The crypto market begins the last month of the year riding an optimism-inducing wave. Most assets are trading into the green, with some boasting double-digit surges. Everything seems to be going the right way, and the overall market capitalization increased by almost $40 billion.

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Bitcoin (BITCOMP) gained nearly $2,000 in value this week, getting in the neighborhood of $40,000. The much-coveted resistance level is in its easy reach following an impressive uptrend that started almost 2 months ago. The king of cryptocurrencies aims to end the year on a high note and drag the entire crypto market along with it. Currently, BTC is trading at around $39,500.

Ethereum  (ETH-X) also enjoyed a successful week after improving its position above $2,000. The second crypto in command is up by almost 4% to dispel any fears of it going under $2k soon. Currently, ETH is trading at around $2,150 and aiming for the $2,200 level.

Altcoins & DeFi

Most altcoins are trading in the green, with some notable exceptions. This week’s losers include BNB, down by 2%, and TRON, down by over 4%. Meanwhile, XRP dropped by almost 1% to correct its current trend.

Elsewhere, Solana is up by 9%, Chainlink by 6%, and Cardano by 1%. Also, Avalanche is up by 5%, Dogecoin by 9%, and Polygon by 4%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the green. For instance, Axie Infinity is up by 6%, The Sandbox by 3%, Decentraland by 1%, ICP by 2%, and Theta Network by 7%. Also, Render is up by 10% and Stacks by a whopping 22%.

The DeFi sector added almost $1 billion to the total value of locked protocols (TVL), now at $48.78 billion.

Crypto Market Analysis – What’s in the News?

• MicroStrategy bought another $600M worth of BTC.
• FTX obtained the Court’s approval to sell the Grayscale Trust assets worth nearly $800 million.
• A crypto trading platform called Hounax allegedly scammed a group of Hong Kong investors, siphoning over $15 million from their accounts.

Next Week’s Crypto Market Forecast

The crypto market is anticipating what should be a highly lucrative 2024 with a resounding year’s end. Seeing most cryptocurrencies on a significant uptrend is refreshing for their supporters, especially after 2023 began on such a sour note. For example, Bitcoin was trading at only $16,000 in January. Hopefully, this surge will continue for the rest of December.

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