Market Update: December 2024 | Week 2

9 DEC 2024 | RESEARCH

Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.

Highlights

• Bitcoin achieved a historic milestone last week by surpassing $100,000 for the first time amidst two crypto-friendly appointments in the Trump administration at crucial designations.


• XRP’s 400% surge in November pushed its market capitalization to $146 billion, surpassing Solana ($112 billion) and USDT ($137 billion) to claim the position of the third-largest cryptocurrency by market value.


• Hyperliquid, a leading derivatives protocol with over 50% share in onchain perpetual trading volume, launched its token last week, delivering the largest airdrop in dollar terms in the industry.

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