TL;DR

• Pi Network is nearing its Open Network phase, with only one million KYC verifications remaining before the November 30 deadline.
• Ripple’s XRP surged 83% in a week, hitting a three-year high of $1.20, with analysts forecasting short-term gains potentially pushing it to $1.50 or even higher.
• Cardano’s ADA climbed 130% in two weeks to $0.75, with experts predicting further growth, supported by strong network fundamentals and no scheduled token unlocks.

What’s New Around Pi Network?

Pi Network officially launched on March 14, 2019, a date that coincides with “Pi Day” (3/14), aligning with the project’s name and mathematical inspiration. Its primary goal is to allow users to mine cryptocurrencies directly from their smartphones.

Despite being around for over five years, Pi Network remains quite controversial since its native token and open mainnet have yet to see the light of day. 

Earlier in 2024, the team claimed that the launch of the Open Network will happen once 15 million people had completed necessary Know-Your-Customer (KYC) procedures. Last week, Pi News (a social media channel that discloses updates surrounding the project) revealed that reaching the target requires only one million verifications. 

Passing KYC procedures should occur before November 30, a deadline known as “the Grace Period.” Initially, people had until September 30 to do so, but the team later provided more time.

Meanwhile, the community is eagerly waiting for December, when the Pi Core Team is expected to shed details on the mainnet open roadmap (which should allow the official buying and selling of Pi tokens).

XRP’s Solid Performance

Ripple’s XRP has been the best-performing cryptocurrency (from the top 20 list) in the past seven days. Its price is up 83% for that period, currently trading at $1.11 (per CoinGecko’s data). What’s more, it reached a three-year high of almost $1.20 on November 16.

Crypto X is full of analysts predicting further gains for the asset in the short term. Dark Defender set a “golden target” of over $13, while Crypto King was more modest, forecasting a surge to $1.50. 

Prior to that, X user CryptoBull described the $1.28 level as the most important barrier in the near future, speculating that the next target could be $1.96 and eventually a new all-time high of almost $4.

ADA Forecasts

Last but not least, we will touch upon Cardano’s native token, which has also recorded a substantial increase lately. As of writing these lines, ADA trades at approximately $0.75, representing a 130% rise on a two-week scale. 

The X users FLASH and Lucid expect the bull run to continue. The former believes ADA is “approaching next level” above $1, while the latter outlined several factors suggesting that the asset is “about to go Interstellar.” 

Some of those include Cardano’s high Minimum Attack Vector (MAV) and the fact that there are no scheduled token unlocks (which increase the circulating supply and could lead to a price retreat).

We’ve recently released a video with some of the major developments surrounding Cardano. Have a look here: 

Bitcoin’s (BTC) surge past initial resistance levels to new all-time highs last week led the cryptocurrency to become the world’s seventh-largest asset by market capitalization, a sign that it has gone mainstream.

According to a Bitfinex report, BTC is now competing with Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA), Google (GOOG), Amazon (AMZN), and Gold (GOLD). The ascent drove the cryptocurrency to surpass Silver (SILVER), which currently sits ninth, and Saudi Aramco, which is eighth.

BTC Becomes 8th Largest Asset

During the sell-off before the United States presidential election, BTC fell to $66,880. After Donald Trump’s victory, the digital asset rallied 39.5% through the $90,000 psychological level to an all-time high of $93,477 (CoinGecko).

Bitfinex said this surge drove bitcoin’s market capitalization to over $1.8 trillion for the first time in history, enabling the cryptocurrency to flip silver on the list of the world’s largest traded assets for the second time. Analysts also found that the rally is bitcoin’s largest nine-day price increase since January 2021 and possibly marks one of the biggest inflows into any asset in history.

“Given that bitcoin’s market capitalization in January 2021 was just $450 billion, it takes significantly more capital today to effect such a change in price. We believe this recent move probably represents the largest volume of capital flowing into Bitcoin over such a short time,” Bitfinex stated.

Bitcoin ETFs to Flip Gold ETFs

With bitcoin surpassing silver in the world’s largest traded assets list, Bitfinex believes gold exchange-traded funds (ETFs) may be the next victim.

By November 19, the United States spot Bitcoin ETF market held more than $84 billion in assets under management (AUM), representing roughly 66% of gold ETFs’ AUM. The current average daily inflows into the Bitcoin ETFs suggest that they could surpass the AUM of gold ETFs within the next couple of months.

Market experts previously predicted that it could take two to five years for Bitcoin ETFs to flip gold ETFs; however, the level of growth experienced by the former indicates that the feat is no longer far-fetched.

Interestingly, the AUM of BlackRockʼs iShares Bitcoin ETF (IBIT) has already exceeded the company’s iShares Gold ETF (IAU), the world’s second-largest gold ETF. It took IAU 20 years to attain this feat, but IBIT crushed the milestone within just 10 months.

Bitcoin’s price aimed at $92,000 but to no avail so far as the bears has managed to defend that level.

Many altcoins are on the retreat today, with XRP ADA and PEPE dropping hard. In contrast, HBAR has outperformed the rest of the top 50 alts.

BTC Remains Above $91K

The Trump-victory-induced rally culminated last Wednesday when the primary cryptocurrency neared $94,000 to chart a fresh all-time high. At the time, reports started to emerge indicating that the asset had reached its local peak and could take a while longer to resume its bull run and challenge $100,000.

The following week or so has been quite choppy. BTC fell below $87,000 on a couple of occasions at the end of the business week but bounced off and stopped at around $90,000 during the weekend.

Sunday evening and Monday started with more impressive gains as bitcoin tapped $92,000. However, the bears intercepted the move and didn’t allow any further increases despite MicroStrategy’s continuous massive BTC buys.

As of now, the cryptocurrency trades in a range between $91,000 and $92,000. Its market cap remains above $1.8 trillion on CG and its dominance over the altcoins is close to 56.5%.

DOGE Recovers Some Ground

Most larger-cap alts are in the red today. ETH, SOL, BNB, SHIB, BCH, and SUI are with minor losses, while XRP, ADA, AVAX, and WIF have dropped by up to 6.5%.

PEPE has lost the most value over the past day, dropping by 7.5%. As a result, the third-largest meme coin now struggles to maintain $0.00002.

In contrast, the largest of the meme token sphere has risen by nearly 3% and is close to $0.39. XTZ has returned to the top 100 alts after a 36% daily surge that has pushed its price to over $1.1. HBAR is the other notable gainer over the past day, having surged by 27% to $0.14.

The total crypto market cap has declined slightly since yesterday but it is still above $3.2 trillion on CG.