In the world of cryptocurrency, notable shifts have marked the start of 2024. Bitcoin-based decentralized finance (DeFi) applications surged in popularity following the April halving, leading to a remarkable 2,000% increase in total value locked (TVL). From just $307 million in January, this figure soared to over $6.5 billion by the end of the year, fueled by advancements in infrastructure and rising Bitcoin prices. A notable contributor to this growth has been Babylon, a Bitcoin staking and restaking platform which, since its initial mainnet phase in August, has captured more than 80% of the TVL in this burgeoning sector.
Meanwhile, in the political sphere, President-elect Donald Trump is reportedly considering an executive order to establish cryptocurrency as a national priority upon his re-entry into office on January 20. This move signals potential collaboration between regulatory bodies and the crypto industry and a possible creation of a dedicated council to influence future policy directions. The anticipated support from the Trump administration reflects his campaign promises of positioning the US as a “crypto capital.”
In the altcoin market, XRP has entered a significant phase of price discovery, achieving a three-month streak of positive growth that it last experienced in 2017. With XRP’s open interest recently hitting $7.9 billion—an all-time high—and futures trading volumes doubling, the altcoin’s value increase is largely attributed to heightened market dynamics rather than futures market speculation. XRP’s progress might soon set a definitive all-time high, as the cryptocurrency continues its upward trajectory.
