The cryptocurrency market is heating up as altcoin season officially kicks off, with explosive gains for many altcoins outperforming Bitcoin. This week saw Bitcoin reaching $39,000, its highest price since April 2022, but it was the likes of AVAX, Helium, Blur, and Rune that stole the show with impressive gains.
In other news, Reddit’s MOON token has completed its decentralization process, leading to a 150% increase in its price over the past month. MicroStrategy, the largest corporate holder of Bitcoin, doubled down on its BTC holdings by purchasing 16,000 bitcoins worth $600 million in November.
Coinbase’s stock tripled this month, reflecting Wall Street’s renewed trust in the US crypto exchange. FTX received approval to sell its investments in Grayscale trusts to repay creditors, while Cristiano Ronaldo faces a $1 billion lawsuit over the promotion of his NFT collection on Binance.
AI-related crypto tokens also saw a rally, with tokens like Bittensor’s TAO, Fetch.AI’s FET, and Covalent’s CQT experiencing significant gains. Standard Chartered Bank revised its Bitcoin forecast to $100,000 before the halving, citing increased optimism due to the anticipated introduction of U.S. spot Bitcoin ETFs.
Overall, it’s been a busy week in the world of cryptocurrency, with plenty of exciting developments and price movements to keep investors on their toes. Stay tuned for more updates next week.
