In 2024, the crypto market has seen another explosive rise similar to that in 2017, and the entire digital asset world is filled with a frenzy. Bitcoin is not only the leader, but many established Layer 1 projects have also hit new highs, and every corner of the market is boiling. From BNB to XRP, to Tron and Ethereum, these projects that were once considered "altcoins" have now broken through their historical highs at an astonishing speed, as if they have entered their golden age.
All of this looks like the pent-up demand of the past few years has suddenly exploded, market sentiment has quickly recovered, and funds have flowed back into these projects with deep technical backgrounds. Just like the market frenzy in 2017, this wave of rise is not just a doubling of prices, but also a major change in the crypto ecosystem and the entire market landscape.
Today's crypto market is no longer just Bitcoin's one-man show. More and more projects with strong ecological support are dancing together and ushering in their crazy moments.
Bitcoin sets new record, starts consolidation before surge
The performance of Bitcoin is undoubtedly the most eye-catching. In recent days, Bitcoin's CME futures and Binance 0328 contracts have broken through the psychological barrier of $100,000, driving the entire market into a new round of upsurge. However, Bitcoin's surge is not achieved in an instant. Its price fluctuations are actually preparations for the next round of surges. The current shock consolidation has not reduced the enthusiasm of the market, but has accumulated more energy for future breakthroughs.
So, what’s next for Bitcoin? $100,000 is just the beginning
After Bitcoin broke through $99,600, although the market experienced a brief correction, it did not cause panic. On the contrary, many investors saw this adjustment as an opportunity to buy on dips and rushed into the market. Judging from the price fluctuations in early December, although Bitcoin has fallen slightly in the short term, most market participants remain optimistic and actively look for new entry opportunities.
On December 3, Bitcoin once fell below $93,600. However, judging from the trading data, the interest of various market participants in Bitcoin has not diminished, and many people bought in during the correction. At this time, the Bitcoin market is in a relatively stable range, and clear support and resistance levels help the market accumulate energy and prepare for the next wave of increases.
On the same day, during the US trading hours, after South Korean President Yoon Seok-yeol announced martial law and then withdrew it, the lack of liquidity in the South Korean market caused Bitcoin to fall below $65,000 on the Upbit exchange, while on the Binance exchange, the price stabilized around $95,000. Although this volatility caused short-term shocks, it did not shake investors' confidence, but made them more confident that this was just a "healthy adjustment period."
Looking back at the bull market in the crypto market in 2017 and 2021, the adjustment after each sharp rise is often a prelude to a violent rise. Today, Bitcoin is completing this correction and preparing to break through $100,000. This time, the market's goal is not just a psychological price of $50,000 or $60,000, but directly targeting a higher target - a record high of $200,000, which no longer seems out of reach.
Catalysts for violent rise: institutional funds and favorable policies
The recent surge in Bitcoin is not accidental, but is driven by multiple factors, especially the continued inflow of institutional funds, which has become one of the key catalysts.
In particular, in early December, MicroStrategy announced that it would purchase 15,400 bitcoins at a price of $95,976 per BTC, with a total amount of $1.5 billion. This move not only provided strong support for the price of Bitcoin, but also once again demonstrated the firm confidence of institutional investors in Bitcoin. On the same day, the listed company Marathon announced plans to raise funds through a private placement of $800 million convertible notes, which will be used specifically to purchase more Bitcoin. As these institutional funds continue to flow in, the upward momentum of Bitcoin's price has become more and more obvious.
In addition, Microsoft's upcoming shareholder vote on December 10 may also become a catalyst for the rise in Bitcoin prices. If the vote passes, Microsoft may include Bitcoin in the company's balance sheet, which will be an important step in Bitcoin's allocation as a mainstream corporate asset, further consolidating its status as "digital gold."
In addition, there are rumors in the market that the United States may establish a strategic reserve of Bitcoin, and some Middle Eastern countries are also considering establishing similar reserves. If this news comes true, it will inject more support and momentum into the long-term trend of Bitcoin.
In addition to the promotion of institutional funds and favorable policies, the demand for spot Bitcoin ETFs is also one of the important drivers of Bitcoin price increases. According to SoSoValue data, the inflow of funds into spot Bitcoin ETFs reached $3.38 billion between November 21 and November 25, and in early December, the inflow of funds remained strong, with inflows exceeding $100 million for three consecutive days. The influx of funds into this spot ETF shows that the market's confidence in Bitcoin remains strong, and this trend is expected to continue to push up Bitcoin prices in the coming months.
Ethereum: The second largest engine of the crypto market
Of all the altcoins, Ethereum is undoubtedly one of the assets with the most potential. In 2024, Ethereum's performance is impressive. Not only has it achieved significant breakthroughs at the technical level, but market sentiment and capital inflows have also shown unprecedented growth momentum.
As the world's second largest cryptocurrency by market value, Ethereum is right behind Bitcoin, but its wide application in multiple fields such as decentralized finance (DeFi), smart contracts, and NFTs makes it a core asset that cannot be ignored in the crypto market.
Since the beginning of 2021, the price of Ethereum (ETH) has generally shown a steady upward trend. Despite several adjustments and consolidations in the middle, the overall upward momentum has never changed. Currently, ETH is gradually getting out of the price triangle consolidation range and is aiming at higher price levels. With the continued increase in on-chain activities, the price of ETH is expected to break through $4,000 and even hit $10,000.
Ethereum: Institutional capital inflows drive a new phase
In 2024, Ethereum's capital inflows hit a new high. So far, the cumulative inflows from institutional investors have reached US$2.2 billion, breaking the historical record in 2021. In recent times, ETH’s capital inflows have reached $634 million, which not only significantly boosted market sentiment, but also reflected investors’ firm confidence in Ethereum’s future potential.
Ethereum not only dominates the market with its technical applications such as decentralized finance (DeFi), NFT and smart contracts, but the continuous expansion of its ecosystem also provides long-term support for its price. The continuous inflow of institutional funds has not only driven up the price of ETH, but also further consolidated Ethereum's position as a core asset in the crypto market. With the influx of more funds and users, ETH is moving towards a new stage of growth.
The main driving force behind this surge in Ethereum prices comes from the strong performance of Ethereum ETFs. As an investment tool, ETFs have become a popular choice for many investors because they allow investors to participate in Ethereum investments without directly holding digital currencies. As Ethereum ETFs continue to attract a large amount of funds, the interest of institutional investors continues to increase, further accelerating the market's attention to ETH.
Although the market is still volatile, the overall trend of Ethereum remains bullish, especially the influx of institutional funds provides a more solid foundation for ETH's future growth. This phenomenon is consistent with the overall growth trend of funds in the crypto ETP (Exchange Traded Products) market, and Ethereum and Bitcoin have become the leaders of capital inflows in the cryptocurrency field.
It is particularly noteworthy that the net inflow of funds into ETH spot ETFs has increased significantly, reaching $24.23 million in the recent period alone, and has achieved net inflows for six consecutive days. BlackRock's ETHA ETF performed particularly well, with a single-day net inflow of up to $55.92 million, while Fidelity's FETH ETF also performed strongly, with a single-day net inflow of nearly $20 million. Overall, the total net assets of ETH spot ETFs have climbed to $11.13 billion, which further proves the market's high recognition of Ethereum as a crypto asset and its continued growing interest.
Ethereum’s ecosystem is booming: TVL hits a record, Layer-2 reaches a new high
According to data from Lookonchain, Ethereum attracted a whopping $4.81 billion in capital inflows over the past week, directly driving significant growth in its total value locked (TVL). At the same time, Ethereum’s Layer-2 network has also reached a new height, with the total TVL exceeding US$51.5 billion, a year-on-year surge of 205%, demonstrating strong market vitality.
Additionally, Ethereum’s ecosystem is steadily expanding. The Base network’s TVL increased by $302 million during this period, further reflecting the significant improvement in the liquidity and scalability of the Ethereum network. These inflows not only bring DeFi’s TVL back to its November 2021 highs, but also boost the Ethereum ecosystem through increased liquidity staking options, Bitcoin DeFi integration, and synergistic contributions from Solana and other Layer-2 networks Significant progress in diversification and scalability.
All of this shows that Ethereum not only continues to lead in technology, but its ecological advantages have also attracted more capital and users to join. This has promoted Ethereum's leading position in the DeFi field, injected new impetus into the entire crypto market, and further consolidated its position as a core cryptocurrency asset.
BNB: From exchange token to ecosystem leader
Although CZ (Changpeng Zhao) has kept a low profile since he was released from prison, BNB's performance has suddenly surged as rumors have recently emerged that Trump may pardon CZ and allow him to return to Binance.
In the past 24 hours, the price of BNB has skyrocketed by more than 18%, with a trading volume of US$5.2 billion. The current price is US$760, which has broken through the historical high in 2021 and set a new historical high.
Since 2024, BNB has performed amazingly, showing not only strong resilience but also explosive growth momentum. Although the market has questioned the prospects of Binance's ecosystem and platform coins, BNB has now broken through various obstacles and become a force that cannot be ignored in the crypto market.
BNB's surge is not only due to Binance's own growth and technological innovation, but also due to its deep-rooted layout in multiple fields such as DeFi and NFT. With the gradual expansion of the Binance Smart Chain (BSC) ecosystem, BNB is no longer just an exchange platform currency, but has become a core asset of a powerful blockchain ecosystem. Whether it is decentralized finance (DeFi) applications, cross-chain bridging, or decentralized applications (DApps), BNB is constantly expanding its market application scenarios, further enhancing its influence in the crypto market.
As BNB continues to rise, its role has gradually changed from an "exchange coin" to the pillar of the entire crypto ecosystem. The market is generally optimistic that BNB has the potential to become the second largest crypto asset in the next few years, competing side by side with Bitcoin and Ethereum. Its unique ecological advantages and powerful application scenarios make BNB have great potential in the future crypto market.
XRP: Regulatory haze dissipates, market confidence recovers
The rise of XRP is undoubtedly one of the biggest highlights of the recent crypto market. In the past two months, XRP's price has risen dramatically, soaring from a market value of $30 billion to nearly $150 billion, with the highest price reaching $2.9 at one point, a seven-year high.
The core driving force of this wave of growth is undoubtedly the significant progress in the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). As the market's optimistic expectations for the Ripple case become stronger and stronger, XRP has gradually gotten rid of the regulatory haze that has plagued it for a long time and ushered in a new market opportunity.
As regulatory uncertainty gradually dissipates, the recovery of investor confidence has also brought about an explosive growth in demand for XRP. In particular, the launch of financial products such as spot ETFs has further boosted the market demand for XRP, forming a strong upward momentum.
Behind this wave of gains, there is not only the market's recognition of XRP as a payment tool, but also a full expectation of its future potential after breaking through regulatory bottlenecks. As market sentiment gradually warms up, XRP may usher in a broader growth space in the future, especially in areas such as cross-border payments and decentralized finance (DeFi), where XRP is expected to play an increasingly important role.
TRX: After seven years, it hits a new record high
As of now, the token price of Tron (TRX) has soared from $0.21 to $0.43, setting a new high of $0.4, surpassing the historical peak in June 2018. In the past month, the price of TRX has soared 157%, and has risen nearly 9 times from the low point in the past two years, which fully demonstrates the market's strong recognition of its potential.
This astonishing increase is particularly noteworthy, especially as Tron bucked the trend and became the only coin among the top cryptocurrencies to achieve an intraday increase of 104% against the backdrop of Bitcoin (BTC) falling to $93,000.
Tron's explosion is not accidental, but the result of its profound technical advantages and strong market demand. First of all, Tron's key role in stablecoin payments makes it one of the most practical blockchains in the crypto industry. According to TronScan data, the Tron network has processed more than $196 billion in Tether (USDT) transactions, and the average daily transaction volume even exceeds Visa. This data not only reflects Tron's huge advantages in the field of payment and settlement, but also demonstrates a strong market position, especially in the application of stablecoin transactions and cross-border payments.
In addition, Tron's decentralized application (DApp) ecosystem is also continuing to expand, with more and more developers choosing to build smart contracts and decentralized applications on its platform, making Tron's ecosystem increasingly complete and further enhancing its position as a global crypto payment infrastructure.
This wave of Tron's rise is not only the market's affirmation of its technological progress, but also a strong expectation of its future wide application prospects in the fields of encrypted payment, DeFi and cross-border payment. In the competition in the encrypted market, Tron has found its own unique positioning and is moving towards higher goals with strong momentum.
In addition, Tron also has a very important feature, that is, its token is highly deflationary. Over time, the total supply of Tron continues to decline, which provides further support for the value of its token.
Data shows that the total number of Tron's circulating tokens exceeded 101 billion in 2022, but this number has dropped to 86 billion. This means that the supply of Tron is decreasing, further enhancing its scarcity.
Tron not only relies on technological breakthroughs, but also its strong revenue has made the market take notice of it. This year, Tron's revenue exceeded $1.75 billion, following Ethereum and Tether to become one of the three giants in the blockchain industry. This achievement demonstrates Tron's economic strength in the blockchain industry and proves its great potential as a decentralized finance (DeFi) platform.
In addition, Tron also supports a rapidly emerging young meme coin ecosystem - sunpump. Like Solana, these meme coins can not only enhance the value of the blockchain, but also promote the expansion of the entire ecosystem. Through these meme coin projects, Tron has not only enriched the platform applications, but also increased the market's attractiveness and improved the liquidity of the tokens.
Summary: The "summer" of the bull market has just begun
The current crypto market is experiencing an unprecedented surge. Altcoins are performing better than ever before, from BNB to XRP, to Ethereum and other projects. The entire market is undergoing a profound transformation. Led by Bitcoin, altcoins have taken over and started a surge of their own.
This is not only a reconfiguration of capital, but also a reshaping of the crypto market. In the next few years, more altcoins will emerge, and their technological innovation, market application and institutional support will drive the crypto market to unprecedented growth. For investors, this is a golden age full of opportunities. Seizing this bull market may become a turning point for wealth.
