🚀 Ethereum Reaches New Heights: 90% of Wallets in Profit!
Welcome to the Daily Tribune of Saturday, November 30, 2024 ☕️
Hello Cointribe! 🚀
Today, it’s Saturday, November 30, 2024, and as 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:
Sunny ☀️
24h crypto recap! ⏱
🚀 Ethereum Sets a Record High with 90.8% of Wallets in Profit!
Ethereum confirms its position as a leader by establishing a new record: 90.8% of ETH holders are now in profit, according to data from IntoTheBlock. This unprecedented peak since last June reflects the network's strength despite fluctuations in the crypto market. With a price hovering around $3,570, Ethereum maintains an upward momentum.
Meanwhile, stablecoins are experiencing a record net outflow, marking a strategic repositioning of investors seeking safety before potentially reinvesting in more volatile assets. Tether (USDT) continues to dominate with a market cap exceeding $130 billion, solidifying the central role of stablecoins in the crypto economy.
⛏️ A Swiss Canton Explores the Potential of Bitcoin Mining
The canton of Bern is embarking on an ambitious initiative by commissioning a study on the feasibility of Bitcoin mining to exploit regional energy surpluses. Adopted by 85 votes to 46 in the cantonal parliament, this motion aims to explore the synergies between blockchain technology and energy management. Supporters draw inspiration from American models, particularly in Texas, where mining stabilizes electrical grids while generating revenue.
However, the Government Council opposes this move, citing global energy challenges and uncertainties regarding Bitcoin’s status. Despite the criticisms, this initiative could propel Bern alongside Swiss cities like Lugano and Zug, pioneers in the crypto ecosystem, while sparking an essential debate on sustainability and innovation.
🇮🇳 India: 100 Million Crypto Users Face Repressive Taxes
With over 100 million digital asset holders, India is asserting itself as a global leader in crypto adoption, despite a strict tax regime imposing 30% taxes on gains and 1% at source on each transaction. This dynamic relies on a connected youth (over 50% of the population is under 25), a strong penetration of smartphones, and affordable internet access. However, these heavy tax burdens hinder transaction frequency, thus limiting traders' profits.
While initiatives such as regulatory recognition of exchanges like Binance show progress, a clearer and less burdensome legislative framework could propel India as a global hub for cryptocurrencies, fostering innovation and investment.
💡 American Bitcoin Miners on the Front Lines Against De-Dollarization
Bitcoin miners in the United States are calling for a national strategy to counter the rise of de-dollarization as blocs like BRICS seek to free themselves from dollar dominance. Fred Thiel, CEO of Marathon, has advocated for a strategic reserve of Bitcoin, citing its unique advantages: fixed supply, rapid transfers, and financial sovereignty. With 200,000 bitcoins already held by the U.S., acquiring more digital assets is seen as essential to maintaining economic dominance against nations like China, which are also accumulating reserves.
Bitcoin is also presented as an innovative energy solution that can monetize renewable electricity surpluses and reduce methane emissions in oil sites. This dual potential – geopolitical and energetic – could make Bitcoin a strategic tool in maintaining American economic supremacy.
Today's Crypto: Algorand (ALGO)
Algorand is a next-generation blockchain that focuses on sustainability, security, and scalability, distinguished by its pure Proof-of-Stake (PoS) consensus. It allows for fast transactions with reduced fees and positions itself as a pillar in the adoption of smart contracts and decentralized applications (dApps).
Its native crypto, ALGO, is primarily used to secure the network and reward participants. Distributed through incentive programs, it offers benefits such as staking rewards and reduced transaction fees. It is used in various applications, from cross-border payments to DeFi projects, while strengthening the Algorand ecosystem.
Recent Performance
Current Price: $0.4275 (~€0.39)
24H Change: +24.37%
Market Capitalization: $3.54 billion (~€3.21 billion)
Rank on CoinMarketCap: 39
🚀 XRP Soaring: How Far Will Ripple’s Crypto Go in December 2024?
Ripple’s XRP continues to shine at the end of 2024, consolidating its rise after overcoming litigation with the SEC.
Currently valued at approximately $1.66, XRP has increased by 7.5% over the last 24 hours, fueling optimistic forecasts for December. Analysts estimate that the crypto could reach $2 , or even higher, due to the growing adoption of its cross-border payment solutions and the continuous improvement of its transaction technology. This confidence, bolstered by technical advancements and strategic partnerships from Ripple, positions XRP as a cryptocurrency to watch closely in the coming weeks.
However, the crypto market remains volatile, and forecasts vary among experts. Some are betting on a stabilization around $1.37, while others foresee significant rises, reaching $3 under favorable conditions.
Government regulations, general market trends, and technological innovations remain key determining factors.
🔗 Read the full analysis here.
