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Here’s What December Holds for ETH?
Although Ethereum (ETH) price was not greatly affected by recent Bitcoin crash, its recovery rally is key as sell signals emerge on Ether. Ethereum price today trades at $4,039.2 as of 3 PM. ETH hit a daily high of $4,038.3 after 4.03% move on December 6. If this bullish outlook sustains, Ether could not only hit $4,000, but attempt to set up a new all-time high above the $5,000 psychological level.
Ethereum Price Today: How Much Longer Can ETH Delay Sell Signals?
The daily chart shows Ethereum’s sell signal continues to extend, waiting for price to drop. However, ETH bulls are not giving up either, leading to a 12% rally in under three days. The slow and steady move pushes ETH closer to the $4,000 psychological level.
Will the sell signal result in a correction? Will investors get to accumulate ETH at a discount before it hits $5,000? Let’s explore.
Ethereum Price Chart Today
*Ethereum price updated as of 3 PM.
Ethereum’s innovative smart contract technology has made it a standout altcoin since its inception in 2015. Continuous major network upgrades ensure Ethereum stays ahead in smart contract innovation. The latest upgrade, Cancun, launched on March 13, 2024.
Ethereum Price Forecast & Outlook
ETH’s year-to-date (YTD) performance continues to increase and currently sits at 33%. This recent slump in Bitcoin price has affected the YTD gains, which have dropped from 50% since November 11. As of December 6, 2024, if you invested $10,000 in ETH on January 1, 2024, your portfolio, after 317 days, would be up roughly $3,317. Ethereum’s market capitalization stands at $486.4 billion.
Ethereum: The Second-Largest Crypto By Market Cap
Ethereum ranks second in market capitalization, valued at $486.4 billion, after Bitcoin’s $1.73 trillion. Together, BTC & ETH’s market capitalization constitutes 83% of the total crypto market cap.
Since its all-time high of $571 billion in November 2021, Ethereum’s value decreased by half in October, but has spiked recently due to Bitcoin’s new ATH. Still, Ethereum maintains a strong lead over other popular cryptocurrencies:
- Solana (SOL): $98.8 billion
- Ripple (XRP): $89.8 billion
- BNB (BNB): $91.0 billion
Despite this recent downtick and recovery, the 24-hour trading volume of Ethereum is $58.9 billion.
Ethereum’s Crypto Trading Volume Soars
The 24-hour trading volume of Ethereum is $58.9 billion. Binance is the largest contributor to this trading volume – about 11% is contributed by spot trading and nearly 40% from futures trading. Exchanges like OKX, Bitget, and ByBit follow Binance.
Ethereum’s Proof-of-Stake Technology
The London hard fork is a significant Ethereum blockchain upgrade. It changed the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Ethereum co-founder Vitalik Buterin recently shared his thoughts on X (formerly Twitter). He explained how Proof-of-Stake (PoS) is more decentralized than Proof-of-Work (PoW).
Important Upgrades to Ethereum Blockchain
Here are some key upgrades in the past five years that shaped Ethereum as the second-largest crypto by market capitalization.
Cancun-Deneb (“Dencun”): This upgrade aimed to improve Ethereum’s scalability, security, and usability, setting the stage for further enhancements.
2023:
2022:
2021:
London: Implemented the highly anticipated EIP-1559, which reformed the transaction fee market, making it more efficient and user-friendly.
2020:
ETH Gas’ Effect on Ether Prices
The blockchain upgrades Ethereum receives aim to solve the trilemma of blockchain, i.e., balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) enhanced these aspects. Ethereum’s transaction fees (gas fees) plummeted post-upgrade, drawing more investors. Gas fees are like taxes, measured in Gwei, required for secure transactions.
As of December 6, the gas fee for a transaction on the ETH network as of 3 PM is 14 Gwei.
When Ethereum’s on-chain value grows, presenting opportunities, investors flock, driving gas fees up. This typically occurs during market upswings, peaking at all-time highs.
Ethereum Price Outlook For The Next Week
| Date | Price | Change |
|---|---|---|
| December 06, 2024 | 3899.13 | -0.65% |
| December 07, 2024 | 3906.35 | -0.47% |
| December 08, 2024 | 3904.77 | -0.51% |
| December 09, 2024 | 3893.05 | -0.81% |
| December 10, 2024 | 3876.13 | -1.24% |
| December 11, 2024 | 3878.18 | -1.19% |
| December 12, 2024 | 3864.73 | -1.53% |
| December 13, 2024 | 3875.35 | -1.26% |
| December 14, 2024 | 3893.78 | -0.79% |
| December 15, 2024 | 3896.89 | -0.71% |
| December 16, 2024 | 3899.19 | -0.65% |
| December 17, 2024 | 3912.53 | -0.31% |
| December 18, 2024 | 3952.57 | 0.71% |
| December 19, 2024 | 3948.60 | 0.61% |
| December 20, 2024 | 3956.91 | 0.82% |
| December 21, 2024 | 3950.43 | 0.65% |
| December 22, 2024 | 3930.00 | 0.13% |
| December 23, 2024 | 3921.72 | -0.08% |
| December 24, 2024 | 3919.34 | -0.14% |
| December 25, 2024 | 3899.25 | -0.65% |
| December 26, 2024 | 3923.52 | -0.03% |
| December 27, 2024 | 3935.53 | 0.27% |
| December 28, 2024 | 3961.65 | 0.94% |
| December 29, 2024 | 4013.44 | 2.26% |
| December 30, 2024 | 4009.87 | 2.17% |
| December 31, 2024 | 4023.09 | 2.5% |
| January 01, 2025 | 4030.65 | 2.7% |
| January 02, 2025 | 4026.54 | 2.59% |
| January 03, 2025 | 4036.54 | 2.85% |
| January 04, 2025 | 4128.20 | 5.18% |
Based on CoinGagpe’s Ethereum price predictions, investors can expect ETH to trade at around $3,373 in the next week. This is a considerate prediction and is in line with the lackluster performance seen since the start of 2024.
Ethereum Price Outlook Between 2025 & 2029
| January | $3,704.41 | $4,023 | $3,863.71 | 60.3% |
| February | $3,544.09 | $4,032.57 | $3,788.33 | 57.1% |
| March | $3,383.77 | $4,042.13 | $3,712.95 | 54% |
| April | $3,223.45 | $4,051.69 | $3,637.57 | 50.9% |
| May | $3,063.13 | $4,061.26 | $3,562.19 | 47.7% |
| June | $2,902.81 | $4,070.82 | $3,486.82 | 44.6% |
| July | $2,742.48 | $4,080.38 | $3,411.44 | 41.5% |
| August | $2,582.16 | $4,089.95 | $3,336.06 | 38.4% |
| September | $2,421.84 | $4,099.51 | $3,260.68 | 35.2% |
| October | $2,261.52 | $4,109.07 | $3,185.30 | 32.1% |
| November | $2,101.20 | $4,118.64 | $3,109.92 | 29% |
| December | $1,940.88 | $4,128.20 | $3,034.54 | 25.9% |
| All Time | $2,822.64 | $4,075.60 | $3,449.13 | 43.1% |
| January | $2,214.64 | $4,232.10 | $3,304.58 | 37.1% |
| February | $2,488.40 | $4,336 | $3,574.62 | 48.3% |
| March | $2,762.16 | $4,439.90 | $3,844.66 | 59.5% |
| April | $3,035.92 | $4,543.80 | $4,114.69 | 70.7% |
| May | $3,309.68 | $4,647.70 | $4,384.73 | 81.9% |
| June | $3,583.44 | $4,751.60 | $4,654.77 | 93.1% |
| July | $3,857.20 | $4,855.50 | $4,924.81 | 104.3% |
| August | $4,130.96 | $4,959.40 | $5,194.85 | 115.5% |
| September | $4,404.72 | $5,063.30 | $5,464.89 | 126.7% |
| October | $4,678.48 | $5,167.20 | $5,734.92 | 137.9% |
| November | $4,952.24 | $5,271.10 | $6,004.96 | 149.1% |
| December | $5,226 | $5,375 | $6,275 | 160.3% |
| All Time | $3,720.32 | $4,803.55 | $4,789.79 | 98.7% |
| January | $5,417.25 | $5,571.75 | $6,513.75 | 170.2% |
| February | $5,608.50 | $5,768.50 | $6,752.50 | 180.1% |
| March | $5,799.75 | $5,965.25 | $6,991.25 | 190% |
| April | $5,991 | $6,162 | $7,230 | 199.9% |
| May | $6,182.25 | $6,358.75 | $7,468.75 | 209.8% |
| June | $6,373.50 | $6,555.50 | $7,707.50 | 219.7% |
| July | $6,564.75 | $6,752.25 | $7,946.25 | 229.6% |
| August | $6,756 | $6,949 | $8,185 | 239.5% |
| September | $6,947.25 | $7,145.75 | $8,423.75 | 249.4% |
| October | $7,138.50 | $7,342.50 | $8,662.50 | 259.3% |
| November | $7,329.75 | $7,539.25 | $8,901.25 | 269.2% |
| December | $7,521 | $7,736 | $9,140 | 279.1% |
| All Time | $6,469.13 | $6,653.88 | $7,826.88 | 224.6% |
| January | $7,771.92 | $8,001.25 | $9,467.83 | 292.7% |
| February | $8,022.83 | $8,266.50 | $9,795.67 | 306.3% |
| March | $8,273.75 | $8,531.75 | $10,123.50 | 319.9% |
| April | $8,524.67 | $8,797 | $10,451.33 | 333.5% |
| May | $8,775.58 | $9,062.25 | $10,779.17 | 347.1% |
| June | $9,026.50 | $9,327.50 | $11,107 | 360.7% |
| July | $9,277.42 | $9,592.75 | $11,434.83 | 374.3% |
| August | $9,528.33 | $9,858 | $11,762.67 | 387.9% |
| September | $9,779.25 | $10,123.25 | $12,090.50 | 401.5% |
| October | $10,030.17 | $10,388.50 | $12,418.33 | 415.1% |
| November | $10,281.08 | $10,653.75 | $12,746.17 | 428.7% |
| December | $10,532 | $10,919 | $13,074 | 442.3% |
| All Time | $9,151.96 | $9,460.13 | $11,270.92 | 367.5% |
| January | $10,940 | $11,331.17 | $13,534.75 | 461.4% |
| February | $11,348 | $11,743.33 | $13,995.50 | 480.5% |
| March | $11,756 | $12,155.50 | $14,456.25 | 499.6% |
| April | $12,164 | $12,567.67 | $14,917 | 518.7% |
| May | $12,572 | $12,979.83 | $15,377.75 | 537.8% |
| June | $12,980 | $13,392 | $15,838.50 | 556.9% |
| July | $13,388 | $13,804.17 | $16,299.25 | 576% |
| August | $13,796 | $14,216.33 | $16,760 | 595.1% |
| September | $14,204 | $14,628.50 | $17,220.75 | 614.3% |
| October | $14,612 | $15,040.67 | $17,681.50 | 633.4% |
| November | $15,020 | $15,452.83 | $18,142.25 | 652.5% |
| December | $15,428 | $15,865 | $18,603 | 671.6% |
| All Time | $13,184 | $13,598.08 | $16,068.88 | 566.5% |
In the next year, Ethereum price could still be hovering in the current range. Based on the prediction data, ETH’s trade range extends from $3,001.19 to $4,651.84. This outlook is based on the previous data. However, if ETH breaks the trend, it could go much higher.
The long-term outlook extending from 2025 to 2029, Ethereum price could hit a high of $18,603 with the lowest point being $3,000.
Ethereum Price Outlook Between 2030 & 2050
2030
2031
2032
2033
2040
2050
| January | $16,092.58 | $16,559.25 | $19,264.08 | 699% |
| February | $16,757.17 | $17,253.50 | $19,925.17 | 726.4% |
| March | $17,421.75 | $17,947.75 | $20,586.25 | 753.8% |
| April | $18,086.33 | $18,642 | $21,247.33 | 781.3% |
| May | $18,750.92 | $19,336.25 | $21,908.42 | 808.7% |
| June | $19,415.50 | $20,030.50 | $22,569.50 | 836.1% |
| July | $20,080.08 | $20,724.75 | $23,230.58 | 863.5% |
| August | $20,744.67 | $21,419 | $23,891.67 | 890.9% |
| September | $21,409.25 | $22,113.25 | $24,552.75 | 918.4% |
| October | $22,073.83 | $22,807.50 | $25,213.83 | 945.8% |
| November | $22,738.42 | $23,501.75 | $25,874.92 | 973.2% |
| December | $23,403 | $24,196 | $26,536 | 1000.6% |
| All Time | $19,747.79 | $20,377.63 | $22,900.04 | 849.8% |
| January | $24,169.83 | $24,997.58 | $27,711.08 | 1049.4% |
| February | $24,936.67 | $25,799.17 | $28,886.17 | 1098.1% |
| March | $25,703.50 | $26,600.75 | $30,061.25 | 1146.8% |
| April | $26,470.33 | $27,402.33 | $31,236.33 | 1195.6% |
| May | $27,237.17 | $28,203.92 | $32,411.42 | 1244.3% |
| June | $28,004 | $29,005.50 | $33,586.50 | 1293.1% |
| July | $28,770.83 | $29,807.08 | $34,761.58 | 1341.8% |
| August | $29,537.67 | $30,608.67 | $35,936.67 | 1390.5% |
| September | $30,304.50 | $31,410.25 | $37,111.75 | 1439.3% |
| October | $31,071.33 | $32,211.83 | $38,286.83 | 1488% |
| November | $31,838.17 | $33,013.42 | $39,461.92 | 1536.7% |
| December | $32,605 | $33,815 | $40,637 | 1585.5% |
| All Time | $28,387.42 | $29,406.29 | $34,174.04 | 1317.4% |
| January | $33,881.25 | $35,131.33 | $42,063 | 1644.6% |
| February | $35,157.50 | $36,447.67 | $43,489 | 1703.8% |
| March | $36,433.75 | $37,764 | $44,915 | 1762.9% |
| April | $37,710 | $39,080.33 | $46,341 | 1822.1% |
| May | $38,986.25 | $40,396.67 | $47,767 | 1881.2% |
| June | $40,262.50 | $41,713 | $49,193 | 1940.4% |
| July | $41,538.75 | $43,029.33 | $50,619 | 1999.5% |
| August | $42,815 | $44,345.67 | $52,045 | 2058.6% |
| September | $44,091.25 | $45,662 | $53,471 | 2117.8% |
| October | $45,367.50 | $46,978.33 | $54,897 | 2176.9% |
| November | $46,643.75 | $48,294.67 | $56,323 | 2236.1% |
| December | $47,920 | $49,611 | $57,749 | 2295.2% |
| All Time | $40,900.63 | $42,371.17 | $49,906 | 1969.9% |
| January | $49,768.50 | $51,484 | $59,820.33 | 2381.1% |
| February | $51,617 | $53,357 | $61,891.67 | 2467.1% |
| March | $53,465.50 | $55,230 | $63,963 | 2553% |
| April | $55,314 | $57,103 | $66,034.33 | 2638.9% |
| May | $57,162.50 | $58,976 | $68,105.67 | 2724.8% |
| June | $59,011 | $60,849 | $70,177 | 2810.7% |
| July | $60,859.50 | $62,722 | $72,248.33 | 2896.6% |
| August | $62,708 | $64,595 | $74,319.67 | 2982.5% |
| September | $64,556.50 | $66,468 | $76,391 | 3068.4% |
| October | $66,405 | $68,341 | $78,462.33 | 3154.3% |
| November | $68,253.50 | $70,214 | $80,533.67 | 3240.3% |
| December | $70,102 | $72,087 | $82,605 | 3326.2% |
| All Time | $59,935.25 | $61,785.50 | $71,212.67 | 2853.7% |
| January | $72,550.17 | $75,090.58 | $85,513 | 3446.8% |
| February | $74,998.33 | $78,094.17 | $88,421 | 3567.4% |
| March | $77,446.50 | $81,097.75 | $91,329 | 3688% |
| April | $79,894.67 | $84,101.33 | $94,237 | 3808.6% |
| May | $82,342.83 | $87,104.92 | $97,145 | 3929.2% |
| June | $84,791 | $90,108.50 | $100,053 | 4049.9% |
| July | $87,239.17 | $93,112.08 | $102,961 | 4170.5% |
| August | $89,687.33 | $96,115.67 | $105,869 | 4291.1% |
| September | $92,135.50 | $99,119.25 | $108,777 | 4411.7% |
| October | $94,583.67 | $102,122.83 | $111,685 | 4532.3% |
| November | $97,031.83 | $105,126.42 | $114,593 | 4652.9% |
| December | $99,480 | $108,130 | $117,501 | 4773.5% |
| All Time | $86,015.08 | $91,610.29 | $101,507 | 4110.2% |
| January | $102,603.75 | $110,953.42 | $120,084.17 | 4880.7% |
| February | $105,727.50 | $113,776.83 | $122,667.33 | 4987.8% |
| March | $108,851.25 | $116,600.25 | $125,250.50 | 5095% |
| April | $111,975 | $119,423.67 | $127,833.67 | 5202.1% |
| May | $115,098.75 | $122,247.08 | $130,416.83 | 5309.2% |
| June | $118,222.50 | $125,070.50 | $133,000 | 5416.4% |
| July | $121,346.25 | $127,893.92 | $135,583.17 | 5523.5% |
| August | $124,470 | $130,717.33 | $138,166.33 | 5630.7% |
| September | $127,593.75 | $133,540.75 | $140,749.50 | 5737.8% |
| October | $130,717.50 | $136,364.17 | $143,332.67 | 5844.9% |
| November | $133,841.25 | $139,187.58 | $145,915.83 | 5952.1% |
| December | $136,965 | $142,011 | $148,499 | 6059.2% |
| All Time | $119,784.38 | $126,482.21 | $134,291.58 | 5470% |
Between 2023 and 2050, Ethereum’s price will most likely follow the bullish outlook and aim for the six-digit territory. The lowest price point is $16,092.58, and the highest price of Ether is $145,915.83.
Ethereum Price Analysis: ETH Defies Sell Signals, Inches Closer to $4,000
Ethereum price has set up higher highs since November 12, while the Relative Strength Index (RSI) and Awesome Oscillator (AO) has set up lower highs. This nonconformity shows that the bullish momentum did not back up the recent uptrend. This is termed bearish divergence and leads to a correction. Depending on the position of the asset, it could trigger a trend reversal or a short-term pullback.
For Ethereum, a minor correction is more likely considering the recent show of strength that ETH has displayed relative to BTC and altcoins.
Hence, an ideal scenario should include Ethereum price retesting the $3,500 to $3,300 support zone. This would be an amazing buying opportunity before ETH tags $4,000 and embarks on a journey to visit the $5,000 psychological level
On the contrary, a breakdown of the $3,352 support level due to sell signal would invalidate the bullish thesis. Such a development could see ETH drop down to $3,000 or dip lower.
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Solana price has gained by a strong 6% in the last 24 hours moving to $135 amid the optimism surrounding the launch of futures Solana ETF by Volatility Shares on Thursday. As a result, traders have charged in with daily trading volumes for SOL surging by 61% to more than $3.57 billion.
Solana Price Action Draws Trader Interest, Is Bottom In?
Today’s Solana price action happens along with significant trader interest in the altcoin. Popular crypto analyst Ali Martinez pointed out that the Solana futures open interest has shot up to $2.7 billion, the levels last seen in October 2024. This shows a renewed interest in the Solana derivatives market while signaling growing participation from investors and traders alike.
After hitting the highs of around $270 in November 2024, the Solana price corrected more than 50% from the top in just the last four months. However, market analysts believe that SOL is showing signs of a bottom formation, and could reverse its trajectory from here onwards.
As shown in the below image, the Solana price has broken out of the converging triangle pattern. As a result, the immediate target on the upside could be in the range of $150-$180. Once the bulls successfully cross this range, we can see another leg of the rally to %260 and beyond.
Tuesday’s FOMC meeting saw the Federal Reserve keeping interest rates unchanged at 4.5%, which is the expected line. Bitcoin and the broader crypto market took this as a positive indicator with investors showing strength. The current SOL price prediction by analysts suggests that the bullish sentiment is once again picking up with the hope of an altcoin market revival.
Solana ETFs Go Live Today
In a major development for the crypto community, Florida-based investment giant Volatility Shares will bring the first-ever futures Solana ETFs to the US market. This marks the stepping stone for getting the spot ETF products into the market in the future. This is the same trajectory that was followed to bring spot Bitcoin ETF and spot Solana ETF to the market.
Volatility Shares LLC will introduce two Solana Futures ETFs with tickers – SOLZ and SOLT. Here, the standard Solana ETF (SOLZ) will directly track Solana futures, while the leveraged Solana ETF (SOLT) will provide investors with double the exposure to Solana price movements.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Tron’s native cryptocurrency TRX is up by 7% today after founder Justin Sun announced plans to double down on building the meme ecosystem on the blockchain. this announcement was enough to push the Tron price higher with daily trading volumes surging 62% to more than $1.23 billion. Over the last two days. TRX has seen a sharp recovery of 15%, bouncing back from the support of $0.21.
Tron Price Rally to $1 Coming?
As Justin Sun prepares for the comeback of the meme coin ecosystem on the Tron blockchain network, analysts are predicting a Tron price rally to $1 and above. Popular crypto analyst Javon Marks has projected a bullish outlook for TRON (TRX) stating that the altcoin is preparing to hit its logarithmic-measured breakout target at $1.11.
Marks highlighted that TRON price trajectory suggests significant potential for gains, with an estimated 516% upside from current levels required to reach the predicted target. Last week Justin Sun also stated that TRX will hit new all-time highs very soon.
On the other hand, social analytics platform LunarCrush stated that the social and market activity on the Tron blockchain network has surged significantly following the TRX price surge. Tron now accounts for 1.05% of all crypto-related discussions, reflecting heightened community interest. TRON’s robust metrics highlight its growing prominence as both investors and the community focus on its upward momentum.
Tron DAO Meme Coin Frenzy Heating Up
Tron’s meme token ecosystem is experiencing a resurgence, fueled by confidence from Justin Sun, founder of the Tron blockchain. Yesterday alone, 122 new tokens were launched on the SunPump.meme platform, marking the first time in four months that daily launches exceeded 100.
To date, 95,573 tokens have been created, generating 36,374,191 $TRX in fees, equivalent to $5.74 million. Furthermore, the activity on the TRON DAO continues to soar, signaling a strong and growing interest in Tron’s meme token ecosystem.
Commenting on this development, Justin Sun wrote: The first rule of making memes on Tron: I will not personally profit a single cent from memes. Any losses will be fully covered by myself, and all proceeds will be donated.
Getting TRX to Solana
In another announcement, Justin Sun revealed plans to bring TRX, Tron’s native cryptocurrency, to Solana’s blockchain in the coming weeks. Although the announcement lacked specific details or a definitive timeline, it has sparked excitement among both TRX and Solana communities.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Executive Director of the Presidential Working Group on Digital Assets Bo Hines has issued a timeline for stablecoin regulation in the US. Hines is predicting a two-month window for legislators to wrap up existing bills for final assent by the President.
Bo Hines Eyes Stablecoin Legislation In The Coming Weeks
American journalist Eleanor Terrett disclosed that Bo Hines has his eyes on May as a tentative date for stablecoin legislation in the US. Hines stated in a panel discussion that stablecoin legislation can be on President Trump’s desk within two months.
The Executive Director shared his predictions at the Digital Asset Summit 2025 in New York. Hines reiterated the government’s stance on digital currencies, particularly stablecoins while reeling out his projection for a possible rollout.
Barring any eventualities, Hines expects President Trump to sign a stablecoin regulation into law in two months. The most plausible bill is Senator Bill Hagerty’s Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act).
At the moment, the US Senate Banking Committee has approved the GENIUS Act, setting it up for a full vote on the floor of the House. Experts are tipping the bill to scale through the legislative process citing bipartisan support and the scope of its provision.
The bill will also have to pass through the House of Representatives before final assent by the US President.
Stablecoin Issuers Are Angling For Top Spot In The US
Currently, stablecoin issuers are jostling for places as the US turns its sights toward the industry. US Treasury Secretary Scott Bessent noted that the US is keen on exploring stablecoins to maintain the dollar’s position as the global reserve currency.
“We will keep the US the dominant reserve currency and use stablecoins to do that,” remarked Bessent.
Given the changing stance, experts are tapping XRP’s RLUSD to lead America’s stablecoin charge. On the other hand, Circle is positioning USDC to become the stablecoin of choice by the government. Tether CEO Paulo Ardoino has also indicated a keen interest in playing an increased role in America’s stablecoin ambition.
The OCC has since announced that US banks can dabble in stablecoin transactions as global banks launch stablecoins to get skin in the game.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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