Hello SnapShotters,
Bitcoin hit $100,000 on Thursday, and climbed up to $103,600 within an hour of reaching its new six-figure all-time high. Simultaneously, legacy cryptos, including TRON and XRP, are surging in what is often referred to as the ‘dino rotation’.
So, is it altcoin season? Yes, according to the Blockchain Center’s Altcoin Season Index, which climbed to 88 on December 4. The altcoin market cap almost doubled over the last month, from $877 billion on November 4 to $1.55 trillion on December 4.
But not yet, according to the Alt Signal’s indicators. While Bitcoin dominance has been declining since late November, it currently sits at over 55%, well above 45%, which indicates alt season.
Read on for the details on what’s moving the market.
News Snaps
💳 Mastercard x Crypto.com
Crypto.com has secured a principal license with Mastercard, enabling the company to directly issue cards on Mastercard’s network. As an initial milestone, Crypto.com has launched a card in Bahrain and will expand the program across the GCC Gulf region.
Crypto.com Launches Landmark Bug Bounty Program
As a testament to Crypto.com’s continuous commitment to safety and security, this week the company announced its upgraded bug bounty program with HackerOne, providing up to $2 million in rewards for the reporting of security vulnerabilities.
500K BTC AUM
This week, BlackRock’s IBIT spot Bitcoin ETF surpassed half a million BTC (worth $48 billion) in assets under management (AUM) — 2.38% of Bitcoin’s total 21 million supply — less than a year after launch.
🚀 TRON Reaches New ATH
TRX, the native token of the TRON Network, surged 80% on December 4 to a new all-time high above $0.43, breaking its prior peak of around $0.30 nearly seven years later. Analysts attribute the surge to both the political turmoil in South Korea, where TRON is widely used.
📈 Cardano’s TVL Nears $700 Million Amid Rally
Cardano’s DeFi ecosystem surged to $680 million in TVL amid optimism about the network’s recent developments, including the integration of Zero-Knowledge (ZK) smart contracts.
What’s Ahead
Sonic L-1 Coming Soon
Sonic Labs says its Layer-1 blockchain, Sonic, will launch soon after achieving Genesis — the first completed block of transactions on its chain.
Sonic is a speed-focused blockchain that is seen as a successor to the existing Fantom Opera network. Users will soon be able to swap their FTM tokens for Sonic’s S tokens at a 1:1 ratio.
Number of the Week
Chart of the Week
The stablecoin market capitalization reached an all-time high (ATH) of $193 billion on December 1, 2024, exceeding the previous peak of $188 billion on April 2, 2022, according to DefiLlama. This marked the 14th month that stablecoin market capitalization has increased.
Research & Insights
Monthly Feature Article | AI Data Chains
As AI continues to grow, it utilizes user-generated data in model training, which raises concerns on privacy and control of data. This report looks into the concept of AI data chains, with Vana and CARV Protocol as case studies.
Read the full report here.
Crypto Trivia
What is a Layer-1 blockchain?
A) A foundational blockchain network that handles its own transactions and security
B) A secondary protocol built on top of an existing blockchain to enhance scalability
C) A network of off-chain solutions used for faster transaction processing
Find the correct answer at the end of this newsletter.
NFT Spotlight
As a “tribute to the king of cryptocurrencies,” the InterCellar Marketplace is presenting ‘Bitcoin La Cuvée 2019 — Limited Edition 3-Pack’, which drops on December 11. The three “exceptional bottles” are “from France’s most prestigious terroirs: Margaux, Saint-Émilion Grand Cru, and Pessac-Léognan.” This is a limited-edition set with only 1,500 bottles per reference, featuring the 2019 vintage, “one of Bordeaux’s finest.”
Each bottle is individually numbered, packed in an elegant case, and stored in an ultra-secure warehouse, and digital twins are exchangeable, tradable, and redeemable.
After the drop, holders have three months to withdraw their NFT and connect it to InterCellar.io to redeem their physical bottle and gain access to all applicable benefits*.
*Terms and Conditions apply
Discover this vintage ode to Bitcoin, and step into the future of 🍷 🥃.
Product Updates
Diversify Your Portfolio Instantly With Crypto Basket
Designed for users looking to instantly diversify their holdings, Crypto Basket makes getting into crypto more accessible than ever. Choose from 13 themed baskets that come with functions like auto-rebalancing and targeted performance tracking.
Crypto.com Card Now Available in GCC (select jurisdictions)
GCC users, are you ready to Level Up? The Crypto.com Card* is now available for you. Unlock card spending benefits and more with the Level Up experience, including up to 8% on card spending, 100% rebates for Spotify and Netflix, and more. Plus, receive a premium metal card for the Ruby Steel tier and above.
Win Rewards From a Prize Pool of $1,000,000 of BARA
A new Airdrop Arena event is here — with the biggest prize pool yet. This time,$1,000,000 of BARA tokens is up for grabs, so don’t miss out. Simply allocate CRO to earn points. The event ends on January 7, 2025, 09:00 UTC. For more information, visit the FAQs or our blog.
This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.
Zircuit (ZRC)
Zircuit is a Layer 2 (L2) zk-rollup blockchain platform for decentralized applications on Ethereum.
AgentFun.AI (AGENTFUN)
AgentFun.Ai is a platform where users can create, nurture, and socialize their unique AI agents.
Crypto Learn
What Is Crypto.com’s CDCBTC?
CDCBTC is a wrapped Bitcoin token backed 1:1 by BTC and held in Crypto.com’s custody. It is a tokenized version of BTC that operates on blockchains other than Bitcoin and designed to enable BTC’s DeFi capabilities like on-chain trading, collateralized borrowing, and yield farming.
How Does CDCBTC Work?
BTC holders initiate a BTC withdrawal and receive CDCBTC in their destination wallet (called ‘wrapping’). During this process, new CDCBTC is minted on a 1:1 basis. If holders want to exchange wrapped BTC back to BTC, they just have to initiate a CDCBTC deposit into their Crypto.com account (called ‘unwrapping’) to receive the native BTC.
Benefits of CDCBTC
- Access to smart contract functionality
- Increased interoperability
- Faster transactions
- Access to DeFi opportunities
- BTC reserve held by a secure custodial solution
Learn more about CDCBTC.
CryptoIRL
Keeping cool under the sun. The Crypto.com Frosted Rose Gold Card and @croshouf chillin’ hard.
Hashtag #CryptoIRL with your Crypto.com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Security Tips
Binance Founder’s Giggle Academy X Account Gets Hacked
Malicious actors hacked into the Giggle Academy’s X account and posted fake statements and phishing links. The creator of the firm, and former CEO of Binance, Changpeng Zhao (CZ), has issued a warning to the cryptocurrency community to avoid interacting with posts from the compromised account.
Here’s how to stay safe:
- Be alert, as official accounts can get hacked.
- Always avoid clicking links that look out of place.
- Keep an eye out for attacks circulating online.
Crypto Trivia Answer
A) A Layer-1 is a foundational blockchain network that handles its own transactions and security
That’s it for this week’s SnapShot. Want more? Find out what’s trending in the crypto world.
