Is Ethereum Price Headed to $5K? | Key Points | Dec. 13, 2024
GM! Welcome back to BitPinas Key Points: crypto news in concise formats for easy reading. In today’s daily recap: Let’s revisit Ethereum via our feature article below.
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $100,283 down 0.7% over the last 24 hours.
- Ethereum (ETH): $3,895.43, up 1.8% over the last 24 hours.
- Solana (SOL): $227.76, up 0.3% vs the previous day.
Trending Coins Update
- Maya Protocol: $2.39, up 225.4% vs the previous day.
- Turbo: $0.0121, down 8.3% over the last 24 hours.
- Purr: $0.3532, up 57.6% vs the previous day.
For the daily price update, check out our post on Facebook.
Ethereum’s Ether Could Reach $5,000 Amid Rising Demand and Network Activity
According to a new article from Coindesk, here are possible reasons why Ethereum will continue to go up and target $5,000:
- Ether spot ETFs recorded a 13-day inflow streak, with cumulative net inflows nearing $2 billion. Notably, $1 billion was added within just five trading days.
- Daily Ethereum transactions now range from 6.5 million to 7.5 million, up from about 5 million in 2023, signaling higher network activity.
- The total ETH supply reached 120 million, its highest since April 2023.
- Fee burns, which permanently remove ETH from circulation, have accelerated since September, creating deflationary pressure.
Also, the total value locked (TVL) in Ethereum has hit $77 billion, the highest since January 2022.
- Major contributors include Lido ($38B in staked ETH), Aave ($19B in lending), and EigenLayer ($18B in restaking).
So what will drive momentum: It’s still institutional and retail interest, but also higher on-chain activity.
What’s next: Onchain analytics provider CryptoQuant is saying that if we are going to align with the 2021 peak, then ETH’s upper price limit should be $5,200.
Philippine Crypto News 🇵🇭
- YGG’s Guild Quests are now live with 130,000 $YGG prize pool.
- Coins.ph listed $SOVRN.
- MetaGaming Guild is now a validator on Namada.
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- The stablecoin market exceeded $200 billion in value for the first time on Wednesday due to increasing demand and adoption.
- ETFs under BlackRock and Fidelity bought $500 million worth of ether in the past two days.
- Bitwise 2025 prediction states that Bitcoin will reach $200,000, ether will hit $7,000, and solana will triple to $750.
Educational Corner 🎓
- After being one of the leading narratives in the crypto space, are airdrops now dead? Check out this report from discovery platform for airdrop hunters AirdropBee.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- The CFTC sued a pastor for allegedly orchestrating a multilevel marketing scheme that defrauded investors of $5.9 million for a fake “Solanofi platform.”
- South Korea‘s recent declaration of martial law has delayed its efforts to regulate its crypto sector until next year.
- Hong Kong is considering ways to accelerate updates to its cryptocurrency regulations in order to keep pace with the rapidly expanding global sector.
Meet Leslie Diana Apongol (LinkedIn): She is one of the leaders for web3 gaming adoption in Bicol.
- She is the chief marketing officer of MetaGaming Guild.
- She spearheads the guild’s content creation, public relations, and marketing strategy implementation.
- She is one of the speakers of the recently concluded BBC 2024.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Commonware, a middleware blockchain infra platform, launches ‘anti-framework’ for optimized blockchain development.
- Pudgy Penguins floor price increased over 20% to $100,000 due to excitement over the upcoming token airdrop.
- Seven Seas Capital launched its first ETH DeFi Yield Fund to provide investors with a simple entrypoint to earning class-leading yields on ETH.
The future of web3 is gaming, and here are the latest news.
- BTFD, a new memecoin, is launching a staking feature and a Telegram P2E game.
- The Treasure DAO announced on Wednesday that web3 gaming ecosystem Treasure launched on mainnet.
- Immutable added over 250 games to its platform in 2024, bringing the total to 460.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space in the Philippines!
Stay Connected:
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This article is published on BitPinas: Is Ethereum Headed to $5K? | Key Points | Dec. 13, 2024
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