Market Update 2nd December 2024
By Shikha Singh
Bitcoin is making a strong push towards the $100K milestone, having recently reached $99,800, sparking hopes for a breakthrough.
Despite some market corrections, Bitcoin’s volatility is continuing to decrease, now trailing behind stocks like Nvidia and AMD, signaling a maturing market.
On-chain data and growing institutional interest point to Bitcoin’s rising potential as a store of value and hedge against global macroeconomic risks.
Although short-term expectations for Bitcoin to hit $100K by December are uncertain, analysts forecast a 76.8% chance of it reaching that mark by January 2025.
Currently, bitcoin is trading at $95,554, down 1.80% in the last 24 hours.
Shiba Inu (SHIB), after a few weeks of sluggish performance, has surged over 22% in the past 24 hours, reaching a multi-month high.
The meme coin briefly re-entered the top 10 cryptocurrencies by market cap, though it retraced slightly.
Significant increases in SHIB’s weekly burn rate have contributed to its rally and renewed investor optimism.
The community is predicting more potential gains, with some even speculating a 10,000% surge, although this is a highly exaggerated forecast.
XRP has seen a stunning 300% surge in the past month, recently pushing above $2 for the first time since 2018.
This rally gained momentum following news of SEC Chair Gary Gensler stepping down, fueling optimism around Ripple’s ongoing legal battle.
XRP has surpassed Solana (SOL) to become the fourth-largest cryptocurrency by market cap, with its price rising by 50% in just a week.
Its recent gains reflect growing confidence, positioning XRP as a major player in the altcoin space.
Base, the Ethereum Layer 2 network incubated by Coinbase, has experienced impressive growth since its launch in August 2023.
Base’s daily transactions surged by 1,600% in 2024, and its total value locked (TVL) rose by 470%, reaching $2.51 billion in October.
Stablecoin adoption on Base has also exploded, with weekly stablecoin volume increasing by over 8,800% this year, highlighting Base’s ability to process mass payments efficiently.
With its strong growth across key metrics and focus on non-monetary applications, Base is emerging as a leading network in the Layer 2 space.
Overall, the crypto market is seeing continued bullish momentum, with Bitcoin, XRP, and Shiba Inu leading the charge, while Base’s growth in stablecoin adoption adds another layer of excitement for the future of blockchain and digital assets.
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