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XRP Beats Solana To Become 4th Largest Crypto By Market Cap
XRP surged over 26% in the last 24 hours, reclaiming the $2 level after a gap of nearly seven years.
The coin topped $136 billion in market capitalization, knocking Solana out of fourth place among the largest cryptocurrencies in valuation.
The latest rally has catapulted XRP’s year-to-date gains to 286%, significantly outpacing Bitcoin BTC/USD and Ethereum ETH/USD.
The rally was spurred by a Fox Business report about the New York Department of Financial Services' imminent green light to stablecoin RLUSD by Ripple Labs—the blockchain-based company using XRP for its offerings.
Michael Saylor Claims He Can Convince Warren Buffett to Buy Bitcoin
Michael Saylor, co-founder and executive chairman of software intelligence firm Microstrategy, criticized the cash management strategy of Warren Buffett’s Berkshire Hathaway during a Nov. 18 interview on the PBD Podcast.
Saylor speculated that even traditionalists like Warren Buffett could be persuaded to adopt BTC. The Microstrategy executive chairman extended his critique to others who hold significant cash reserves without exploring alternatives like bitcoin. “I will say for the record I’m happy to go visit anybody that has a hundred billion of cash that’s sitting and burning $10 billion of shareholder value a year. I will go visit you and provide you with all of the information you need in order to be convinced that you should flip to the bitcoin standard,” Saylor added, underscoring his belief in bitcoin as a superior asset for wealth preservation.
Michael Saylor Proposes $5T Boost for Microsoft with Bitcoin
Michael Saylor, chair of MicroStrategy, presented a bold proposal to Microsoft’s board, suggesting that investing heavily in Bitcoin (CRYPTO:BTC) could potentially add $5 trillion to the tech giant’s market capitalisation.
In a December 1 video, Saylor revealed a three-minute pitch backed by 44 slides, advocating for Microsoft to redirect its cash flows, dividends, stock buybacks, and debt into Bitcoin.
“Microsoft can’t afford to miss the next technology wave, and Bitcoin is that wave,” he stated.
US Bitcoin, Ether ETFs Log Record Inflows on Trump’s Embrace of Crypto
The groups of Bitcoin and Ether ETFs each posted record monthly net inflows in November, $6.5 billion and $1.1 billion respectively, according to data compiled by Bloomberg. Friday’s daily Ether ETF subscriptions also hit an all-time peak.
The interest in Ether, the largest token after Bitcoin, points to widening speculative appetite for crypto following Trump’s US election victory on Nov. 5. By some metrics, the clamor for exposure to digital assets has yet to reprise the mania of a pandemic-era bubble, at least among retail investors.
Dogecoin Bounces 9% After Bernie Sanders' Views Align With Elon Musk's 'DOGE' Department
Popular dog-themed cryptocurrency Dogecoin rallied sharply Sunday after Sen. Bernie Sanders(I-Vt.) implicitly supported Elon Musk's upcoming Department of Government Efficiency, or DOGE.
The world's largest meme coin by market capitalization leaped over 9% in the last 24 hours.
DOGE's trading volume jumped 40% to $8.93 billion, making it the fifth-most traded cryptocurrency in the last 24 hours.
The planned DOGE department, overseen by Musk and Vivek Ramaswamy, seeks to cut through the complexity of federal bureaucracy and filter out “nonsensical” regulations.
Analysts Say Bitcoin Is Poised for $100k Now That Long-Term Holders Have Stopped Selling
Crypto analyst James Van Straten believes that Bitcoin will cross $100,000 as long the demand for the flagship continues to outstrip supply. Van Straten shared this view in a post on X (formerly Twitter), noting a net accumulation of 87,000 BTC over the last 30 days.
According to the analyst, the return to accumulation is a great sign, showing that long-term holders (LTHs) selling off the flagship that has been taking profits have finally slowed down. Based on his analysis, this sell-off has been the reason behind Bitcoin’s struggle to reach $100,000.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Friday was $320.01 million. The total net asset value of Bitcoin spot ETFs is $105.28 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.47%.
The Bitcoin spot ETF with the highest net inflow on November 29 was iShares Bitcoin Trust, with a net inflow of $137.49 million. Following that was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of 106.46 million, according to SoSoValue.