NFT Market Rebounds, and XRP Gains Momentum - December 02, 2024

Also, ETH ETFs see record inflows, and HyperLiquid token airdrop was a success.

TL;DR: Crypto Insights in Seconds

• BTC: The token targets the $100K mark as traders come back from Thanksgiving.

• XRP: Is now the fourth largest cryptocurrency by market cap, and the prices keeps rising.

• ETH ETFs: Saw biggest day of inflows on Friday.

• NFT: Market sees a rebound with CryptoPunk leading the rally.

• Solana: Competing with ETH for dominance on DeFi.

• HyperLiquid: Token airdrop was a success and it surpassed Aave in market cap.

Price Update

Bitcoin Targets $100K and Sees Historic Monthly Gains

Bitcoin is inching closer to the coveted $100,000 milestone as post-Thanksgiving trading picks up. The cryptocurrency is poised to mark its fourth-strongest month since October 2021, fueled by consistent ETF inflows and increased retail participation. However, Bitwise analysts warn that the strong U.S. dollar could act as a challenge, potentially delaying Bitcoin’s breakout​.

XRP Overtakes Solana as Fourth Most Valuable Crypto

Ripple’s XRP has claimed the spot as the fourth-largest cryptocurrency by market cap, overtaking Solana. The token has seen a sharp price increase as Ripple continues to expand its tokenization initiatives and benefits from favorable regulatory developments.

Market Trends

Ethereum ETFs See Record Inflows Amid Price Surge

Ethereum-based ETFs logged their highest-ever daily inflows as ETH’s price continues to rally, logging $333 million on Friday. BlackRock’s ETHA alone logged $250 million in inflows. This momentum reflects growing institutional confidence in Ethereum as a key player in decentralized finance.

ETH vs. SOL

Solana faces increasing pressure from Ethereum as the two networks compete for dominance in the NFT and DeFi sectors. While Solana has seen notable activity, Ethereum’s growth in ETFs is solidifying its position as a market leader.

NFT Market Rebounds Led by CryptoPunks

November has been a strong month for NFTs, with CryptoPunks leading the charge. The collection’s floor price rose by 47%, reflecting renewed investor interest in high-value digital assets following a challenging year for NFTs.

New Launches and Developments

HyperLiquid Token Launch Surpasses Aave in Market Cap

HyperLiquid debuted its native token, reaching a $4.2 billion fully diluted market cap, surpassing Aave. Trading volume for HYPE reached $157 million in just the first hour. It began trading at $3.20 and it raised to $4.18 after being airdropped. The launch reflects the growing demand for innovative exchange solutions​.

The crypto market continues to break barriers, with Bitcoin approaching $100,000 and Ethereum ETFs recording historic inflows. XRP and NFTs are witnessing renewed interest, signaling a broad market recovery. However, with macroeconomic factors like the strong U.S. dollar in play, traders and investors should proceed cautiously as the market evolves. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.