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Executive Summary
- Crypto led the rise with BTC reaching an all-time high above $100,000 on 5 December. Fixed Income also increased while Equities had mixed performances.
- Donald Trump won the US presidential election, which coincided with new all-time highs for equity indices (Dow Jones, S&P 500, and Nasdaq) and BTC. The US Personal Consumption Expenditures Price Index increased by 2.3% year-on-year, in line with the Dow Jones consensus forecast. FOMC minutes suggested that Fed officials support lowering interest rates “gradually”.
- Key macro events in December include interest rate decisions from the US, UK, Eurozone, Australia, Canada, China, and Japan
- BTC’s performance correlations with Equities dropped slightly in November and turned negative with Fixed Income.
- US spot Bitcoin ETFs saw total net inflows of $6.5 billion in November; BlackRock’s IBIT recorded its largest daily net inflow of $1.1 billion on 7 November.
- Market-Neutral Pair Trader hunts for strongly correlated tokens and potential market-neutral pair trades. ADA/OP (0.81) shows the strongest price correlation, followed by DOT/ATOM(0.80), BTC/ETH(0.79) and DOT/ADA(0.79).
- For the BTC vs. ETH pair, the price ratio (BTC price divided by ETH price) fell towards 1-standard deviation (SD) at the end of November, down from +2 SD.
- Our style-factor screens track momentum, value, growth, and risk for the Layer-1 and Layer-2, DeFi, Gaming, and NFT categories. Below is the screen for selected top crypto tokens by market cap in the Layer-1 and Layer-2 category. All major L1 and L2 tokens saw positive price movement over November, with ADA and CRO saw the biggest monthly gain. Cronos announced the proposal for EVM Pallene v1.4 mainnet upgrade and Google Cloud will serve as a primary cloud provider for Cronos. Cardano launched its first zero-knowledge (ZK) smart contract, Halo2, and released Lace 1.17.5.
- Our events section shows recent and upcoming events for selected tokens, as well as important macroeconomic events.
| Token | 7D Price Change | 1M Price Change | Events |
|---|---|---|---|
| Bitcoin (BTC) | +1.4% | +39.4% | US spot bitcoin ETFs saw their highest monthly net inflow of $6.5 billion in November. Bitcoin reached an all-time high above $100,000 on 5 December. |
| Ether (ETH) | +5.6% | +47.6% | US spot ether ETFs recorded their highest monthly net inflow of $1.1 billion in November. Ethereum introduced the Mekong testnet d |
| Cronos (CRO) | +12.0% | +177.0% | There is a new proposal on the Cronos EVM Pallene Upgrade, which introduces parallel transaction processing and optimistic execu |
| Ripple (XRP) | +86.6% | +432.5% | XRP once overtook USDT and SOL to become the third largest cryptocurrency by market capitalisation on 2 December. This c |
| Avalanche (AVAX) | +20.6% | +114.3% | Avalanche announced that the Avalanche9000 testnet is live on the Fuji testnet. Avalanche9000 lowered the cost of launching L1s and enabled developers to communicate via Interchain Messaging. In addition, the team launched Retro9000, an up to $40 million retroactive grant programme for the builder community. |
| Chainlink (LINK) | +35.6% | +116.0% | Chainlink introduced the Chainlink Runtime Environment (CRE) to connect traditional financial architecture and legacy systems with blockchains and smart contracts. The goal is to simplify the complexities of interacting with multiple systems by creating a unified architecture. |
| Token | Bitcoin (BTC) |
|---|---|
| 7D Price Change | +1.4% |
| 1M Price Change | +39.4% |
| Events | US spot bitcoin ETFs saw their highest monthly net inflow of $6.5 billion in November. Bitcoin reached an all-time high above $100,000 on 5 December. |
| Token | Ether (ETH) |
| 7D Price Change | +5.6% |
| 1M Price Change | +47.6% |
| Events | US spot ether ETFs recorded their highest monthly net inflow of $1.1 billion in November. Ethereum introduced the Mekong testnet d |
| Token | Cronos (CRO) |
| 7D Price Change | +12.0% |
| 1M Price Change | +177.0% |
| Events | There is a new proposal on the Cronos EVM Pallene Upgrade, which introduces parallel transaction processing and optimistic execu |
| Token | Ripple (XRP) |
| 7D Price Change | +86.6% |
| 1M Price Change | +432.5% |
| Events | XRP once overtook USDT and SOL to become the third largest cryptocurrency by market capitalisation on 2 December. This c |
| Token | Avalanche (AVAX) |
| 7D Price Change | +20.6% |
| 1M Price Change | +114.3% |
| Events | Avalanche announced that the Avalanche9000 testnet is live on the Fuji testnet. Avalanche9000 lowered the cost of launching L1s and enabled developers to communicate via Interchain Messaging. In addition, the team launched Retro9000, an up to $40 million retroactive grant programme for the builder community. |
| Token | Chainlink (LINK) |
| 7D Price Change | +35.6% |
| 1M Price Change | +116.0% |
| Events | Chainlink introduced the Chainlink Runtime Environment (CRE) to connect traditional financial architecture and legacy systems with blockchains and smart contracts. The goal is to simplify the complexities of interacting with multiple systems by creating a unified architecture. |
Read the full Alpha Navigator report: Alpha Navigator: Quest for Alpha [November 2024]
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