On the evening of December 3, the cryptocurrency market suddenly experienced a wave of 'bilateral' trends.
Firstly, the sudden change in the South Korean political situation triggered a negative premium at its largest cryptocurrency exchange, Upbit, leading to Bitcoin's price briefly dropping to $60,000, which ultimately caused the platform to crash. Other markets were also affected, with Bitcoin's price briefly falling below $94,000 on some exchanges, showing a significant pullback.
On the other hand, the recovery momentum in the altcoin market remains strong, especially on the evening of December 3, when many established altcoins suddenly surged, particularly some coins that had already emerged in previous cycles, attracting widespread market attention.
Forbes has listed some 'zombie cryptocurrencies' with a market cap exceeding $1 billion, including well-known coins like XRP, EOS, and ADA. Surprisingly, these 'zombie coins' collectively moved last night, leading the cryptocurrency market.
According to CoinMarketCap, several well-established cryptocurrency projects such as TRON, Kadena, NEO, and EOS have shown strong gains, pushing the total market cap of the global crypto market to surpass $3.51 trillion, with a 24-hour trading volume exceeding $290 billion.
TRON (TRX): New all-time high after six years
TRON, founded by Justin Sun, performed remarkably in this wave of increases, with a 24-hour rise of over 70% and a weekly rise close to 96%. As of the time of writing, the latest price of TRX is $0.37.
TRON, founded by Justin Sun in 2017, has become one of the main public chains for USDT usage. Its all-time high price occurred in January 2018 when the TRX price broke $0.30. After six years of fluctuations, TRX has once again broken its historical high.
IOTA: Soars nearly 40%, a rebound after 9 years
The IOTA project, founded 9 years ago, has recently also seen an explosion, with a 24-hour rise of up to 39% and a weekly rise of over 159%. As of the time of writing, the latest price of IOTA is $0.56.
The IOTA project was created by four tech giants in 2015, with its core innovation being the Tangle technology, a directed acyclic graph (DAG) that is completely different from traditional blockchain architecture. IOTA's design goal is to improve transaction efficiency by eliminating the need for miners, making it particularly suitable for applications that require high throughput and low costs, such as the Internet of Things (IoT).
EOS: The rise of EOS again, the dream of 1000 yuan shattered
The EOS project also performed well, with a 24-hour rise close to 32% and a weekly rise close to 86%. As of the time of writing, the latest price of EOS is $1.52.
EOS was founded by Daniel Larimer and Brendan Blumer in 2017 with the goal of creating a high-performance blockchain platform to support large-scale commercial applications. EOS was once hailed as the 'Ethereum killer,' attracting a large number of developers with its zero transaction fees and high scalability. However, over time, EOS's popularity has gradually waned, and the current market price is far from its previous high of $22.89.
NEO: Antshares rose 65% during the week
Another established coin, NEO (Antshares), also performed well in the recent market, with a 24-hour rise of 22% and a weekly rise of 65%. As of the time of writing, the latest price of NEO is $23.1.
NEO was founded by Da Hongfei in 2017 with the aim of creating a blockchain-based smart economy platform that allows users to create and circulate digital assets. In 2017, NEO's market cap exceeded $10 billion, and in 2018, its price once broke $168. Although there has been a recent rebound, it is still some distance from its all-time high.
VET: VeChain rose 74% during the week
Finally, VeChain (VET) also performed well, with a 24-hour rise of over 12% and a weekly rise close to 74%. As of the time of writing, the latest price of VET is $0.07.
VeChain was founded by Sunny Lu in 2015 with the aim of using blockchain technology to achieve decentralized supply chain management, providing end-to-end tracking solutions. VeChain's all-time high price occurred in April 2021, when it was close to $0.28. Although it has not yet surpassed this price, the recent rise has attracted market attention.
