🚀 Bitcoin crosses $66,000, Ethereum nears saturation, DEXs explode with $31.67 billion in volume!
🚀 Bitcoin crosses $66,000, Ethereum nears saturation, DEXs explode with $31.67 billion in volume!
Welcome to the Daily Tribune of Saturday, September 28, 2024 ☕️
Hello Cointribe! 🚀
Today is Saturday, September 28, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partially sunny 🌤️
24h crypto recap! ⏱
Ethereum on the brink of saturation: Vitalik Buterin sounds the alarm 🚨
Vitalik Buterin, co-founder of Ethereum, warns of an imminent risk of saturation of the Ethereum network. He explains that the "blobs," a mechanism introduced with the Dencun update to optimize data management on the blockchain, are already filled to about 75% of their capacity. This situation threatens to slow down the rise of layer 2 (L2) solutions that depend on these blobs to publish their data. To avoid a crisis, Buterin proposes to increase the number of blobs per block, thus allowing for better transaction management. Additionally, a new proposal (EIP-7623) is under study, aimed at reducing the maximum block size and strengthening the network's capacity in the face of growing demand. Jesse Pollak, creator of Coinbase L2 Base, supports this initiative, highlighting its importance for the future growth of L2.
DEXs in full explosion: $31.67 billion exchanged! 🚀
Decentralized exchanges (DEXs) have reached a new milestone with a record volume of $31.67 billion, up 28.14% over the week. This boom is primarily driven by platforms like Uniswap, which leads with a volume of $9.07 billion, and Pancakeswap, with $5 billion.
Users increasingly prefer DEXs for security and privacy reasons, contrasting with centralized platforms, often subject to hacks and strict identity checks. DEXs now represent 18.82% of the crypto exchange market.
However, this rapid ascent is not without challenges, particularly in terms of scalability and regulation. As the enthusiasm for decentralized finance (DeFi) continues, innovation and adaptation to an evolving regulatory framework will be crucial for the future of DEXs.
Dogecoin soars 🚀
Dogecoin, with a 7% increase in 24 hours and a 15% increase over a week, is attracting market attention once again.
Three key factors explain this sharp rise. First, the imminent arrival of smart contracts on the Dogecoin network, thanks to the zkVM virtual machine, which will enable hosting DeFi projects, DEXs, and even NFTs. Next, the ongoing influence of Elon Musk, who actively supports the memecoin and suggests it could soon be accepted as a means of payment on X (formerly Twitter) or at Tesla. Finally, crypto "whales" have massively accumulated DOGE, with over 1.4 billion tokens purchased in 48 hours, reflecting renewed confidence in its potential.
These combined factors position Dogecoin as a major player to watch, despite competition from other altcoins.
Bitcoin crosses $66,000 and pulls altcoins up 🚀
Bitcoin has crossed the $66,000 mark, marking an impressive rebound after several weeks of stagnation. This rise, fueled by macroeconomic factors such as the anticipated drop in Fed interest rates and reduced recession fears, ignites renewed optimism among investors.
Bitcoin's performance also reflects on altcoins, which are seeing notable increases, including Shiba Inu (+25%) and Dogecoin (+18%). This renewed interest in alternative cryptos suggests a diversification of portfolios and a return of speculation after several months of decline. However, some analysts remain cautious and point out that the key resistance at $68,300 could condition the next upward phase. If breached, the market could experience a new bullish dynamic by the end of the year.
Crypto of the day: Render Token (RNDR)
Render Token (RNDR) is a cryptocurrency that aims to revolutionize the graphic rendering industry by leveraging blockchain technology to provide a decentralized solution for 3D rendering processing. By using a network of distributed GPUs around the world, RNDR enables digital content creators to rent unused computing power from GPUs, making rendering processes faster and more affordable.
The native crypto RNDR plays a crucial role in the operation of this decentralized economy, serving to compensate users who lend their computing power and to pay for rendering services. RNDR holders can use their tokens to access rendering services, but also to participate in network governance, benefiting from reduced fees on services and staking opportunities.
Recent performances
Current price: €6.62
Increase/Decrease percentage: +4.51% (over 1 day)
Market capitalization: €3.426 billion
Rank on CoinMarketCap: #29
Bitcoin on track for a historic peak of $80,000
Analysts foresee an imminent breakout of Bitcoin toward a new historic peak, with the possibility of surpassing $80,000. This bullish momentum relies on several factors, including Bitcoin's strength, which has remained above $60,000, and the impact of upcoming U.S. presidential elections in the coming weeks.
These elections are a potential catalyst, likely to amplify market volatility, while pushing investors toward safe-haven assets like Bitcoin. Ryan Lee, a recognized analyst, anticipates a new push for BTC between mid-October and November, particularly thanks to a favorable technical setup that suggests a strong bullish channel.
From a technical standpoint, Bitcoin operates within a bullish flag model, supporting a continuation of the positive trend. Additionally, the improvement in overall liquidity and the end of forced sales also bolster the prospects of another Bitcoin rally.
If macroeconomic and technical conditions remain aligned, Bitcoin could cross $80,000, thus confirming a new significant bullish phase. However, investors must remain attentive to potential volatility, especially as U.S. elections approach.
🔗 Read the full analysis here.
