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Ethereum

Ethereum Investor Loses $500,000 after Sending WETH To the WETH Contract

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Ethereum

Ethereum Overtakes Tron as the Leading Network for USDT Supply

Ethereum has emerged as the leading blockchain for Tether’s USDT supply, surpassing Tron in a monumental shift for stablecoin dominance.

Over the past month, Tether issued $20 billion in USDT on the network, possibly marking it as the go-to blockchain for activity involving the fiat-pegged cryptocurrency.

Strategic Expansion

Figures shared by the on-chain data platform Token Terminal show that Tether’s $20 billion issuance on the world’s largest blockchain by total value locked is nearly twice the active loans on protocols like Aave.

Additional information from another blockchain analysis platform, Lookonchain, indicates that the surge in USDT minting started on November 6. Since then, Tether has been issuing between $1 billion and $2 billion of stablecoins every few days across Ethereum and Tron, with the former accounting for the lion’s share.

The trend is more than just numbers. Some analysts imply it is a nod to the reputation of the platform co-founded by Vitalik Buterin as a “trusted” and socially reputable network—a critical factor for institutional adoption.

Furthermore, commentators like DCinvestor on X have suggested that the uptick is just the beginning. They predict that Ethereum’s stablecoin supply could go up exponentially, potentially reaching as high as $1 trillion by the end of 2025. If it became a reality, this growth would represent a massive boost to the network’s overall economy, even cementing its position as the backbone of decentralized finance (DeFi).

USDT’s Dominance

According to DefiLlama data, Tether has continued to expand its issuance, controlling more than 69% of the $201 billion stablecoin market. In Q4 2024, records revealed that about 109 million wallets held the asset, more than double those holding Bitcoin and less than 20 million behind those with Ethereum.

Additionally, the issuer registered more than 4.5 billion web hits in the first 9 months of the year, with emerging markets accounting for nearly half that number.

With a presence in over 80 blockchain networks, USDT currently has a market cap of $140 billion, up 12.55% in the last month. Its closest competitor, USD Coin (USDC), valued at $41.5 billion, recently entered into a strategic partnership with Binance, seeking to challenge the Tether’s dominance.

While details of the collaboration remain scant, it is intended to expand the global adoption of USDC. Binance will incorporate the stablecoin into its full suite of products and services, making it accessible to its 240 million-strong user base.

Attempts to reverse USDT’s hegemony aren’t limited to USDC. Not long ago, several crypto companies, including Robinhood, Kraken, Galaxy Digital, and Paxos, came together to support the development of the Global Dollar (USDG). Its proponents claim the asset will help speed up the adoption of such instruments around the world.

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Ethereum

Top Ethereum (ETH) Price Predictions: New ATH or Another Severe Correction?

TL;DR

  • Analysts predict ETH could hit $5,000 or even $10,000, with key resistance at $3,750 signaling a potential breakout.
  • Rising daily active addresses and positive network growth suggest increasing Ethereum adoption, supporting a bullish outlook.

Where’s ETH Headed Next?

The second-largest cryptocurrency was on a tear last week, with its price briefly surpassing $4,000 on December 6. This was the highest level witnessed since March 2024.

Since then, though, ETH started losing steam, tumbling to approximately $3,500 amid the latest market correction observed at the start of the new business week. In the past several hours, the bulls have prevented a further fall, pushing the price to the current $3,720 (per CoinGecko’s data).

ETH Price
ETH Price, Source: CoinGecko

Despite ETH’s wobbly performance as of late, multiple analysts remain optimistic that the asset has yet to record fresh peaks. The popular trader using the X moniker CoinMamba predicted a new all-time high of $5,000 before the end of 2024.

My target for $ETH is still $5k by the end of this year. Do what you will with that information..

— CoinMamba (@coinmamba) December 10, 2024

X user Skew also envisioned a potential pump for ETH if it reclaims the $3,750 resistance level. However, the trader remains rather pessimistic if the valuation drops below $3,500. 

Crypto Patel presented a bullish scenario, according to which ETH’s price may skyrocket to a new ATH of $10,000. The X user also assumed there is a chance for a potential crash to the $2,500-$2,800 range, describing it as “the perfect accumulation zone.”

What Are On-Chain Metrics Signaling?

Some essential indicators suggest that ETH could indeed be poised for an upside move. One example is the increase in Ethereum’s daily active addresses. According to IntoTheBlock, the figure has jumped by almost 7% on a 24-hour scale, surpassing 600,000. 

This resurgence usually suggests growing usage of the Ethereum blockchain, which, in turn, could lead to a price spike. 

Another metric on the rise is the Net Network Growth (a momentum signal “that gives a pulse of the true growth of the token’s underlying network”). It is up 0.30% daily, entering the bullish zone. 

On the other hand, the “In the Money” indicator, which measures the change in the number of ETH investors currently sitting on paper profits, is slightly down for the same period. As of writing these lines, around 89% of those exposed to the asset are in the green, while only 8% are underwater.

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Ethereum

Argentina Opens Foreign Crypto ETF Investment Opportunities

Argentina is opening its stock market to crypto exchange-traded fund (ETF) opportunities. The Argentine SEC equivalent greenlighted the introduction of prospects to allow investments in crypto—bitcoin and ethereum—foreign ETFs under the figure of Argentine deposit certificates. Argentina Opens Its Stock Market to Foreign Crypto ETF Opportunities Argentina is opening its doors to more investment options [……
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