💥 Ethereum ready for a rally at $10,000, Bitcoin ETFs surpass $100 billion!
Welcome to the Daily Tribune of Friday, November 22, 2024 ☕️
Hello Cointribe! 🚀
Today, it is Friday, November 22, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you should not miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Sunny ☀️
24h crypto recap! ⏱
🔥 Ethereum: The challenger’s revenge against Bitcoin?
Ethereum positions itself as a serious contender to surpass Bitcoin in the next market cycle. Currently valued at $3,138, ETH remains below its historical peak but shows encouraging signs. The growing interest from institutional investors is reflected in the $147 million accumulated via spot Ethereum ETFs over a few weeks, supported by massive whale movements (over $1.4 billion in ETH acquired).
Technical signals, such as the MVRV ratio and the decline of speculative leverage on derivatives markets, indicate a bullish momentum in formation. However, the road to key levels at $4,000 and $6,000 will depend on a favorable macroeconomic context. If these resistances are broken, optimistic projections estimate a historic rise to $10,000, placing Ethereum in a position to reshuffle the cards against Bitcoin.
💰 Bitcoin ETFs surpass $100 billion: A historic milestone!
Bitcoin spot ETFs in the United States hit a major milestone with $100.55 billion in assets under management, accounting for about 5.4% of Bitcoin’s total market capitalization. BlackRock leads the pack with its IBIT at $45.4 billion, followed by Grayscale with $20.6 billion. This institutional demand propels Bitcoin to over $99,000, driven by massive inflows like the $733.5 million in net inflows recorded in a single day.
MicroStrategy strengthens this momentum by announcing a $2.6 billion raise to increase its reserves, having recently acquired 51,000 BTC. With open interest on Bitcoin contracts reaching $63 billion, the excitement surrounding the ETFs underscores the maturity of the crypto market and a sustainable potential for institutional growth.
🚀 Grayscale increases the value of its Ethereum and Bitcoin ETFs by tenfold!
Grayscale adopts a bold strategy by applying a reverse split to its flagship ETFs. On November 19, the Ethereum Mini Trust ETF (ETH) saw its nominal value multiplied by 10 via a 10-for-1 adjustment, bringing the price per share to $2.90 without changing investors' portfolios. This maneuver aims to strengthen the attractiveness of the ETH ETF for institutional and retail investors seeking convenience. Meanwhile, a similar adjustment has been made on the Bitcoin Mini Trust ETF, with a multiplication by 5.
Although lauded for its innovation, this approach raises questions about the long-term impact on stability and confidence in Ethereum. Indeed, some see it as a risk of market manipulation. The coming weeks will be decisive in assessing the impact of these adjustments on the crypto ecosystem.
🤖 Nvidia: Leader in autonomous AI!
Nvidia establishes itself as a key player in autonomous artificial intelligence with its "agentic AI" agents, capable of making complex decisions without human intervention. Driven by a cutting-edge technological infrastructure, including Hopper and Blackwell GPUs, the company records record revenues of $18 billion for the third quarter of 2025, a 94% increase year-on-year. These tools are revolutionizing entire sectors by offering anticipatory and adaptive solutions.
Despite increased competition from giants like Microsoft, Nvidia maintains a significant technological edge. This innovation fuels global industrial transformation, consolidating Nvidia as a major catalyst for technological progress. However, caution is advised in crypto associated with AI, as the market is still waiting for proof of long-term profitability.
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Today's crypto: Algorand (ALGO)
The Algorand blockchain stands out for its innovative consensus mechanism, Pure Proof of Stake (PPoS), which combines speed, security, and decentralization. This technology ensures fast transactions with minimal costs while being environmentally friendly due to its low energy consumption.
The native cryptocurrency ALGO plays a key role in the network, serving to pay transaction fees, decentralized governance, and rewards for staking participants.
Initially distributed via an auction selling model and community rewards, ALGO allows its holders to participate in network governance and generate passive income through staking. It is widely used for DeFi applications, international payments, and sustainable blockchain initiatives.
Recent performances
Current price: €0.2369
24h change: +13.06%
Market capitalization: €1,961,787,763
Rank on CoinMarketCap: 66
🚀 Bitcoin nears $100,000: Record in sight or imminent correction?
Bitcoin approaches the symbolic threshold of $100,000.
The current rally, fueled by political announcements and growing institutional interest, has propelled Bitcoin to over $90,000. Factors such as the announcement of creating a national Bitcoin reserve in the United States, which could inject up to $100 billion into the market, strengthen bullish forecasts. Bernstein Research even estimates that BTC could reach $200,000 by 2025.
This rise also reflects increasing institutional adoption thanks to Bitcoin ETFs, which consolidate Bitcoin's position as a must-have asset in investors' portfolios.
However, technical signals encourage caution. The RSI shows bearish divergences similar to those observed before the drop in 2021. A major correction could follow, potentially bringing the price down to around $60,000, a level corresponding to a key moving average (50-week EMA). These fluctuations, however, offer opportunities for strategic investors, as significant corrections have often preceded significant rebounds.
Ultimately, this $100,000 mark could signify a step towards broader adoption or a temporary peak, but it undoubtedly reflects Bitcoin's ongoing influence on the global financial market.
🔗 Read the full analysis here.
