Crypto Compass by BitcoinWalletSG #99

Hello Fam,

As Bitcoin continues to dominate headlines with record-breaking prices and institutional adoption, the spotlight is now shifting toward altcoins, setting the stage for an upcoming alt season. With monthly trading volumes across crypto markets reaching a two-year high of $2.71 trillion and rising investor interest in Ethereum ETFs, Solana's record highs, and Hyperliquid's rapid ascent, the altcoin market is primed for explosive growth. The ripple effects of pro-crypto sentiment, regulatory optimism, and surging volumes in altcoin ecosystems suggest that the next wave of gains may come from beyond Bitcoin and Ethereum. Now is the time to watch for opportunities in this evolving market narrative.

XRP Becomes Third-Largest Cryptocurrency

XRP has climbed 30% in the last 24 hours, overtaking Tether (USDT) to secure the position of the third-largest cryptocurrency. With a market cap of $141.8 billion and a price of $2.46, XRP has risen 364% in the past month. The rally is fueled by optimism surrounding Ripple’s potential RLUSD stablecoin approval and SEC Chair Gary Gensler’s impending resignation. Market speculation also points to the potential introduction of spot XRP ETFs.

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Ethereum ETFs Signal a Bullish Turn for ETH

Ether (ETH) may finally be breaking its underperformance streak against bitcoin (BTC) year-to-date. Recent inflows to BlackRock's spot ether ETF surpassed those of its bitcoin counterpart, with $250 million vs. $137 million last Friday, according to a Bernstein report. This shift signals improving demand-supply dynamics for ETH. Analysts also see Ethereum staking yields as a potential catalyst under a crypto-friendly SEC, which could boost yields to 4-5% with increased blockchain activity. Ethereum’s robust staking contracts and long-term holder behavior further support its bullish outlook.

Hyperliquid's HYPE Token Soars Post-TGE

Hyperliquid's native token, HYPE, has surged to a valuation of over $9.4 billion just days after its Token Generation Event (TGE), following the airdrop of 310 million tokens worth $1.2 billion to its users. HYPE's current price of $9.39 has boosted its market cap to $3.1 billion, surpassing notable projects like Aave and Monero. The token plays a central role in the Hyperliquid ecosystem, powering transactions and staking for its HyperBFT consensus mechanism. Despite its success, Hyperliquid has faced criticism over its closed-source nature, raising questions about data transparency.

Happenings of the week

• CryptoPunks surge 47% in November, hitting 44 ETH floor ($158k)

• Jesse Pollak reiterates Base has zero plans for their own token

• Jupiter will revise airdrop plan after voters reject $1.6B rewards

• Donald Trump buys $10M more Ethereum using CoW swap

Crypto Trading Volume Hits $2.71 Trillion in November

November marked a milestone for crypto markets, with spot exchange trading volumes soaring to $2.71 trillion, more than doubling October's $1.14 trillion. Binance dominated the market with $986 billion in trades, while Crypto.com, Upbit, and Bybit also recorded impressive volumes above $200 billion. The month's record-breaking performance was fueled by Bitcoin and Ethereum futures trading, hitting $2.59 trillion and $1.28 trillion, respectively, their highest since May 2021.

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