- December 8, 2024
- Category: Weekly Crypto Digest
The latest Weekly Crypto Digest brings you news about new Bitcoin ATH, XRP reached 3rd place in capitalization, CEXs record trading volumes, El Salvador made $333 mil from BTC investments, and more.
Bitcoin Reaches $100,000
On December 3, the crypto market experienced a correction after the introduction of martial law in South Korea. The transfer of 10,000 BTC related to the closed dark marketplace Silk Road by the US authorities to Coinbase added to the negative.
Until Thursday, Bitcoin showed drawdowns, trading in the range of $93,000 to $97,000. On the night of December 4-5, amid a surge in trading volume, the asset finally broke the $100,000 mark. The price peaked at $104,088 on the Binance exchange.
The next day, the first cryptocurrency went into correction, at one point falling to $90,000. However, the asset quickly recovered its position and returned to $100,000 several times. At the time of writing, the coin is trading at $99,700.
Against the backdrop of Bitcoin’s All Time High, other cryptocurrencies also demonstrated positive dynamics. Ethereum rose above $4,000 for the first time since March, XRP approached $3 and entered the top 3 by capitalization.
BNB ($788) and TRON ($0.43) also updated their ATH.
The total capitalization of the cryptocurrency market exceeds $3.86 trillion.
Trump Nominates Candidate for SEC Chairman
Trump has officially nominated Paul Atkins for the position of SEC chairman, noting his understanding of digital assets and describing him as a proven leader in the field of common sense rules.
Atkins is a board member of the non-profit organization The Digital Chamber. The group is engaged in the promotion and lobbying of blockchain technology, bitcoin and other cryptocurrencies in US political circles.
From 2002 to 2008, Atkins served as an SEC commissioner, where, according to Trump, he “strongly advocated for transparency and investor protection.”
After leaving government service, the candidate founded and headed the consulting company Patomak Global Partners. Its clients include representatives of the blockchain industry.
Chairman of the House Finance Committee Patrick McHenry noted that Atkins has “the necessary knowledge and experience needed to restore confidence in the SEC.”
Atkins’ nomination is subject to confirmation by the Senate, control of which passes to the Republicans after the midterm elections.
XRP Becomes Third Cryptocurrency by Market Capitalization
Ripple (XRP) has taken third place in the cryptocurrency ranking by market capitalization with a value of over $137 billion, leaving the stablecoin USDT and the crypto asset SOL behind.
XRP has grown by more than 60% in a week.
Ripple has been rapidly growing since early November 2024. One of the probable reasons for the rally was Donald Trump’s victory in the elections.
It is also expected that in December 2024, the New York Department of Financial Services will approve a new stablecoin from Ripple Labs – RLUSD.
According to experts, thanks to RLUSD, the XRP token will become the world’s transitional reserve currency, encouraging the tokenization of the US dollar and the digitization of existing currencies in the world.
Another reason for the growth of the rate is the filing of applications for the registration of spot XRP-ETFs by a number of companies.
Tokens of Projects Declared “Dead” by Forbes Have Grown by an Average of 122% Since the Beginning of 2024
Tokens of those projects that Forbes classified as “zombies” have grown by an average of 122.37%. These statistics were shared by journalist Colin Wu.
We are talking about a Forbes article published at the end of March 2024. The list of dead blockchains included XRP Ledger (XRP), Litecoin (LTC), Cardano (ADA), Algorand (ALGO), and others.
The publication has drawn criticism from the community due to ineffective tools for tracking indicators and the general bias of the authors.
According to Wu’s metrics, the tokens of these projects have grown in price by an average of 122.37% since the beginning of 2024.
Among them, such assets as XLM, XRP, ALGO, ADA, THETA, FTM, and AR stand out, with an increase of more than 100%. O
Crypto Exchange Spot Trading Volume Reached $2.7 Trillion in November
In November 2024, the spot trading volume on centralized crypto exchanges (CEX) was $2.7 trillion. This is a new historical maximum since May 2021.
The figure is more than double the value of October 2024, $1.14 trillion. In May 2021, in turn, it was $4.16 trillion.
Most of this comes from Binance – $986.01 billion. Next come platforms such as Crypto.com ($283.85 billion) and Upbit ($234.52 billion).
El Salvador’s Unrealized Profits from Bitcoin Investments Exceed $333 Million
El Salvadoran President Nayib Bukele has published information regarding the country’s government investments in the first cryptocurrency. As of December 5, 2024, unrealized profits from government investments in the asset exceeded $333 million.
The indicator reached this mark against the backdrop of Bitcoin overcoming the $100,000 threshold. After another rally in the first cryptocurrency, analysts on the X social network (formerly Twitter) asked Bukele to share data on El Salvador’s investment portfolio.
The president noted that the total amount of funds invested in Bitcoin amounted to $269.7 million. The total income was 123.7%, and the value of the country’s crypto assets reached $603 million. According to independent platforms, at the time of writing, the country owns 6,181 BTC. At the same time, the average cost of buying Bitcoin is $44,739. El Salvador first acquired the asset in September 2021. At that time, the government bought 200 BTC, and since 2022, it has been buying one more bitcoin every day. According to Bukele, the country’s leadership follows the dollar cost averaging (DCA) strategy. This approach involves constant investment in the asset, regardless of changes in the coin’s rate.