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OVERVIEW

The Altcoin Market Hit A New All-Time High 😱 

Source: Tenor.com

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total and altcoin market cap YTD:

Source: TradingView

New In Three Sentences
Crypto News 📰

🔺 Avalanche’s Etna Upgrade Brings Cheaper Fees and Sovereign L1 Chains

Avalanche’s Etna Upgrade slashes C-Chain fees by 96% and introduces sovereign L1 chains, making Subnets look like yesterday’s news. Dynamic fees are rolling out to the P-Chain too, finally addressing congestion and cost concerns. With reduced barriers for validators and custom staking logic, Etna is Avalanche’s way of saying, “Build here, we’re serious.” Avalanche blog.

🚀 Great Scott: Republic Turns Private Investing into Token Factory on Sui

Republic’s Sui LaunchPad lets companies spin up utility tokens, with DeLorean’s Web3 arm kicking things off (yes, that DeLorean). It’s Republic’s first big move outside Ethereum, and they’re bringing compliance, investor access, and shiny tokens to the Sui ecosystem. You might not win a 2025 DeLorean EV, but you can still flex your utility token clout. Sui blog.

📈 Altcoins Are Trending Again, Google Says So

Google searches for “altcoins” just hit a near-record high, clocking in at 88 out of 100 on December 4—almost matching the frenzy of 2021’s altcoin season. The Altcoin Season Index now sits at 89, signaling that altcoins are outperforming Bitcoin with Ethereum leading the charge past $3,800. CryptoBriefing.

🪙 Trump Taps Paul Atkins as New SEC Chair—Crypto Cheers

President-Elect Trump has nominated Paul Atkins, a long-time crypto advocate, to replace Gary Gensler as SEC Chair when Trump takes office in January. Atkins has co-chaired the Token Alliance at the Digital Chamber of Commerce and has a history of prioritizing innovation over over-regulation. Crypto bros everywhere are popping champagne, but don’t hold your breath for sweeping reforms just yet. NFTGators.

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TECHNICAL ANALYSIS
Altcoin Market’s New All-Time High: $1.15 Trillion 💥 

And here it is, a new all-time high for the altcoin market (excluding Ethereum):

Altcoin Market Cap Weekly Chart – Click to enlarge.

Interestingly, the altcoin market cap with Ethereum is still below its all-time highs. In fact, Ethereum is underperforming nearly the entirety of the altcoin market and Bitcoin. On an absolute basis, however, many view today’s move above $3,800 as the start of a push toward its year-to-date highs near $4,200. 🤯 

There’s a boatload of capital rotation going on in altcoins right now. Altcoins like ADA, XRP, HBAR, and ALGO are seeing some profit-taking and/or pausing their rallies, while laggards like MANA, SANDBOX, COMP, and DOT are catching more buyers.

Exciting times all around! And while Altcoins cruise to new highs, many are watching today’s jump in Bitcoin as well, hoping we finally achieve the elusive $100,000 mark in the coming days so we can focus on the next major milestone. 🤩 

News In Three Sentences
Metaverse, NFT, & Gaming News 🎮️

🛠️ Flow Flexes with Dev Growth and CryptoKitties Nostalgia

Flow climbed developer charts, hosted Vitalik and Metamask’s co-founder, and proved it’s still the chain to beat at ETHGlobal events. CryptoKitties hit 150,000 players because, apparently, people can’t resist digital cats—even in 2024. Oh, and they launched a Rewards Store, so now you can gamify your app usage. Flow blog.

🎉 Saga’s Vault Eight: Loyalty Pays Off Big

The final Vault of 2024 is live, packed with rewards for loyal $SAGA stakers, including NFTs, exclusive experiences, and plenty of Saga tokens. Loyal stakers score higher-tier rewards based on consecutive participation, with accident forgiveness thrown in for those who missed a step. Partners like Lightning Works and Chillville add a fun mix of comics, games, and token drops to sweeten the deal. SAGA blog.

News In Three Sentences
DeFi, DEX, and Lending Protocol News 🏦

⚙️ Asphere and 0SUM: DeFi Deployment Goes Full Turbo

Asphere’s no-code Rollup-as-a-Service now includes 0SUM’s DEX-as-a-Service, letting you deploy a rollup and DEX in minutes—faster than explaining “rollup tech” to your friends. Concentrated liquidity, multi-fee tiers, and low slippage make the DEX features sound as fancy as they are functional. In short: it’s DeFi infrastructure for the “just ship it” crowd. Ankr blog.

💸 Spectra Puts scrvUSD Yields in the Spotlight

Spectra rolled out a shiny new yield market for scrvUSD, letting DeFi nerds speculate on interest rates like it’s Wall Street 2.0. Liquidity providers are pulling in 170% APY for now, but don’t get too comfy—more liquidity will take that down a notch. This is Curve’s AMM magic working overtime, making boring old yields way more exciting. Curve finance.

🔗 TruFin Brings Institutional Staking to Injective

TruFin dropped its TruStake liquid staking system on Injective, adding fancy staking options for DeFi users who want to sound important. TruStake automates re-staking and lets you swap its token, TruINJ, back to INJ instantly—no annoying 21-day wait. It’s staking for the institutional crowd, but they’ll let us pretend we’re one of them. Injective blog.

💸 DeFi.app Secures $2 Million Seed Round at $100M Valuation

DeFi.app, calling itself the “Robinhood of DeFi,” raised $2 million at a $100M valuation led by Mechanism Capital, with a focus on community-driven token distribution. Their pitch? A one-click, gas-free, multi-chain trading app designed to lure normies away from centralized exchanges. A public beta launches this month, and yes, there’s already a tournament with rewards because gamifying finance never gets old. TheBlock.

ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥 

Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀

24-Hour Liquidation Heat Map – Source: Coinglass – Click to enlarge.

In the past 24 hours, 165,230 traders were liquidated, with total liquidations reaching $415.91 million.

The largest single liquidation occurred on Binance, an ETHBTC pair valued at $4.88 million.

Longs lost $228.47 million, while shorts were hit for $187.41 million. 🤕 

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LINKS
Links That Don’t Suck 🔗

📜 Missouri bill would ban CBDCs, make gold and silver legal tender

🤦 Citadel CEO Ken Griffin says he regrets not buying crypto in its bear market

😲 Brian Armstrong gives ultimatum to lawyers, vows to break ties with any that hire employees with anti-crypto stance

💿️ Ubisoft to sunset XDefiant in 2025, nearly 300 people affected by layoffs

🤖 Amazon announces Nova, a new family of multimodal AI models

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Author Disclosure: The author of this newsletter holds positions in ADA, WMT, COPI, MIN, AGIX, ALGO, DOGE, ZEC, AVAX, XLM, XTZ, and NEAR. 📋