What Happened in Crypto Market Today: Latest Updates And Insights

What Happened in Crypto Market Today: Bitcoin hits new highs

The cryptocurrency market experienced significant movements today, influenced by political developments, technical patterns, and regulatory actions. Here's a breakdown of the key events:

Cardano Faces 40% Downside Risk as 'Trump Trade' Gains Fade

Cardano's ADA price surged by 140% in November, largely driven by the anticipated reelection of Donald Trump. However, technical indicators suggest that the rally may be losing momentum, and ADA could face a 35-40% correction by December. 

A bearish rising wedge pattern has emerged, indicating a possible decline to $0.513. With declining volume and negative divergence, the rally’s strength appears to be fading. If ADA can break above $0.90, it may test resistance levels. Despite the technical risks, Cardano’s fundamentals could benefit from reduced crypto regulations under Trump, especially in 2025.

Ethereum Leads in On-Chain Activity Despite Price Struggles

Ethereum continues to lead in on-chain activity, surpassing competitors in fees, total value locked (TVL), and decentralized application (DApp) usage. Despite facing challenges in maintaining a price above $3,200, Ethereum recorded a notable $149.9 billion in on-chain volume, far exceeding BNB Chain’s $26.6 billion. Ethereum's scalability issues are being addressed with layer-2 solutions like Arbitrum and Optimism, which help mitigate high transaction fees. 

While Solana shows growth, it lags behind Ethereum in TVL, which stands at $59.4 billion. The upcoming Ethereum 3.0 upgrade promises to enhance scalability and maintain Ethereum’s dominance in the space.

Bitcoin Nears $94,000 Following Trump Victory and Market Momentum

Bitcoin hit a new all-time high of $93,905 today, just shy of $94,000, before pulling back slightly to $93,300. The surge is attributed to President-elect Donald Trump’s victory, with his pro-crypto stance and promise to create a “Bitcoin Strategic Reserve.” 

Additionally, Trump Media and Technology Group (TMTG) is reportedly acquiring crypto platform Bakkt, further boosting market sentiment. Bitcoin’s momentum was also supported by BlackRock Bitcoin ETF options trading launch, which saw $1.9 billion in options traded on the first day. Bitcoin has gained over 120% year-to-date, with its bullish trend expected to continue.

ALGO Price Soars 106%: Is $1 in Reach by 2024?

Algorand (ALGO) has surged by 106% in the last 16 days, with a 60% increase in the past week. The price is currently at $0.225, approaching a market cap of $2 billion. If the bullish trend continues, ALGO may reach $0.30 in the short term, with some analysts predicting a potential rise to $1 by 2024, a 411% upside from its current price. However, if the trend reverses, downside risks could push the price back to $0.14 or $0.10.

Russia to Ban Crypto Mining in Occupied Ukrainian Regions This Winter

Russia has announced a ban on cryptocurrency mining in occupied Ukrainian regions like Donetsk, Luhansk, Zaporizhzhia, and Kherson, as well as parts of Siberia and the North Caucasus. 

The move, effective this winter, is aimed at addressing power shortages caused by the energy-intensive nature of crypto mining. With higher winter electricity demand, energy will be redirected to residential and industrial use. This ban could impact global mining output, especially Bitcoin’s hashrate, and may cause miners to relocate to regions with more favorable energy policies.

The cryptocurrency market remains dynamic, with political events, technical trends, and regulatory shifts playing a key role in shaping market sentiment.