Crypto Adds $1T in Market Cap Since Election
Catch up on all the holiday weekend action with this recap.
TylerD's Market Summary
GM!
Today's top news:
-Crypto adds $1T in market cap since election
-Ripple flips SOL and Tether, ETFs coming
-HYPE briefly approaches $10 in post-airdrop surge
-SOL memes and AI tokens take huge hit overnight
-ETH NFTs see $50M in volume, top collections soar
💰 Trump Trillion(s) Are Here
Trump was widely seen as the more pro-crypto candidate.
But not even the most bullish Trumper would've thought his impact would be this swift.
And everyone's bags are benefitting.
What Happened?
The overall crypto market cap now stands at $3.35T, now $1.1T higher than it was on November 4th.
Bitcoin led the charge but has since cooled off as it tries to break through the psychological $100k barrier.
Crypto majors are currently at:
Bitcoin $95,150 (-3% on week)
ETH $3,600 (+3%)
Solana $225 (-11%)
So ETH is outperforming and Solana is underperforming.
The Bitcoin dominance percentage is now at 57%, down 4% from peak and you know what that means - ALT SZN (and AI SZN and even NFT SZN).
And these are all looking strong despite a Sunday selloff.
Alt SZN
Boy has ALT SZN started fast, with Ripple (XRP) leading the way and flipping Solana.
Ripple ETFs are coming and the market is rapidly repricing XRP, with the token up 50% on the week and now up to $128B in market cap.
It wasn't just XRP that had a great week though - most of the top 15 crypto movers of the week were alts.
Top Alt Movers on the week:
ENS +70%
ALGO +60%
HBAR +59%
XRP +50%
THETA +44%
And that list doesn't even include Hyperliquid and its HYPE token which was airdropped on Friday and has since soared to nearly $10B in FDV in just 3 days ($8.3B this morning).
That airdrop delivered $1.6B to users in one of the biggest airdrops of all time.
AI SZN
It's not just alts winning right now with broader memes cooling off.
The AI sector is scorching hot, from infrastructure to agents.
Memes are winning too, with the overall memecoin market cap hitting a new ATH on Sunday at $126B.
A few notable leaders:
TAO at $4.3B (+12% on week)
FET at $4.2B (+16%)
AIOZ at $1.2B (+32%)
PRIME at $469M (+36%)
VIRTUALS at $1.36B (+130%)
0x0 at $267M (+115%)
Virtuals was arguably THE winner of the week, along with its top AI Agent aixbt which soared 260% to $170M (hit $230M at peak).
The Virtuals platform has also seen an explosion in new launches and is quickly becoming the Pump Fun for AI Agents on Base.
The AI meme leaders did take a large hit on the week however, with GOAT -19% and FART -55%.
NFT SZN
The holiday weekend was so hot that even NFTs caught a bid - and a big one at that.
Volume skyrocketed to $50M on Sunday, nearly 10x the daily levels seen just a few weeks ago.
And the weekly gains show it:
Punks at 44 ETH (+17%)
BAYC at 23 ETH (+90%)
Pudgy at 14.6 ETH (+29%)
Azuki at 5.6 ETH (+28%)
MAYC at 3.75 ETH (+85%)
Massive moves, with the Yuga ecosystem leading the way. And oh yeah, Punks are now $158,000.
Why It Matters
The main takeaway here is - as the larger crypto pie grows, there will be several opportunities to win.
The rising tide will lift all boats.
We have seen it already across Alts, Memes, AI and NFTs.
While those sectors will likely take turns in the spotlight, they'll each win and could grow by as much as 10x if Bitcoin reaches the levels many think it will this cycle.
So pick a focus area (or a few) that you like and try to avoid the fomo of missing other runners - there will be plenty to go around.
🚚 What is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $50M on the day; Solana was next with $5.1M and then Bitcoin with $4.1M
ETH NFT leaders were washed in green; Punks +4% at 44 ETH, BAYC +9% at 23.2,, Pudgy +3% at 14.6 ETH, Milady +3% at 7.1, Azuki +1% at 5.85
7 Fidenza sales brought the floor up 40% on the week to 39.5 ETH
Shib Yard (+320%), Hedgies (+140%) and The Currency (+130%) led notable top movers
BTC NFT leaders were also very green; Bitcoin Puppets +6% at 0.161 BTC, NodeMonkes +7% at 0.139 BTC, OMB +7% at 0.138, Quantum Cats +5% at 0.2
The Runes leaders were mixed; DOG -2% at $648M mc, PUPS even at $200M, BDC -8% at $94M, GIZMO even at $27M
Pudgy Penguins teased The Prophecy with more details expected soon (along with their party at Art Basel this week)
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
Hyperliquid completed its HYPE airdrop, giving out over $1B to its users as the HYPE token has soared to $10B fdv
Virtuals announced a partnership with Pond to combine tokenization with decentralized AI model creation on Base, with the $PH token being airdropped to Virtuals users ($PH ran to $20M in early trading)
Jupiter will adjust its airdrop plan after failing to reach a 70% consensus on its initial plans for Jupuary
ApeChain reached $100M in TVL for the first time
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are red with XRP leading; BTC -2% at $95,000, ETH -2% at $3,600, SOL -1% at $222, XRP +24% at $2.35
KAIA (+30%), HBAR (+21%), LTC (+19%) & IOTA (+14%) were top alt movers
Memecoin majors are very red; DOGE -3% at $0.41, SHIBA -7%, PEPE -5%, BONK -8%, WIF -5%, POPCAT -14%
XRP flipped Solana and even Tether (briefly) in a massive run this weekend
Wisdom Tree officially filed with the SEC for an XRP ETF
Michael Saylor delivered his Bitcoin presentation to the Microsoft Board at the Dec 2024 shareholder's meeting, outlining how they could buy BTC and why
Bitcoin balances on exchanges have reached historic lows pointing to increasing buy pressure and lack of sellers
🚀 Memecoin Movers
$TETSUO (+37,000% to $34M market cap, SOL)
$DOMO (+5,000% to $10M market cap, SOL)
$SERAPH (+4,800% to $22M market cap, Base / SOL)
$ALCH (+80% to $80M market cap, SOL)
$BOOE (+45% to $32M market cap, ETH)
📈 NFT Floor Price Increase (ETH)
Shib Yard (315%, 0.07 ETH Floor)
Shiboshis (150%, 0.25 ETH floor)
Hedgies (138%, 0.12 ETH)
The Currency (117%, 1.39 ETH)
Impostors (88%, 0.37 ETH)
🗓 Upcoming Mints and Events
Folks - my source for daily mints and events has shut down operations.
Given the general lack of interest in new mints on a daily basis, I'll be discontinuing this section of the newsletter, at least for now.
If I can find a good source for daily events, I will look at turning it back on.
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