes on Solana-based Decentralised Exchanges (DEXs) surpassed $100B for the first time, positioning it as a critical player in the evolving DeFi ecosystem. Adding to the bullish sentiment, multiple regulatory filings for Solana-based spot ETFs have been submitted, signaling increasing institutional interest.
XRP
Another altcoin on the rise is XRP, which surged to $1.59, marking a three-year high, as market sentiment was buoyed by the announcement of SEC Chair Gary Gensler’s departure in January 2025. This development is seen as a potential game-changer for regulatory clarity, with investors hopeful that the new administration will adopt a more balanced approach to crypto regulations.
Hedera Hashgraph
Hedera Hashgraph (HBAR) increased its price percentage by almost 140% between Nov 11-25 2024, partly due to speculation surrounding a groundbreaking project with SpaceX. The project would utilise HBAR’s blockchain to process crypto transactions in orbit, and is tied to a satellite launch scheduled for January 2025. Investors are seeing this as a step toward broader adoption of blockchain technology, particularly in space-based applications.
Emerging Opportunities
Layer-1 and Layer-2 solutions, including Chainlink (LINK) and Optimism (OP), are also catching attention:
- LINK: Breaking resistance at $13 has paved the way for a potential surge to $18.
- OP: Poised for a 60% rally if it clears resistance at $2.
Ethereum and the Path to $20,000
Ethereum, the second-largest cryptocurrency, has been slower to rally compared to Bitcoin, although it has gained 44% so far in 2024. Analysts project a short-term correction following Bitcoin’s $100,000 milestone but remain bullish on Ethereum’s long-term prospects. According to eToro analysts, Ethereum’s continued dominance in smart contracts and utility upgrades, could propel its price to $20,000 by 2025.
Macro Trends and Institutional Momentum
The broader market is buoyed by institutional interest and regulatory shifts. Spot Bitcoin ETFs continue to attract inflows, led by BlackRock, while companies like MicroStrategy deepen their Bitcoin holdings.
Meanwhile, the upcoming departure of SEC Chair Gary Gensler has created optimism for more favorable policies under the incoming Trump administration, which could further stimulate market growth.
