Altcoin season has officially begun; Crypto stocks, like MicroStrategy and Coinbase, are also booming and one bank is expecting a massive increase in the price of Bitcoin much sooner than it initially thought. These stories and more, this week in crypto.
Altcoins outperform Bitcoin
Bitcoin hit $39,000 this week, its highest price since April 2022, but explosive gains for many altcoins outperforming BTC have sparked calls for an altcoin season. AVAX, the native token of the Avalanche blockchain, has surged 97% as JPMorgan tests tokenization of assets on its network. Beyond AVAX, Helium, Blur and Rune were among the best performing altcoins, doubling in value in just one month.
Reddit’s MOON token on the rise
The social platform Reddit has reached a major milestone by completing the decentralization of its MOON token. By relinquishing control of the distribution contract, the supply of MOON coins is capped and ensures that no further changes can be made to this contract, thus making MOON a fully decentralized entity. Reddit’s coin price reacted positively to the news, trading 150% higher than just a month ago.
MicroStrategy doubles its stake on BTC
Microstrategy, the largest company holding Bitcoin, bought around 16,000 bitcoins in November, worth around $600 million, increasing its holdings by 10 percent. The software company now holds 175,000 bitcoins purchased at an average price of around $30,000 per coin and the November purchase marks an acceleration of the company’s bitcoin purchasing activities.
Coinbase Stock Triples
Coinbase stocks have jumped 62% this month, demonstrating Wall Street’s renewed confidence in the leading US crypto exchange. Amid Binance’s legal troubles, investors expect increased activity for Coinbase, contributing to the stock’s three-fold surge in 2023. Analysts say Coinbase is in its best position since its IPO, having survived to the upheavals in the industry over the past two years.
FTX to sell Grayscale assets
FTX received bankruptcy court approval to sell its $744 million investments in Grayscale trusts to raise cash and repay creditors, who are owed billions of dollars. Since FTX filed for bankruptcy last year amid fraud allegations, the company’s advisers have unraveled a complex web of debts to various creditors. So far, $7 billion in assets have been recovered.
Another superstar sued for endorsing NFTs
Cristiano Ronaldo faces a A Billion Dollar Class Action Lawsuit for promoting its NFT collection on Binance. The collection included animated statues depicting key moments in the star footballer’s life, with some NFTs selling for up to $10,000. The plaintiffs in the case now claim that Ronaldo’s support led to expensive and risky investments, accusing him of making misleading statements regarding Binance promotions.
Roundup of AI-related crypto tokens
AI-related cryptocurrencies jumped by $2 billion in less than two weeks, with major tokens seeing significant gains. Notably, Bittensor’s TAO token has soared 86% over the past two weeks, thanks in part to its blockchain-based machine learning network. The FET token of Fetch.AI, which specializes in AI-driven data solutions, soared 46%, while Covalent, which provides unified access to blockchain data, saw its CQT token gain 42%.
Standard Chartered: Crypto Spring is here
Standard Chartered Bank has revised his Bitcoin prediction by $100,000 will occur before the halving, citing increased optimism due to the planned introduction of spot Bitcoin ETFs in the United States. Geoff Kendrick, head of cryptocurrency research at the bank, spoke of a crypto spring and highlighted Bitcoin’s dominance and miner hoarding as driving factors in its growing value.
This is what happened this week in crypto, see you next week.