Justin Sun paid $6M for a banana taped to a wall and now plans to eat it

The ether-to-bitcoin price ratio on major centralized exchanges has declined to its lowest level since March 2021, as bitcoin continues to reach new all-time highs.

ETH-to-BTC ratio on Binance dropped 1.54% in the 24 hours leading up to Asia afternoon on Thursday, currently standing at 0.032, or 3.2%, according to data from TradingView. Since the start of 2024, the metric has fallen by over 40%.

The decline, which has accelerated since July, may be attributed to bitcoin’s meteoric rise leading up to and following the re-election of pro-crypto Republican candidate Donald Trump. The world’s largest cryptocurrency has been setting new all-time high records in the past few weeks.

Today, bitcoin climbed above $97,700 for the first time, amid growing market anticipation for the price of the world's largest crypto to surpass $100,000 by year-end.

Prior to the election, the approval of U.S. spot bitcoin exchange-traded funds has also contributed to bitcoin's rally throughout 2024, BTCMarkets' Rachael Lucas told The Block. “This has attracted significant institutional and retail attention, reinforcing bitcoin's position as 'digital gold,'” Lucas said.

On the other hand, ether has been comparatively underperforming despite the market-wide rally brought on by Trump’s victory. While bitcoin rose over 7% in the past week, ether lost 3.2%.

“Ethereum is currently in an awkward area where it’s competing on two major fronts: as a store of value against Bitcoin and as a smart contract platform for developers against Solana,” said Steven Zheng, research analyst of The Block. “This has led to investors being unsure about its value proposition at least in the short term.”

Solana has risen prominently this year as the network behind the prolonged memecoin fever. On Monday, over 94% of new tokens that appeared on decentralized exchanges were launched on Solana, according to The Block’s data dashboard. Solana has also surpassed Ethereum in key metrics such as protocol fees and DEX volumes.

Lucas added that Ethereum has struggled to maintain momentum since its Merge update in 2022 as it faced regulatory uncertainty surrounding its potential classification as a financial security in the U.S.

Zheng, however, said that the Ethereum blockchain remains the most economically-active smart contract platform by far, which still attracts developers who may build new apps to help the network regain momentum.

“Overall, Ethereum's underperformance signals a broader trend of centralization in bitcoin,” Lucas said. “If bitcoin's rally loses steam or Ethereum's market sentiment improves, perhaps due to technical upgrades or renewed interest in its use cases, there is potential for a rebound in the [ratio].”

Peter Chung, head of research at Presto Research, said that the ETH's underperformance thus far doesn't necessarily mean it will continue to do so in the coming years. “As a more crypto-friendly environment takes hold under the Trump administration, more Web3 projects will likely be launched on various chains,” Chung said.

“It's still very early days in the blockchain industry, so it would be premature to rule out one chain over another, especially given the track record the Ethereum community has demonstrated over the years and the intellectual capital residing within the community,” Chung added.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Blockchain gaming, along with decentralized finance, will likely benefit most from Trump’s presidency, says Jeffrey Zirlin, the co-founder of crypto gaming platform Sky Mavis.

Speaking to Cointelegraph at the YGG Play Summit in the Philippines on Nov. 21, Zirlin said the “token design” space would be set to yield the most benefit from the new crypto-friendly administration in the United States.

Zirlin said the outgoing administration in the US — watched over by a Gensler-led SEC and other top Democrats — made it “very difficult” to do anything truly novel in the token design space without running into serious regulatory headwinds.

Mike Novogratz, the founder and CEO of Galaxy Digital Holdings—a leading crypto investment firm listed on the Toronto Stock Exchange—has signaled a significant shift in the global adoption of Bitcoin. In a post on Tuesday via X, Novogratz declared that countries are already purchasing Bitcoin.

Nation-State Bitcoin FOMO Is Real

“Countries are already buying BTC in huge volumes—these are massive pools of capital entering the market. We’re witnessing global adoption at scale and the next rally could be massive. Buckle up. Caught up last week with Bloomberg TV, he stated via X.

In the Bloomberg interview, Novogratz elaborated on the unprecedented interest from sovereign entities. He mentioned a close associate—the person who introduced him to BTC in 2013—who is currently in the Middle East. “He’s never seen anything like it,” Novogratz said. “He’s convincing more people to buy Bitcoin in the three days he’s been there than any time in his whole career, and they’re huge pools of capital. And so we’re seeing something globally.”

Novogratz noted that when former President Donald Trump advocated in Nashville that he intended to be a “crypto president” and a “Bitcoin president,” it caught the attention of international leaders. “Other leaders heard that,” he remarked, suggesting that geopolitical factors could contribute to an “amazing rally” in the Bitcoin market.

When questioned about the likelihood of the United States establishing a Strategic BTC Reserve under a Trump presidency, Novogratz remained cautious. “I still think it’s a low probability,” he stated. He cited the complexities of US legislative processes, emphasizing that while the executive branch or the House might show enthusiasm, the Senate often urges restraint. “That’s the role of the Senate,” he said, pointing out that Republicans do not hold a 60-seat majority necessary to push through such initiatives unilaterally.

Nonetheless, Novogratz acknowledged the potential benefits of the US embracing Bitcoin at a strategic level. “It would be very smart for the United States to take the Bitcoin they have and maybe add some to it,” he suggested, adding that it would signal a commitment to being a “technology-first country, a crypto and digital asset-first country.” While he doesn’t believe the US dollar requires backing by Bitcoin, he admitted that if a Strategic Bitcoin Reserve were established, “Bitcoin heads to $500,000.”

He added: “If it happens in the short term without a Strategic Bitcoin Reserve, it’s going to mean six, seven, eight years,” Novogratz cautioned. “Then it’s just a scramble to get the hot commodity.” He expressed concerns that such a scenario could be indicative of hyperinflation, which historically leads to societal instability. “In every country that experiences hyperinflation, the results are really crappy,” he noted.

Discussing Bitcoin’s potential to rival gold as a store of value, Novogratz highlighted a generational shift in investment preferences. “The total market cap of gold is like $16 trillion,” he explained, which translates to approximately $800,000 per BTC if it were to reach parity. “When does Bitcoin become gold?” he asked rhetorically. Novogratz, who is turning 60 next week, admitted he still owns gold, calling himself “an old guy.”

However, he pointed out that younger generations are less inclined to invest in gold. “Forty-year-olds own no gold. Thirty-year-olds own none,” he observed. “As we see this generational shift, Bitcoin should match gold within five or ten years, and that gets you to $800,000.”

At press time, BTC traded at $93,000.

Litecoin price is consolidating above the $80.00 level against the US Dollar. LTC could start a fresh increase if it clears the $88.00 resistance zone.

• Litecoin is showing positive signs from the $80 support zone against the US Dollar.
• The price is now trading below $88 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
• The price could start a fresh increase if it clears the $88.00 resistance zone.

Litecoin Price Eyes Fresh Increase

After forming a base above $85, Litecoin started a fresh increase. LTC price broke the $88 and $90 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

The price gained over 10% and even cleared the $95 level. A high was formed at $98 before there was a pullback. The price dipped below $88 and tested $82. A low was formed at $81.69 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low.

Litecoin is now trading below $88 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $85.00 zone. There is also a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair.

The next major resistance is near the $88 level or the 50% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low. If there is a clear break above the $88 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $92 and $95 levels. Any more gains might send LTC’s price toward the $100 resistance zone.

More Losses in LTC?

If Litecoin price fails to clear the $86 resistance level, there could be another decline. Initial support on the downside is near the $82 level.

The next major support is forming near the $80 level, below which there is a risk of a move toward the $75 support. Any further losses may perhaps send the price toward the $68 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is below the 50 level.

Major Support Levels – $82.00 followed by $80.00.

Major Resistance Levels – $86.00 and $88.00.

Kelp DAO is launching the High Gain Vault on Ethereum. This vault aims to offer very high rewards with just a single click. New developments in DeFi like the High Gain Vault can attract new users and increase activity, which might lead to price increases for Kelp DAO's tokens. If the vault delivers the promised high returns, it may lead to greater demand for these tokens. Cryptocurrencies that offer new ways to earn rewards often see a positive price movement. More information can be found on Twitter.

Morpho is getting listed on CoinEx with a MORPHO/USDT trading pair. Getting listed on a new exchange can boost token visibility and liquidity. This can lead to price changes, as more traders can access the token and potentially increase demand. Morpho's unique P2P matching engine might be appealing to users looking for better returns on their lending assets. CoinEx supporting Morpho with various trading and investing options can make it more attractive. Listings can make a token reach new markets, potentially impacting the price positively. Learn more on Twitter.