Daily Cryptocurrency Market Update – Key Trends and Forecasts

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The cryptocurrency market continues to surge with growing institutional interest, bullish price predictions, and evolving regulatory dynamics. From Bitcoin's historic rally to Ethereum’s ecosystem strength and ETF milestones, the digital asset landscape is undergoing rapid transformation. This comprehensive update explores the latest developments shaping the market in late 2024, offering insights into price trends, investor sentiment, exchange activity, and macroeconomic influences.

Bitcoin Surges Toward $80,000 Amid Strong Institutional Momentum

Bitcoin (BTC) has broken through the $80,000 mark, reaching an all-time high of $80,184 before settling around $79,408—a 3.84% gain within 24 hours. This surge reflects increasing confidence among institutional and retail investors alike. According to Fadi Aboualfa, Research Head at Copper.co, Bitcoin could reach **$100,000 by January 20, 2025**, coinciding with the U.S. presidential inauguration. He attributes this potential rise to weakening dollar trends and strong inflows into Bitcoin exchange-traded funds (ETFs), which now hold approximately 1.1 million BTC.

Similarly, Jag Kooner, Derivatives Lead at Bitfinex, finds a $100,000 target "not far-fetched," citing resilient market momentum and the global economy’s avoidance of recession. With the Bitcoin Fear & Greed Index currently at 78—indicating "extreme greed"—market sentiment remains overwhelmingly bullish.

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Market Pricing Points to $68,000–$95,000 BTC by Year-End

Deribit’s Lin Chen notes that options markets are currently pricing Bitcoin between $68,000 and $95,000 by the end of 2024, reflecting a broad consensus among traders. Meanwhile, Geoff Kendrick, Digital Assets Research Lead at Standard Chartered, forecasts even higher levels. He predicts Bitcoin will surpass $125,000 by early 2025, possibly hitting that level around January 20 following the presidential inauguration.

Kendrick previously accurately forecasted Bitcoin’s rise to $80,000 ahead of the election. He believes that while BTC may reach $100,000 before December 31, the full $125,000 target might materialize shortly after the new administration takes office.

Solana and Ethereum Poised for New Highs

Beyond Bitcoin, Kendrick highlights Solana (SOL) as a standout performer, expecting it to reach new all-time highs before year-end—surpassing its previous peak of $260 set in November 2021. Ethereum (ETH), he suggests, may follow suit around inauguration time, potentially exceeding its 2021 high of $4,866.

This outlook underscores a broader trend: while Bitcoin leads the charge, altcoins like SOL and ETH could outperform during the next phase of the bull run.

ETF Milestone: BlackRock’s Bitcoin Fund Surpasses Its Gold ETF

In a landmark development for digital asset adoption, BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed the assets under management (AUM) of its long-standing iShares Gold Trust (IAU)—just 10 months after launch. Nate Geraci of The ETF Store confirmed the crossover, emphasizing how rapidly investor preferences are shifting toward crypto-based financial products.

IAU launched in January 2005 and took nearly two decades to reach its current scale. IBIT’s rapid ascent signals growing trust in Bitcoin as a legitimate store of value—a narrative increasingly embraced by mainstream finance.

Regulatory Delays Continue: SEC Postpones Ether ETF Options Decision

Despite bullish market conditions, regulatory progress remains cautious. The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on whether to approve spot Ethereum ETF options listed on the New York Stock Exchange (NYSE). The commission cited the need for further analysis on market manipulation risks, investor protection, and compliance with Section 6(b)(5) of the Securities Exchange Act.

While not a rejection, the postponement reflects ongoing scrutiny over crypto derivatives and highlights that regulatory clarity—though anticipated—is still evolving.

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Exchange Traffic Grows as Retail Engagement Rises

Investor interest is also evident in rising exchange traffic. A report by ICO Analytics reveals that 20 major crypto exchanges saw an 8% month-over-month increase in web traffic during October 2024. Notably:

In total monthly visits:

This surge aligns with heightened retail participation ahead of the U.S. elections and reflects renewed confidence in digital assets.

Ethereum Foundation Holds Strong: 99.45% of Crypto Reserves in ETH

The Ethereum Foundation (EF) released its 2024 report, revealing a robust financial position and strategic focus on long-term sustainability. Key findings include:

The EF supports key ecosystem projects like Nomic Foundation, L2BEAT, and 0xPARC and has implemented strict conflict-of-interest policies to safeguard decentralization principles.

At current prices, EF’s ETH holdings represent approximately 0.26% of total ETH supply—a significant but non-dilutive stake aimed at supporting network security and innovation.

Expert Warnings: Bull Run May Seed Future Downturn

Despite optimistic forecasts, cautionary voices remain. Ki Young Ju, CEO of CryptoQuant, warns that while Bitcoin is entering a “price discovery” phase driven by overheated futures markets, a strong year-end rally could set the stage for a bear market in 2025.

He notes that if the current momentum leads to excessive speculation without sustainable demand growth, a correction may follow. However, he adds that short-term consolidation could extend the bull cycle—provided market fundamentals remain strong.

Ju also reflected on his past role in exposing FTX’s liquidity crisis two years ago—an early warning based on withdrawal data that was met with backlash from prominent crypto influencers. Most critics later deleted their posts after FTX collapsed just days later.

Political Outlook: Trump Expected to Support Crypto More Than Biden

Forbes analysis suggests that Donald Trump is likely to be more favorable toward the crypto industry than President Joe Biden. Market reactions confirmed this expectation—Bitcoin rallied immediately after election results pointed to a Trump victory.

While Trump has expressed pro-crypto views and may push for deregulation across sectors, uncertainty remains about how high crypto policy will rank on his legislative agenda. Regulatory agencies like the SEC and CFTC may see leadership aligned with industry-friendly positions—but concrete rulemaking could still take time.

Nonetheless, reduced enforcement actions or clearer guidance from these bodies could accelerate adoption even without sweeping legislation.

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Frequently Asked Questions (FAQ)

Q: Is $100,000 Bitcoin realistic by early 2025?
A: Multiple analysts—including those from Standard Chartered and Bitfinex—believe it's achievable due to ETF inflows, macroeconomic factors, and political tailwinds.

Q: Why did the SEC delay the spot Ethereum ETF options decision?
A: The SEC wants more time to assess risks related to market manipulation and investor protection under Section 6(b)(5) of the Securities Exchange Act.

Q: How much Ethereum does the Ethereum Foundation hold?
A: As of October 31, 2024, EF holds crypto assets worth $788.7 million—99.45% of which are in ETH—representing about 0.26% of total supply.

Q: Can Solana surpass its previous all-time high?
A: Yes—analysts like Geoff Kendrick expect SOL to break above $260 before year-end due to strong network activity and investor interest.

Q: What does extreme greed mean in crypto markets?
A: A Fear & Greed Index above 75 indicates excessive optimism and potential overbought conditions—often preceding short-term corrections.

Q: Why is BlackRock’s Bitcoin ETF outperforming its gold ETF?
A: IBIT benefited from strong early demand, tax advantages over physical gold funds, and growing perception of Bitcoin as digital gold.