The altcoin season has officially begun, with cryptocurrencies like MicroStrategy and Coinbase experiencing a surge in value. In addition, one bank is now predicting a significant increase in the price of Bitcoin much sooner than expected. These are just a few of the top stories in the world of crypto this week.
Altcoins Outperform Bitcoin
This week, Bitcoin reached a high of $39,000, its highest price since April 2022. However, many altcoins have seen even more explosive gains, leading some to declare the start of an altcoin season. For example, AVAX, the native token of the Avalanche blockchain, saw a 97% increase in value as JPMorgan announced its testing of asset tokenization on the network. Other top-performing altcoins include Helium, Blur, and Rune, all of which have doubled in value in just one month.
Reddit’s MOON Token on the Rise
The social platform Reddit has reached a major milestone by completing the decentralization of its MOON token. By relinquishing control of the distribution contract, the supply of MOON coins is now capped, and no further modifications can be made to the contract. This establishes MOON as a fully decentralized entity. The price of Reddit’s coin has reacted positively to this news, trading 150% higher than just a month ago.
MicroStrategy Doubles Down on BTC
Microstrategy, the largest corporate holder of Bitcoin, purchased around 16,000 bitcoins in November, worth approximately $600 million. This increased their holdings by 10%, bringing their total to 175,000 bitcoins purchased at an average price of $30,000 per coin. This purchase marks a significant acceleration in the company’s buying activities.
Coinbase Stock Triples
The shares of Coinbase have surged 62% this month, demonstrating Wall Street’s renewed trust in the top US crypto exchange. With Binance facing legal issues, investors are anticipating increased activity for Coinbase, contributing to the stock’s threefold rise in 2023. Analysts believe that Coinbase is currently in its best position since going public, having survived the industry shakeout over the past few years.
FTX to Sell Grayscale Assets
FTX has received approval in bankruptcy court to sell its $744 million in investments in Grayscale trusts. This is being done in order to raise money and repay creditors, who are owed billions of dollars. Since FTX filed for bankruptcy last year amid fraud allegations, the company’s advisers have been working to untangle a complex web of debt owed to various creditors. So far, $7 billion in assets have been recovered.
Another Superstar Sued for Endorsing NFTs
Cristiano Ronaldo is facing a $1 billion class-action lawsuit over the promotion of his NFT collection on Binance. The collection featured animated statues depicting key moments in the star footballer’s life, with some NFTs selling for up to $10,000. Plaintiffs in the case now claim that Ronaldo’s endorsement led to costly and risky investments, accusing him of making deceptive statements in connection to Binance promotions.
AI-related Crypto Tokens Rally
AI-related cryptocurrencies have seen a surge of $2 billion in less than two weeks, with top tokens experiencing significant gains. Notably, Bittensor’s TAO token has soared 86% in the last couple of weeks. This token is notable for its blockchain-based machine learning network. The FET token of Fetch.AI, which specializes in AI-powered data solutions, has climbed 46%, while Covalent, which offers unified blockchain data access, has seen its CQT token gain 42%.
Standard Chartered: Crypto Spring is Here
Standard Chartered Bank has revised its $100,000 Bitcoin forecast to occur before the halving, citing increased optimism due to the anticipated introduction of U.S. spot Bitcoin ETFs. Geoff Kendrick, the bank’s head of crypto research, referred to a crypto spring and highlighted Bitcoin’s dominance and miner hoarding as driving factors for its surging value.
That’s what’s happened this week in crypto. See you next week.
Get Ready for the Crypto Boom: This Week in Crypto – Dec 4, 2023
The world of cryptocurrency has been constantly evolving and gaining mainstream attention over the years. With big players like Tesla, Visa, and PayPal adopting cryptocurrencies, it’s safe to say that the crypto boom is here to stay. As we enter the last month of 2023, let’s take a look at what has been happening in the world of crypto this week.
Bitcoin Surpasses $100,000 Mark
The biggest news of the week is the surge of Bitcoin, the world’s first and most popular cryptocurrency, surpassing the $100,000 mark for the first time in history. This comes after a steady increase in popularity and adoption, with more companies accepting Bitcoin as a form of payment. In addition, the news of central banks and governments exploring the possibility of adding Bitcoin to their reserves also contributed to this milestone.
Ethereum Continues to Soar
Following in the footsteps of Bitcoin, Ethereum, the second-largest cryptocurrency, has also been performing exceptionally well this week. With increased demand for decentralized applications (Dapps) and the rise of the non-fungible token (NFT) market, Ethereum has surged past the $10,000 mark. This is a significant milestone for the platform, as it continues to solidify its position as the go-to platform for developers.
New Crypto Laws in the Works
The crypto industry has been facing challenges in terms of regulations, but this week saw some positive developments in that aspect. The U.S. Securities and Exchange Commission (SEC) announced plans to work on clearer regulations for cryptocurrencies, with the goal of protecting investors while encouraging innovation in the industry. This move is expected to bring more legitimacy to the world of crypto and attract more institutional investors.
New Features Launched in Major Crypto Platforms
In line with the growing popularity of crypto, major players in the industry have been constantly upgrading and adding new features to their platforms. This week, Coinbase Pro, the cryptocurrency exchange platform, announced the launch of staking rewards for Ethereum 2.0. With this feature, users will be able to earn rewards for holding their Ethereum on the platform, making it a more attractive option for investors.
Practical Tips for Navigating the Crypto Boom
As the crypto industry continues to grow and gain mainstream adoption, it’s important to keep in mind some practical tips for navigating this fast-paced market. Here are some tips to keep in mind:
1. Do Your Research
Before investing in any cryptocurrency, it’s crucial to thoroughly research and understand the technology behind it. Look at the team behind the project, their goals, and the potential real-life use cases of the cryptocurrency.
2. Diversify Your Portfolio
Just like with traditional investments, it’s important to diversify your crypto portfolio. Invest in a mix of established cryptocurrencies and up-and-coming ones to minimize your risk.
3. Use Secure Platforms
With the increasing popularity of crypto, hackers and scammers are also becoming more sophisticated in their attacks. Make sure to use reputable and secure platforms for buying, selling, and storing your crypto assets. It’s also advisable to use a hardware wallet for added security.
4. Be Prepared for Volatility
Crypto markets are known for their volatility, and it’s not uncommon to see significant price fluctuations in a matter of hours. Be prepared for this and avoid making impulsive decisions based on short-term price movements.
5. Stay Updated with Industry News
Keep yourself updated with the latest news and developments in the world of crypto. This will not only help you make informed decisions but also give you an edge in the market.
Conclusion
The world of crypto is constantly evolving, and this week has been testament to that. From the surge of Bitcoin to the launch of new features on major platforms, the industry shows no signs of slowing down. As we enter the last month of 2023, it’s an exciting time to be a part of the crypto movement. As long as we stay informed, educated, and vigilant, we can ride the wave of the crypto boom and reap its benefits.
