On the evening of December 3, the cryptocurrency market suddenly experienced a wave of 'bilateral' trends.
First, the sudden changes in South Korea's political situation triggered a negative premium on its largest cryptocurrency exchange Upbit, causing Bitcoin prices to briefly drop to $60,000, ultimately leading to the platform's downtime. Other markets were also affected, with Bitcoin prices temporarily falling below $94,000 on some exchanges, showing a significant pullback.
On the other hand, the recovery momentum of the altcoin market remains strong, especially on the evening of December 3, when many established altcoins suddenly surged, particularly those that had emerged in previous cycles, attracting widespread attention in the market.
Forbes once listed some 'zombie cryptocurrencies' with a market capitalization 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 established cryptocurrency projects like TRON, Kadena, NEO, and EOS have shown strong gains, pushing the total market capitalization of the global cryptocurrency market to surpass $3.51 trillion, with a 24-hour trading volume exceeding $290 billion.
TRON (TRX): New highs after six years
TRON, founded by Justin Sun, performed brilliantly in this surge, with a 24-hour increase of over 70% and a weekly increase of nearly 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 historical highest price occurred in January 2018 when TRX price surpassed $0.30, and after six years of fluctuations, TRX has once again broken its historical high.
IOTA: Surge of nearly 40%, a big rebound after 9 years
The IOTA project, founded 9 years ago, recently experienced a surge, with a 24-hour increase of up to 39% and a weekly increase 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 the core innovation being its use of Tangle technology, which is a directed acyclic graph (DAG) and is completely different from traditional blockchain architecture. The design goal of IOTA is to improve transaction efficiency by removing miners' participation, making it particularly suitable for applications such as the Internet of Things (IoT) that require high throughput and low costs.
EOS: The dream of 1000 yuan for grapefruit has shattered
The EOS project has also performed well, with a 24-hour increase of nearly 32% and a weekly increase of nearly 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, aiming to create a high-performance blockchain platform that supports large-scale commercial applications. EOS was once hailed as the 'Ethereum killer', with zero transaction fees and extremely high scalability attracting a large number of developers. However, over time, the popularity of EOS has gradually diminished, and the current market price is far from its previous high of $22.89.
NEO: Antshares weekly increase of 65%
Another established coin, NEO (Antshares), has also performed well in the recent market, with a 24-hour increase of 22% and a weekly increase of 65%. As of the time of writing, the latest price of NEO is $23.1.
NEO was founded by Da Hongfei in 2017, aiming to create a blockchain-based smart economy platform that allows users to create and circulate digital assets. In 2017, NEO's market capitalization surpassed $10 billion, and in 2018, its price once exceeded $168. Although there has been a recent rebound, it is still some distance from its historical highest price.
VET: VeChain's weekly increase of 74%
Finally, VeChain (VET) also performed well, with a 24-hour increase of over 12% and a weekly increase of nearly 74%. As of the time of writing, the latest quote for VET is $0.07.
VeChain was founded by Sunny Lu in 2015, aiming to utilize blockchain technology for decentralized supply chain management and providing end-to-end tracking solutions. VeChain's historical highest price occurred in April 2021, when the price was close to $0.28. Although it has not yet surpassed this price, the recent surge is enough to attract market attention.
