Bitcoin Continues Record-Breaking Streak, A November to Remember
Welcoming you to the new week and new month, the last month of the year, and another edition of your favorite weekly news round-up from Coinigy!
We had Bitcoin smashing records with historic price gains, and the market showing some incredible momentum that saw Ripple's XRP make a stunning leap to surpass Tether and become the third-largest cryptocurrency while there have been reports of a significant improvement in crypto security.
Here are the Highlights:
- Bitcoin smashes records with biggest-ever $26K monthly BTC price gain
- XRP (Ripple) Overtakes Tether: Approaching a New All-Time High
- Crypto losses hit second-lowest level of $71 million in November 2024
- Dogecoin Price Climbs as Shiba Inu Spikes to 8-Month High
Bitcoin smashes records with biggest-ever $26K monthly BTC price gain
Data from Cointelegraph Markets Pro and TradingView confirms the single biggest BTC price gain ever seen in a single monthly candle — $26,400. The November monthly close came in at around $96,400, also marking a new historic record for BTC/USD. Bitcoin finished the month up by more than 37%, making November its second-best month of 2024 so far. Responding, economist Carl Menger said that it was “just the beginning” of Bitcoin’s journey. An accompanying chart uploaded to X showed bullish signals on the monthly relative strength index (RSI).
XRP (Ripple) Overtakes Tether: Approaching a New All-Time High
Ripple’s XRP has overtaken the market capitalization of the stablecoin Tether (USDT) to become the third-largest cryptocurrency in the market. With a market capitalization exceeding $138 billion, as reported on Coinmarketcap.com, XRP now ranks only behind Bitcoin and Ethereum. Tether, a stablecoin designed to avoid the volatility typical of other cryptocurrencies, still holds a market capitalization of over $134 billion. Bitcoin continues to dominate the market with a capitalization of more than $1.9 trillion, followed by Ethereum at $444.4 billion.
Crypto losses hit second-lowest level of $71 million in November 2024
The crypto industry experienced its second-lowest monthly losses this month, November 2024, with $71 million lost across 26 incidents, according to blockchain security firm Immunefi. This marked a significant improvement compared to November 2023, which recorded $343 million in losses, representing a 79% year-over-year drop and a 4% decrease month-over-month. Year-to-date (YTD) figures show the industry lost $1.48 billion in 2024 due to hacks and rug pulls in 209 incidents. This represents a 15% decline compared to the $1.7 billion lost during the same period in 2023.
Dogecoin Price Climbs as Shiba Inu Spikes to 8-Month High
The second-biggest dog coin by market cap, Shiba Inu (SHIB), is having its day Saturday, with the Ethereum-based token jumping to an eight-month high price—all while top dog Dogecoin (DOGE) charts more modest gains. Shiba Inu saw a sharp spike Saturday evening, popping to a price of $0.00002969 before cooling off slightly to a current price of $0.00002897. Even at the subdued price, SHIB is up more than 12% on the day—and the last time it hit Saturday's peak was back on April 1, eight months ago.
Other Highlights Worth Mentioning
US SEC Sues Touzi Capital Over Allegedly Defrauding Investors - Binance
Coinbase resolves Solana transaction delays, admits internal missteps - Cryptoslate
Cardano Soars to 32-Month High Following $276 Million Whale Inflows - BeInCrypto
Ex-Binance Senior Employee Sues UK Arm, Alleges Bribery And Unfair Dismissal - Bitcoins