- The cryptocurrency sector valuation grew by $12.5 billion as it superior to a brand new all-time excessive of $3.73 trillion on Tuesday.
- Whereas Bitcoin value hit a brand new all-time excessive of $108,135, Ethereum and Solana additionally scored appreciable positive factors.
- Privateness-focused cash Monero and Litecoin additionally recorded main positive factors after the US authorities shut down a North Korean crypto laundering community.
Altcoin market updates: Solana, XRP, Litecoin emerge as prime performers forward of Fed determination
Because the US Federal Open Market Committee (FOMC) kicked off its final assembly of the 12 months on Tuesday, bullish merchants positioned final minute bets in anticipation of a 3rd consecutive price cut determination.
Crypto Market Capitalization, December 17
Amid the speedy capital inflows, the crypto sector grew 3.7%, including almost $130 billion to its world market capitalization on Tuesday.
- Whereas Bitcoin (BTC) hit a brand new all-time excessive of $108,135, mega cap altcoins like Litecoin (LTC) and Solana (SOL) and Ripple (XRP) additionally scored appreciable positive factors.
- Solana value surged 4% on Tuesday, propelled by the rising recognition of its newest memecoin fad, Fartcoin (FART), which crossed the $1 billion market cap on Tuesday.
- On Monday, the US Division of the Treasury’s Workplace of International Belongings Management (OFAC) sanctioned seven company entities linked to offering monetary and army help to the Democratic Folks’s Republic of Korea (DPRK).
Monero (XMR) Worth motion | Supply: Coingecko
The US authorities’ sanctions on the North Korean hackers drove up demand for privacy-focused altcoins.
Whereas Litecoin value rose 7% to breach the $130 resistance, Monero additionally rose to 2% to hit the $218 mark.
Chart of the day Traders promote altcoins, purchase Bitcoin on risk-averse sentiment
Within the first week of December, world markets confronted turbulence amid escalating geopolitical tensions in South Korea and Syria.
Whereas the crypto market rebounded following the discharge of a dovish US CPI report on December 10, crucial indicators counsel that traders stay cautious, with a lingering low-risk urge for food stemming from the current market crash.
The BlockchainCentre’s Altcoin Season Index highlights this sentiment by monitoring the ratio of altcoin market demand relative to day by day capital flows into Bitcoin, the most important and most established cryptocurrency.
Traditionally, when traders undertake a risk-averse stance amid financial uncertainty, capital tends to favor Bitcoin over the extra unstable altcoins.
Altcoin Season Index, December 17, 2024 | BlockchainCenter
As proven in the chart beneath, the Altcoin Season Index declined from 75 on December 4 to 65 as of press time on Tuesday, marking a 13% drop in altcoin demand relative to Bitcoin because the market bottomed out on December 9.
This sharp decline underscores the cautious positioning of merchants amid the present backdrop.
Trying forward, all eyes are on the Federal Reserve’s (Fed) rate of interest determination on Wednesday.
If the Fed delivers a price cut in line with analysts’ expectations, it may rekindle investor demand for threat belongings and reignite capital flows towards altcoins.
- Bybit to Stop Crypto Companies in France by January 2025 Amid Regulatory Pressures
Bybit, a serious world crypto alternate, will halt withdrawal and custody companies for French customers beginning January 8, 2025, following heightened regulatory scrutiny from French authorities. Affected customers are urged to withdraw their belongings earlier than the deadline to keep away from disruptions.
Accounts with balances exceeding 10 USDC may have their holdings transferred to Coinhouse, a licensed crypto custodian in France, upon verification.
For accounts beneath this threshold, Bybit will deduct a ten USDC termination charge.
The transfer underscores broader legislative efforts to tighten oversight of crypto companies throughout the area.
- Eliza Labs Companions with Stanford to Analysis AI Integration in Crypto
Eliza Labs, creators of the ai16z AI agent platform, has partnered with Stanford College’s Way forward for Digital Foreign money Initiative to discover AI and digital forex interactions.
The analysis will prioritize creating belief mechanisms and governance fashions for AI brokers in the crypto ecosystem.
The collaboration, funded by Eliza Labs, combines management from Stanford professors with insights from top-tier crypto trade stakeholders.
The initiative goals to advance AI agent reliability and strengthen their function in decentralized techniques.
