CRYPTO TODAY (02/12): UNEXPECTED ALTCOIN SEASON IS COMING

Tags: stablecoin

Crypto today covers the latest trends, including XRP’s surge, altcoin season, Boyaa’s strategy shift, and global crypto regulations. Stay informed for smarter investments.

Crypto today delivers crucial insights and trends for anyone exploring the cryptocurrency market. Discover these updates to enhance your understanding and make informed investment decisions.

1. TOP ALTCOINS TO WATCH FOR BULLISH BREAKOUTS BEYOND BITCOIN ROTATION

The total cryptocurrency market cap recently surged to a new all-time high of $3.64 trillion, signaling strong momentum across the sector. With Bitcoin (BTC) failing to reach the highly anticipated $100k mark in November, investor focus has shifted toward altcoins, including Ethereum (ETH), XRP, Hedera (HBAR), Dogecoin (DOGE), and Solana (SOL), among others.

CryptoQuant CEO Ki Young Ju explained that the current altcoin season is not driven by the typical rotation of capital from Bitcoin. Instead, the growth seen in these altcoins is primarily attributed to stablecoin and fiat pairings, suggesting real market expansion rather than just asset reallocation. This shift indicates that altcoins are gaining traction based on solid fundamentals, making them key assets to watch for potential bullish breakouts.

2. XRP RISES TO A 6-YEAR HIGH, MARKET CAP SURPASSES SOL AND USDT

The altcoin that garnered the most attention from the cryptocurrency community over the past weekend is XRP, which saw a surge to its highest value since January 2018, when it reached its all-time high (ATH) of $3.4.

Since November 6, just before the results of the U.S. presidential election, XRP’s price has surged by over 350%, making it the top-performing altcoin in the top 10 by market capitalization over the past month.

At its current price, XRP’s market capitalization exceeds $136 billion, surpassing Solana (SOL) and even USDT, becoming the third-largest cryptocurrency by market cap in the world.

3. FORMER FACEBOOK STABLECOIN DIRECTOR CLAIMS U.S. KILLED PROJECT FOR POLITICAL REASONS

On November 30, David Marcus, the former director of Libra/Diem, revealed that the U.S. Department of the Treasury “killed” the stablecoin project due to political motives. Launched in 2019, Libra aimed to create a global stablecoin integrated into Facebook’s platform. Despite securing 28 partners and Marcus testifying before U.S. Congress to ensure legal compliance, the project ultimately failed.

4. BLUEFIN ANNOUNCES TOKENOMICS AND PREPARES AIRDROP FOR SUI USERS

On November 30, Bluefin, a decentralized exchange (DEX) built on Sui, announced the opening of its airdrop eligibility checks and released the tokenomics for its BLUE token.

In addition to early supporters, Bluefin will allocate airdrops to partners both within and outside the Sui ecosystem, including NFT communities, promotional ambassadors, and others.

The BLUE token allocation breakdown is as follows:

• Community Airdrop: 17.15%
• NFT Partners (0.79%): Pudgy Penguins, MadLads, Azuki, and Prime Machin
• EVM and Solana Partners (1.45%): Jupiter, Aerodrome, Wormhole, Pyth, and Elixir
• Sui Ecosystem Partners (1.95%): AlphaFi, Suilend, Cetus, Scallop, Turbos, FlowX, DoubleUp, 7k, FUD, Deepbook, AAA, Aftermath, Bucket, Typus, Navi, Hop, and Suiplay
• Bluefin Users (12.943%): Based on reward points accumulated through product use.

5. SOUTH KOREA DELAYS CRYPTO TAX UNTIL 2027 

Both major political parties in South Korea (the Democratic Party and the People Power Party) have agreed to postpone the implementation of the crypto tax until 2027. The tax, originally set to take effect in January 2025, was aimed at imposing a 20% tax on cryptocurrency profits.

The delay is due to the government’s desire to ensure market stability before applying the tax, which could deter investors and reduce market liquidity.

6. MICHAEL SAYLOR “SHILLS” BITCOIN TO MICROSOFT BOARD OF DIRECTORS

In the first week of December 2024, the crypto community shared a video of Michael Saylor, co-founder of MicroStrategy, giving a presentation to the board of directors at Microsoft, including CEO Satya Nadella.

In a brief but powerful 3-minute pitch, Saylor confidently argued that an appropriate Bitcoin strategy could significantly boost Microsoft’s profits.

7. DMM BITCOIN CEASES OPERATIONS, TRANSFERS ASSETS TO SBI

More than six months after a $305 million hack in May 2024, Japanese cryptocurrency exchange DMM Bitcoin has announced its plan to cease operations and transfer customer assets to SBI VC Trade.

According to a press release from SBI VC Trade, a subsidiary of SBI Holdings, the company has reached a preliminary agreement with DMM Bitcoin to take over customer accounts and assets.

All assets, including Japanese yen (JPY) and cryptocurrency tokens stored on DMM Bitcoin, will be transferred to SBI VC Trade by March 2025, allowing customers to continue trading.

8. BOYAA INTERACTIVE CONVERTS ETHER TO BITCOIN AMID STRATEGIC SHIFT

According to Cointelegraph, Boyaa Interactive International, a Hong Kong-based company known for online card and table games, has made a significant move in managing its treasury by converting its Ether holdings into Bitcoin. On November 29, the company announced that it swapped 14,200 Ether, worth over $49 million, for approximately 515 Bitcoin between November 19 and 28.

This strategic decision increased Boyaa’s Bitcoin reserves to 3,183 BTC, valued at $310.7 million based on current market prices, according to CoinGecko. The company’s board approved the conversion, emphasizing Bitcoin’s importance in their long-term strategy. Boyaa stated that the decision was based on future outlooks and strategic planning, viewing this as an opportune time to strengthen its Bitcoin reserves.

9. ELON MUSK CHALLENGES OPENAI’S SHIFT TO PROFIT-DRIVEN ENTITY

According to Cointelegraph, billionaire Elon Musk has filed a lawsuit to prevent OpenAI, the creator of ChatGPT, from transitioning into a profit-driven entity. The legal action, submitted on November 30, accuses OpenAI, CEO Sam Altman, Chairman Greg Brockman, and Microsoft shareholders of anti-competitive practices that violate Musk’s initial contributions to the organization.

In response, OpenAI stated that Musk is using the judicial system to benefit his competing AI company, xAI, and argued that his lawsuit is baseless. In a related incident, Musk threatened to ban Apple devices from his companies after Apple announced plans to integrate OpenAI’s ChatGPT into its operating system. However, Apple launched its own AI initiative, Apple Intelligence, on October 28.

In conclusion, the crypto today continues to evolve rapidly, with significant developments shaping the industry’s future. From surprising altcoin rallies to strategic decisions by major companies, these updates highlight the unpredictable and dynamic nature of the market. XRP’s impressive surge, Boyaa Interactive’s strategic asset shift, and Cobo’s acknowledgment of an unexpected altcoin season reflect the volatility and potential of the crypto space. Additionally, shifts in regulatory approaches, such as South Korea’s delay of crypto tax implementation and DMM Bitcoin’s operational cessation, illustrate the external factors influencing market stability. As the landscape continues to shift, staying informed on these key trends will be essential for making sound investment decisions in the ever-changing world of cryptocurrency.