Hola folks!
Welcome back! The crypto bulls continue to rage, with Bitcoin finding a comfortable position around the $95k mark and the altcoins shining bright, led by XRP.
In today’s NL, we bring you the key crypto updates from last week and explain how these changes can impact the price momentum in the coming days.
Bitcoin consolidated between $92K and $98K this week, with CME futures hitting $100K for the second time amid $12.3 billion in pre-Thanksgiving trading volumes. However, Bitcoin dominance dropped significantly as altcoins took center stage.
As December begins, the market’s bullish momentum suggests a strong close to the year. With altcoins thriving and institutional activity rising, the stage is set for another dynamic week in crypto.
DeFi continued its rapid growth, with layer-2 ecosystems driving a 70% surge in volumes as they addressed Ethereum’s high transaction fees. Hyperliquid’s $1.2 billion HYPE token airdrop made waves, with the token jumping 63% in value within hours.
Regulatory updates also shaped sentiment: South Korea delayed its crypto tax by two years, while Solana’s Pump.fun launchpad faced challenges after disabling its livestream feature.
India Blockchain Week (IBW), the nation’s largest Web3 event, kicks off in Bangalore this week. The event brings together global blockchain leaders, developers, and innovators, featuring keynotes, panels, and networking opportunities. With highlights like the IBW2024 Conference, Demo Day, and many other interesting side events, IBW underlines India’s growing influence in the global blockchain space.
As altcoins take center stage, it is XRP that shines as it has surged over 60%, adding $35 billion in market cap to reach $2.50 for the first time in seven years, fueled by hints of regulatory approval for Ripple’s RLUSD stablecoin, expected on December 4.
Litecoin and Stellar Lumens joined the rally, while Ethereum held steady at $3,650, poised to test $3,900.
Weekly price movement:
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ETH $3,653.11 ⏫ 6.61%
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XRP $2.74 ⏫ 90.63%
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LTC $131.29 ⏫ 39.97%
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HBAR $0.3739 ⏫ 170.47%
(All data here as of 10 a.m., 3 December 2024)
Before we conclude, here’s a quick look at some important news from around the crypto world.
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XRP flipped a $100 billion market capitalization late on Nov. 30 as a multiweek rally showed no signs of pausing amid multiple catalysts over the past weeks. The price surge came amid a news report that the New York Department of Financial Services had indicated to payments firm Ripple—closely related to XRP—about approving the company’s RLUSD stablecoin. Ripple will be legally allowed to offer the RLUSD token to the public if approved, with a possible launch date of Dec. 4. Read more here.
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Avalanche, the eighth-largest blockchain by total value locked (TVL), is moving ahead with a major technical makeover. The Avalanche9000 upgrade went live in a test network environment (testnet) on Nov. 25. Read more here.
That’s it for now. Thanks for sticking around.
See you later, folks! 👋
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