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Crypto Snapshot: Latest News and Trends  

By SYGNAL

📈 Market News:  

• Bitcoin ($BTC) surged past the $100,000 mark earlier this month, marking a historic milestone. However, it has since retreated to $93,350, reflecting a 4% decline for December 2024. (CNBC)
• Ethereum ($ETH) witnessed a 43% price increase over the year 2024, adding $118 billion to its market cap, now valued at $418 billion. (Forbes)
• SUI ($SUI) and Dogecoin ($DOGE) were the top-performing altcoins of 2024, with SUI gaining 509% and Dogecoin climbing 333%, the latter reaching its highest levels since the pandemic. (Forbes)
• Since the U.S. Election Day on November 5, 2024, the global crypto market value has surged by over $1 trillion, hitting a new high of $3.6 trillion. (Forbes)

📜 Regulatory News:  

• Montenegro has approved the extradition of Terraform Labs' founder Do Kwon to the U.S. The move underscores increasing scrutiny on stablecoins and regulatory accountability. (Barron's)

🌐 Adoption and Usage:

• Following their approval in January 2024, Bitcoin ETFs have been instrumental in driving institutional adoption, with BlackRock's iShares Bitcoin Trust now managing $60 billion in assets. (Forbes)

💸 Money Flow:  

• Over the course of 2024, the crypto market saw a dramatic increase in capital, attributed to the launch of Bitcoin ETFs and heightened institutional interest. The market's aggregate value rose significantly, culminating in a historic high of $3.6 trillion in December. (Forbes)

🗣️ Crypto Influencers:  

• Mike Alfred forecasted a major Bitcoin ($BTC) price movement in the coming weeks, pointing to the largest-ever Bitcoin options expiry and market makers' exposure as key factors. (Forbes)   

🌟 Other Highlights:  

• Over 2024, altcoins like Stellar ($XLM), Toncoin ($TON), and the Hedera Network token ($HBAR) outperformed Bitcoin, with gains of 233%, 155%, and 248%, respectively. (Forbes)
• Dogecoin ($DOGE) saw a remarkable resurgence in 2024, climbing 333% and reaching its highest value since the pandemic. (Forbes)

Stellar, a blockchain network established in 2014, is on the cusp of a significant transformation. Known for its fast transaction speeds and low fees, Stellar is now preparing for the Protocol 20 upgrade, a move that could redefine its position in the cryptocurrency landscape.

Initially scheduled for January 30, the upgrade faced a minor setback due to a bug in the Stellar Core v20.1.0 software. This hiccup, however, underscores the Stellar Development Foundation's (SDF) commitment to network stability and security. By postponing the upgrade to February 20, following community feedback, the SDF has demonstrated a prudent approach, prioritizing the network's reliability over rushed advancements.

The Protocol 20 upgrade is poised to introduce smart contract functionality to Stellar, akin to Ethereum's capabilities. This development is not just a technical enhancement; it represents a strategic expansion of Stellar's utility and appeal. By integrating smart contracts, Stellar is set to attract a broader range of developers and projects, potentially catalyzing growth within its ecosystem.

From a market perspective, $XLM has been navigating a challenging landscape. The technical analysis reveals a struggle to breach the $0.1160 resistance level, with support hovering around $0.1110. Despite these challenges, the network's resilience is evident. The recent pullback towards the $0.12 support level, following a rejection near $0.14, indicates a swing entry opportunity within an overall uptrend. However, mixed signals from momentum indicators like MACD and RSI suggest a cautious approach for traders.

Find out more about Stellar on our blog: https://www.iconomi.com/blog/exploring-stellar-xlm-latest-developments-and-analysis

Stellar $XLM has recently caught the attention of both traders and analysts with a dramatic 7.6% surge in its price, especially notable against the backdrop of a broader market downturn. This spike coincides with a cryptic social media post from Stellar, hinting at an upcoming "shift or innovation." Despite that, it dropped by about 4% in the past 24 hours.

Market updates:

The crypto market continued to rise last week, ending the first quarter of 2023 on a positive note.

$BTC has been leading the crypto market since the beginning of the year; Bitcoin has gained 71%, even in the face of increasing regulatory pressure and the collapse of several crypto-friendly banks.

But in the last week, that trend has changed: $ETH has overtaken and grown by 2%, while Bitcoin has remained flat. Other top performers include

$XLM , wich is up 17%, rivaling the gains of its closely related cousin $XRP.

Recently $INJ has also performed outstandingly well. So I will rebalance my portfolio and add some $INJ ;-)