Weekly Crypto Market Wrap November 25 - December 1, 2024
Last week, like the entire month of November, was filled with news and positivity in the crypto market. Ripple, after its court victory, reclaimed its rightful spot as the 3rd largest cryptocurrency by market cap, while Bitcoin and Ethereum posted impressive growth of 37% and 47%, respectively, in November. Tornado Cash, vindicated in court, is also showing positive dynamics. Let's dive into the details.
November ended with impressive growth: BTC rose by 37%, and ETH by 47%—the best performance in recent months! With the BTC dominance index decreasing, altcoins are showing strong growth. Have you stocked up for altseason, or are you still waiting for "the ultimate bottom"?
Michael Saylor isn't slowing down. His company, MicroStrategy, has purchased an additional 55,000 BTC for $5.4 billion, bringing its total holdings to 386,700 BTC. The average purchase price was $56,761. Perhaps Saylor received a sign from above (in a dream), just like NBA legend Scottie Pippen, who reportedly dreamed of Satoshi?
Ethereum ETFs set records. On November 29, ETH-ETF inflows reached a record $332 million, surpassing BTC-ETF inflows ($320 million) for the first time. At the same time, the total inflow into spot Bitcoin ETFs for the month hit $6.5 billion. It seems investors are shifting their focus to the top altcoin. We're looking forward to new ETFs and a continued bullish trend.
Justin Sun ate a banana! Once again, Justin surprises everyone: he ate a banana bought at auction for $6.24 million. This art piece turned out to be not just an extravagant purchase but also a powerful PR move. Genius marketing or just another stunt? Either way, it captured the market's attention.
Brazil plans a strategic BTC reserve. A bill to establish a state Bitcoin reserve has been introduced to the Chamber of Deputies. The country is clearly aiming to be the crypto leader in Latin America. How will Nayib Bukele react? Is El Salvador ready to relinquish its title as the crypto capital of the region?
Tornado Cash wins in court, token surges 450%+. A U.S. court ruled that sanctions against Tornado Cash were unlawful, sparking heated discussions about the limits of regulation. The TORN token responded with strong growth, and rumors of its potential relisting on exchanges are already circulating.
Ripple reclaims its spot in the top 3. Following its court victory, XRP strengthened its position: the token surged by 283%, breaking past the $2 mark and returning to the 3rd spot in market cap. Historically, XRP has always been in the top 3, and investor confidence in the asset is gradually being restored. Are we looking forward to XRP at $589? (A nod to the Simpsons Easter egg).
Upcoming major token unlocks:
JTO: $464.14m (102.7%)
NEON: $22.74m (27.8%)
ADA : $20.12m (0.1%)
TAIKO : $19.51m (11.3%)
BANANA: $14.67m (7.1%)
ENA: $10.86m (0.4%)
AGI: $7.70m (2.7%)
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.