On December 5, 2024, Bitcoin shocked the world - it broke through the $100,000 mark for the first time, reaching a record high of $103,000! This news was like a ignited powder keg, instantly causing the total market value of the cryptocurrency market to soar to more than $3.89 trillion, and market sentiment soared directly to "extreme greed". But just as the market was ecstatic, Bitcoin ushered in a dramatic correction and quickly stabilized at around $94,000. This wave of "sudden brakes" caught countless traders off guard, and the liquidation amount set a record in the history of encryption. Data shows that on December 9 alone, the long liquidation amount was as high as $1.5 billion, while the short liquidation amount was only $154 million - the price of over-optimism is painful.
Veteran altcoin "dinosaur pump": the dinos are resurrected!
The crypto market in November was like a nostalgia show. Those old-fashioned altcoins once called "Dino" suddenly revived and staged a shocking rebound:
Stellar (XLM) surges 260%
Cardano (ADA) surges 97%
Ripple (XRP) surges 280%
TRON (TRX) also grew strongly by 68%
What made these "old friends" return to the center stage? The answer may be Trump's "pro-crypto policy". During the election, Trump promised to appoint a cryptocurrency-friendly SEC chairman, which ignited market enthusiasm. In the end, he was successfully elected president, and the market expected that Ripple's lawsuit with the SEC might be settled. XRP therefore took off, soaring more than 300%, and even other altcoins took this "revival" train.
At the same time, XRP's RLUSD stablecoin was approved by the New York Department of Financial Services, which once again strengthened the market's confidence in Ripple. As a result, retail investors began to focus on other old-brand altcoins that performed well in previous rounds of bull markets, directly setting off a wave of "dinosaur pump" market.
Is the carnival season for altcoins coming?
Not only are the old altcoins enjoying great success, but the entire altcoin market has also seen an explosion in November. According to Coingecko data, the market value of altcoins has increased by 27% in the past 30 days, climbing to more than $185 billion. The most outstanding performers include:
Avalanche (+43%) Chainlink (+93%) Polkadot (+70%) Sui (+57%) Uniswap (+102%) Aave (+105%) Polygon (+60%)
Memecoins also got a share of the carnival. The Block's GMCI Meme Index shows that the overall market value of memecoins has increased by 27%. Although the gains have weakened slightly in the past week, the market enthusiasm cannot be ignored.
Will Bitcoin rise again in December?
Historically, the fourth quarter has been the strongest period for Bitcoin, with an average return of 57%. This year, the return rate for the quarter has now reached 58%. However, the trend in December has been more "naughty": in election years, the return rate often soars to more than 30%, which has also added a lot of highlights to the market this month.
Nevertheless, whether Bitcoin's dominance can continue depends on the flow of funds in the entire crypto market. If more funds flow into altcoins, Bitcoin's rise may slow down or even be diverted in the short term. And those "dinosaur pump" altcoins, if they cannot attract continued retail enthusiasm, may repeat the same mistakes and gradually weaken.
2024, we witness history
Whether it is short-term fluctuations or long-term trends, Bitcoin's performance is rewriting financial history. From a "marginal asset that was criticized by the mainstream media" to today's global financial darling, Bitcoin has created its own legend. Today, more than 1.83% of Bitcoin's circulation (about 36 billion US dollars) is held by listed companies, which is not only a proof of trust, but also a reflection of its global influence.
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