This Week in Crypto: Bitcoin Hits $44,000, Cardano Ballot, and Dogecoin Payment for Tesla?
During this week, the flagship crypto, Bitcoin (BTC) hit its yearly highs, and El Salvador’s portfolio finally turned green. And as Ethereum hovers around $2,300, there is speculation that it’s undervalued.
After Bitcoin’s pump to $44,000, community members are eagerly awaited the impending start of altseason. Meanwhile, the Cardano community is voting for the Cardano Ballot. And, some suggest that Tesla might introduce Dogecoin payments for its new Cybertruck.
Cardano Ballot Vote Ends on Monday
Last Friday, BeInCrypto reported that the voting for the Cardano Improvement Proposal 1694 has started. Cardano community members can vote on implementing minimum viable on-chain governance.
In simplest terms, it intends to check the community’s sentiment towards Cardano’s push for decentralized governance. The voting for the proposal ends on Dec. 11 at 21:44UTC.
Finally, the result of the Cardano Ballot voting will be out on Dec. 16. Amid the ongoing voting process, the price of Cardano (ADA) has reached a yearly high.
Dogecoin Payment for Tesla Cybertruck?
Community members pointed out that the source code of the Tesla Cybertruck page has at least 50 mentions of Dogecoin. Despite this, neither Tesla nor Elon Musk has not specified that they would allow the purchase of Tesla Cybertruck with Dogecoin.
Meanwhile, Dogecoin celebrated its 10th anniversary with a double-digit spike in its price on Wednesday.
Week in Crypto – Socially Speaking
This week, the decentralized exchange Uniswap was most discussed on social media. The screenshot below shows that it had 426,818 posts in the last seven days, overtaking Bitcoin at least four times.
Solana Co-Founder Shares Fresh Perspective on Rival Chain – Ethereum
Solana co-founder Anatoly Yakovenko criticized the “Ethereum killer” narrative, calling it lame. He said:
“I don’t see a future where Solana thrives and somehow ETH dies.”
Yakovenko has a fresh perspective on healthy competition and the possibilities for both platforms to thrive in the future.
Read more: Solana vs. Ethereum: An Ultimate Comparison
Ethereum, a Sleeping Giant?
Ryan Sean Adams from Bankless believes Ethereum has remained undervalued during the current market rally. He said on Dec. 4:
“ETH price at $2,200 is hilarious.”
Indeed, Ethereum’s price has been rising in the recent rally, but compared to Bitcoin, its price has given a slow performance.
Adams said Ethereum is the only profitable chain, making $2.7 billion in annualized profits. Moreover, Adams claims that Ethereum will also likely get a spot exchange-traded fund (ETF) approval. Hence, he said:
“ETH hasn’t had its bull market run yet.”
As of writing, Ethereum is trading at $2,358, down by more than 50% from its all-time highs.
El Salvador Portfolio Enters Into Green Territory
This week, as Bitcoin surged past $44,000, El Salvador’s BTC portfolio finally turned into a profit. Nayib Bukele, the President of El Salvador, was heavily criticized by mainstream media houses for his Bitcoin strategy.
“Nonetheless, it is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses.
“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one.”
As of writing, El Salvador’s portfolio is up by 2.42%, with an unrealized profit of $2.8 million.
This Week’s Crypto Top 10
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