This week, the crypto market saw Bitcoin fluctuate wildly between $40,500 and $44,500, and Ethereum between $2,150 and $2,370.
This volatility was stirred by potential US Federal Reserve rate cuts in 2024, a new proposed anti-crypto bill in the Senate, and a post-bull run sell-off.
Amidst this, Layer 1 tokens like AVAX, ADA, and SOL emerged as stars, with AVAX rocketing by 126% over the month.
Meanwhile, Layer 2s such as ARB and OB and DeFi tokens like LINK, UNI, and AAVE saw a modest 10% gain, taking a backseat in the crypto race.
In the news, Bitcoin’s reduced dominance spotlighted altcoins, hinting at their potential rise. Tether’s new wallet-freezing policy aims to combat cybercrime, aligning with US regulations. Additionally, Sushi CTO Matthew Lilley warned of a Ledger connector exploit impacting multiple DApps.
Overall, the week painted a diverse picture of the crypto world, from the wild swings of major coins to strategic shifts in altcoin dynamics, advancing security measures, and emerging vulnerabilities in the digital asset space.
Let’s dive into this week’s heavy hitters:
Altcoins Poised to Explode as Bitcoin Dominance Wanes?
Cryptocurrency markets have seen tremendous capital inflows recently, sending Bitcoin briefly to $45,000 on December 5. However, the bellwether crypto has struggled since then, with its price retreating and market dominance sliding. If Bitcoin dominance continues falling, altcoin investors are poised to reap the benefits.
Wikipedia Founder Criticizes BTC; XRP & DOGE Execs Clap Back
Jimmy Wales, the founder of Wikipedia, the most popular free encyclopedia, looked at Bitcoin by comparing the digital asset to traditional banking systems. The sarcastic message by the British-American entrepreneur reads: “I forgot my bank password and lost my entire net worth. No, actually, that didn’t happen, because banks work and bitcoin doesn’t.”
Tether’s New Wallet-Freezing Policy: What Holders Need to Know
Over the past two months, the crypto industry has found itself facing intense heat from lawmakers, primarily over alleged links to illicit activities, especially terrorism funding. Amid mounting debates on the extent of crypto’s use in crime, stablecoin issuer Tether intensified its efforts to combat suspicious wallets in response.
Sushi CTO Warns Ledger Connector Exploited: How to Stay Safe
On Thursday, December 14, Sushi CTO Matthew Lilley warned of a large-scale exploit affecting multiple decentralized applications. If you come across this warning, keep calm.
BONK Flips PEPE as Coinbase Fuels Memecoin Shakeup
Memecoins have long tantalized crypto investors with their potential for staggering price gains. That promise was realized again as the previously obscure Solana-based Bonk hit another all-time high of $0.00001508 on December 14, following a Coinbase listing. As a result, Bonk has now surpassed Pepe to become the third largest memecoin by market cap.
Is Donald Trump Making NFTs Great Again?
NFTs have been a topic of controversy since their inception, but the controversy has intensified following the August 2021 top as prices and interest collapsed. Critics have pointed out the sometimes mind-boggling prices commanded by “just jpegs.” However, former US President Donald Trump seems unfazed by these criticisms, as evidenced by the launch of his third Trump Trading Card series, called “Mugshot Edition.”
