There’s never a dull moment on the blockchain. Here’s what you need to know this week:

Bitcoin

$113,653.97

淪

0.06%

Ethereum

$3,464.71



0.66%

XRP

$2.86



3.30%

Tether

$1.00

淪

0.02%

Solana

$161.16



1.40%

USDC

$1.00



0.00%

See the latest prices

MARKET BYTES

Bitcoin passes $90K for a new all-time high amid post-election rally

In the week since Donald Trump won the U.S. presidency — and crypto-supportive candidates from both parties won seats in Congress — bitcoin spiked to a new all-time high north of $93,000. (On Thursday morning, BTC had retreated from Wednesday’s record to hover near $90,000.)

At the same time, the broader crypto market gained around $500 billion in value, breaking the $3 trillion mark for the first time since 2021. Bitcoin alone is now worth more than the entire market for silver, as well as companies including Meta, Tesla, and Berkshire Hathaway.

Why did markets respond so positively to the results of the U.S. election? One major reason is increased optimism that policymakers and regulators will finally establish clear rules of the road for the industry. 

As Coinbase Chief Policy Officer Faryar Shirzad told CNN, “I think what we’re seeing is a real, live demonstration of how much the political headwinds that we’ve been facing over the last four years have suppressed the crypto markets.”

Here are three more stories you should know about…

Crypto ETFs keep breaking records

Just ten months after they launched, spot bitcoin exchange-traded funds (ETFs) have grown into one of the largest investment categories of any kind. 

In just one day, on Nov. 11, the asset class saw trade volumes top $7.2 billion. BlackRock’s IBIT fund alone is now worth more than $40 billion, smashing previous records for the fastest-growing ETF. As Bloomberg analyst Eric Balchunas noted, “It's now in top 1% of all ETFs by assets and at 10 [months] old it is bigger than all 2,800 ETFs launched in the past TEN years.”

• What about ETH?… Spot ether ETFs also surged this week, with around $650 million in new capital flowing into the asset class in the five days ending Wednesday. BlackRock’s iShares Ethereum Trust saw its biggest post-launch day ever, with $131.4 million in inflows.

Is ETH set to outperform BTC? 

Throughout 2024, bitcoin has been on a tear, setting (and resetting) all-time highs. Meanwhile, ether — the second-largest cryptocurrency by market cap — has lagged behind. Even as prices spiked by nearly 40% this week to more than $3,400, ETH remains well below its all-time high around $4,800, set in 2021.

But could that be changing? The boom in ETH ETFs, climbing open interest in Ether futures contracts, and increased institutional adoption are all potentially positive signals. 

• An analyst’s take…  “Going forward, as the regulatory environment around tokens eases out, we expect Ethereum, Solana, and other digital assets to outperform Bitcoin over the next 12 months,” noted a new report from Bernstein Research. 

DOGE leads all major cryptocurrencies in post-election gains 

Over the last week, Dogecoin has more than doubled in value, with a major spike coming on Tuesday night after President-elect Donald Trump announced the creation of the Department of Government Efficiency (DOGE), which will be led by Elon Musk and Vivek Ramaswamy.

• Retail interest? Compared to previous bull periods, Wall Street and other institutional investors have had a comparatively bigger hand in 2024’s rally. But some market watchers suggest that DOGE’s surge is a sign that retail traders’ attention is returning to crypto. Another strong signal? Google Trends has shown a sharp spike in searches for “bitcoin,” “crypto,” and other related terms in recent weeks.

SOUND BYTES

How the crypto industry is reacting to the rally — and what some think could come next

After the crypto market’s biggest week of the year, a range of voices from across the industry are expressing major optimism about where the markets could be heading next.

We rounded up some of what they had to say.

Brian Armstrong, Coinbase CEO

In an appearance on CNBC, Armstrong suggested that last week’s election and the market’s response marked a “new era” for crypto. 

“It’s the most pro-crypto Congress ever,” Armstrong said. “We had 268 pro-crypto candidates elected to the House. All nine new Senators that got elected had either an A or B rating on standwithcrypto.org. And of course, in the White House with President Trump there’s a full-throated endorsement of crypto. So, we couldn’t be in a better position to finally get some clarity and start to rebuild the crypto industry in America again.” 

Kathleen Breitman, Tezos co-founder 

Like Armstong, Breitman is optimistic that the election will lead to clear crypto regulation — and innovation — in the U.S.

“The parabolic rise in bitcoin’s price this week reflects this lack of ambiguity in the U.S.,” she said. “Now that there's a lot less ambiguity as to the status of cryptocurrencies in major markets like the U.S., there will be more things like tying real world assets to cryptocurrencies, because it will be easier to navigate the regulatory environment.”

Juan Leon, senior investment strategist at Bitwise

Given the blockbuster success of current crypto ETFs, Leon believes a wide range of new crypto investment products will be proposed — including ETFs for Ripple, Solana, Avalanche, and maybe even DOGE.

“If there is regulatory clarity [...], you could ostensibly see issuers pursue a DOGE ETF, and I could see it getting approved at some point,” Leon said. “It certainly has demand from the retail audience, so I can see an issuer being interested in launching it.”

Eric Balchunas, senior ETF analyst at Bloomberg

Bloomberg’s Balchunas agrees about the growing appetite for and potential expansion of ETF offerings.

“The ETF industry is famous for throwing spaghetti at the wall. I imagine we'll see all kinds of stuff get attempted, including DOGE.”  Balchunas told Decrypt. “I'm actually surprised it hasn't been filed already.”

Geoff Kendrick, head of digital assets research at Standard Chartered

In a new note, the Standard Chartered analyst predicts that the total crypto market cap will grow to $10 trillion by 2030: 

"With a Republican sweep in the U.S. election now looking likely, we believe we have entered the ‘crypto summer’.”

Gautam Chhugani, analyst at Bernstein Research 

In a recent investor note, Chhugani issued one of the most bullish assessments of the crypto market to date from institutional analysts. 

In his words, it's simple: “Welcome to the crypto bull market — buy everything you can.”

NIFTY FIFTY

Coinbase launches the Coinbase 50 Index to track the crypto market’s performance

“How’s the crypto market doing?”

This week, Coinbase launched the Coinbase 50 Index to offer a comprehensive answer to that question. COIN50 is a broad benchmark index that tracks the performance of the top 50 cryptocurrencies by market cap that are listed on Coinbase (and meet the criteria for inclusion) — sort of like the crypto version of the S&P 500.

In the coming weeks, you’ll notice COIN50 added to the price chart at the top of Bytes, where it will sit right next to BTC and ETH, providing an easy way to track broader market trends. Before we break down all the headlines you need to know, you’ll be able to see how the crypto market is doing at a glance.

NUMBERS TO KNOW

$2.5 billion

The approximate market cap of HBAR, the native token of the Hedera blockchain, as of Tuesday. Canary Capital filed paperwork on Tuesday seeking approval to launch an ETF for the asset, the first such application for HBAR. The token rose around 15% upon the news. 

$1.1 billon 

The approximate value of bitcoin held by the nation of Bhutan, equivalent to around a third of its GDP. The Himalayan nation has accumulated its holdings largely through bitcoin mining, where it is using its abundance of hydroelectric power. 

$120 million

The amount in bitcoin that AI firm Genius Group plans to purchase. The company, which appears to be following in the footsteps of public companies like MicroStrategy and Semler Scientific in adding BTC to its reserves, said it plans to hold 90% of its treasury in bitcoin. 

2.6 ETH

The roughly $8,000 floor price (or lowest current price) for a Doodles NFT, as of Tuesday evening. The NFT collection, which has ties to Pharrell Williams and Adidas, saw its floor price more than double overnight after news broke about a collaboration with McDonald's.

SECURITY PSA

Keeping your crypto safe when traveling

Whether you’re going on vacation or moving to a new country, it’s important to keep your crypto and other financial assets safe. This goes hand in hand with protecting your personal info and passwords.

Crypto owners on the go should always use trusted exchanges, hook up a secure hard wallet, and be mindful when using Bitcoin ATMs. If you’re traveling far, you can take extra caution by using a virtual private network (VPN) and other private WiFi services. 

Read our latest blog post for more quick tips to keep your crypto safe on the go.

TOKEN TRIVIA

Who created Dogecoin?

Find the answer below.

Trivia Answer