Weekly Market Highlights - Bitcoin Reaches a New All-Time High as Market Rally Continues

15 November 2024Macro/TradFiPresident-elect Donald Trump has announced that Elon Musk and Vivek Ramaswamy lead the new Department of Government Efficiency (“D.O.G.E”) in order to cut inefficiencies from the US government. Subsequently, Dogecoin saw a notable pump during the week, touching the US$50B market cap mark. MicroStrategy, the largest corporate holder of Bitcoin, announced a purchase of another 27,200 BTC for US$2B. With a BTC price of US$91K, MicroStrategy is currently in profit of ~US$13B on their stash of 279K BTC. The Europe-focused neobank, Revolut, has expanded its Revolut X crypto exchange to 30 new markets across the European Economic Area, after initially launching in the UK in May. US-based digital asset advisors, Arca and BlockTower, have agreed to merge.BlackRock has expanded their tokenized Treasury BUIDL fund to five new blockchains (Aptos, Arbitrum, Avalanche, OP Mainnet, and Polygon) after initially launching on Ethereum in March. CryptoL1/L2:Ethereum Foundation researcher, Justin Drake, unveiled Ethereum’s Beam Chain proposal, representing a redesign of the chain’s consensus layer. The initial timeline for the project starts development in 2026, followed by a two-year testing phase, and an eventual launch in 2029, which created significant debate across the market about the pace of development. A strong week across the board, with Bitcoin reaching a new all-time high of over US$92K. Solana is also approaching its highest level since mid-2021 and approaching its previous all-time high of ~US$250. Cardano outperformed many top tokens over the last week after founder, Charles Hoskinson, announced that he will be working with the upcoming Trump administration on crypto advisory. Ethereum Name Service (“ENS”) has announced its L2, dubbed “Namechain”.  Namechain will be a zero-knowledge rollup and is expected to come to market in late 2025. DeFi:Crypto analytics platform, Dune, announced Dune Echo (a new offering connecting developers with real-time blockchain data), and acquired smlXL, a product used for simulating real-time blockchain transactions, in a bid to expand their real-time blockchain data offering. Others:The FBI raided the house of Polymarket CEO, Shayne Coplan, and seized his phone and other electronics following the widespread press reports that the prediction market platform correctly predicted the US Presidential election ahead of many traditional media outlets. Zero Gravity Labs (0G Labs) has completed a US$40M seed raise and announced a US$250M capital financing agreement. 0G labs is building the world’s first decentralized AI operating system. Latest Binance Research Publications Check out our latest publications:Exploring the Future of AI Agents in Crypto Monthly Market Insights - November 2024Understanding the Rise of MemecoinsExplore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. 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