Bitcoin and Ethereum in Trouble, Ripple Going Against the Tide

The crypto market experienced a widespread decline at the end of the week. Bitcoin fell by 2%, Ethereum dropped by 4%, and Solana by 3%. This weakness among the leaders was accompanied by an uncertain macroeconomic context, marked by regulatory pressures and massive BTC sales by miners. Despite this gloomy atmosphere, Ripple (XRP) surprised with a spectacular increase of over 20%. Investors remain alert and are looking to adapt to this extreme volatility.

In a week marked by surprising twists and turns, here is a concise summary of the most noteworthy crypto news.

Bitcoin whales are cashing out massively. As BTC recently hit a historic high of $93,000, this surge triggered a wave of large-scale profit-taking, particularly by long-term investors. Between November 12 and 14, these historical holders secured over $5 billion in gains, marking a record with a SOPR (Spent Output Profit Ratio) at its highest since August 2023. These sales coincided with a rally fueled by Donald Trump’s electoral victory, which bolstered market optimism. While these record profit volumes may signal an imminent correction, fundamentals remain strong due to increasing institutional adoption and a favorable economic backdrop.

Ethereum ETFs soared to a record weekly trading volume of $1.63 billion, a spectacular 44% increase in just one week. This rebound comes four months after their launch and coincides with a notable 2024 to date increase in the price of ETH, the highest since May. After a period of calm, this recovery aligns with the increased interest of institutional investors in regulated products exposed to Ethereum. This phenomenon echoes the early days of Bitcoin ETFs, which followed a similar pattern of explosive startup, consolidation, and then recovery. This surge confirms the growing maturity of the crypto market and an expanded adoption by traditional financial players. The coming weeks could be decisive in confirming this momentum.

Bitcoin and Ethereum fell sharply at the end of the week, while Ripple soared. The crypto market experienced a widespread decline on Friday, with Bitcoin falling by 2%, Ethereum dropping by 4%, and Solana declining by 3%. This weakness among the leaders was accompanied by an uncertain macroeconomic context, marked by regulatory pressures and massive BTC sales by miners. Despite this gloomy atmosphere, Ripple (XRP) surprised with a spectacular increase of over 20%. Investors remained alert and are looking to adapt to this extreme volatility.

Michael Saylor, founder of MicroStrategy, remains firmly optimistic about Bitcoin, predicting it will exceed $100,000 before the end of 2024. He attributes this confidence to favorable political developments in the United States, notably a bill aimed at accumulating a million Bitcoins in the national strategic reserves. According to him, this initiative could yield $16 trillion to the American economy over 21 years. Furthermore, he expects increased institutional adoption and a clear regulatory framework, ending the “war on crypto.” With an increasingly favorable macroeconomic and regulatory environment, Saylor sees Bitcoin as an irresistible force, now ready to conquer new heights.

VanEck anticipates a potential ETF based on Solana before the end of 2025, marking a key milestone for the adoption of altcoins. This project relies on the evolution of the American political climate, where a Trump administration could adopt a pro-crypto stance, contrasting with the many restrictive actions taken by the SEC under Biden. A Solana ETF would open a new era for institutional investors, facilitating access to regulated cryptos without direct management. In parallel, this development reflects a global dynamic of democratization of cryptos, already visible in Europe with over 30 active ETFs. If these predictions come true, 2025 could become a pivotal year for the integration of cryptos into traditional finance, consolidating altcoins’ position in the global market.

That’s all for this week. But if you want a more detailed recap and in-depth analyses delivered directly to your inbox, feel free to subscribe to our weekly newsletter.

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Holder of a Sciences Po Toulouse degree and a consultant blockchain certification from Alyra, I joined the Cointribune adventure in 2019. Convinced of blockchain’s potential to transform many sectors of the economy, I decided to engage in informing and educating the general public on this ever-evolving ecosystem. My goal is to help everyone better understand blockchain and seize the opportunities it offers. I strive each day to provide an objective analysis of current events, decipher market trends, highlight the latest technological innovations, and put into perspective the economic and societal stakes of this unfolding revolution.