Bitcoin Rockets To $44,000

A year after The Economist wrote crypto off as dead after FTX collapsed, Bitcoin is trading above $43,000 for the first time since April 2022, with ETH briefly crossing $2,300.

Crypto markets have kicked off December with a bang, with rising hopes of imminent spot ETF approvals and favourable seasonal and macro conditions helping to build on November’s momentum.

With Bitcoin up nearly 25% over the past month, retail investors are showing renewed interest in crypto, according to a filing from brokerage firm Robinhood - trading volumes were 75% higher compared to October.

However, caution remains warranted as perpetual funding rates remain elevated, particularly on dYdX, indicating traders continue to pile on the leverage as prices rise.

Altcoins continue to lag the world's largest cryptocurrency, with Bitcoin dominance hitting a new high for the year at 55%.

Top Gainers

BRC-20 tokens have been on a tear over the past week as Bitcoin rallied, making ORDI the best-performing asset in the top 100 with a 35% surge today.

Curiously, tokens linked to the infamous Terra ecosystem have posted substantial gains – LUNA is up 50%, while LUNC has doubled in the past week.

The modular blockchain narrative is heating up, with Celestia’s recently airdropped TIA token surging 50% to nearly $10. The average airdrop is now worth almost $3,000.

Other top performers include PEPE, IOTA, and STACKS, which are up 50% or more on the week.