Crypto Morning Brief: XRP Rises to Third Place in Market Cap Rankings, NFT Sales Hit Six-Month High in November
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Crypto Morning Brief: XRP Rises to Third Place in Market Cap Rankings, NFT Sales Hit Six-Month High in November
NFTs will become the primary investment choice for AI, and the market will迎来 the most prosperous NFT bull market in history.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
This week will see large token unlocks for JTO, ADA, and ENA, with JTO unlocking approximately $517 million worth of tokens
According to Token Unlocks data, major token unlocks are scheduled this week for JTO, ADA, and ENA, totaling $644 million in value. Specifically:
Ethena (ENA) will unlock 12.86 million tokens at 15:00 on December 4, valued at approximately $10.6 million, representing 0.45% of circulating supply;
Cardano (ADA) will unlock 18.53 million tokens at 08:00 on December 6, valued at approximately $21.12 million, representing 0.05% of circulating supply;
Jito (JTO) will unlock 135 million tokens at 00:00 on December 8, valued at approximately $517 million, representing 103.03% of circulating supply;
Bitget Token (BGB) will unlock 5.38 million tokens at 08:00 on December 10, valued at approximately $8.66 million, representing 0.38% of circulating supply.
Analysis: Bitcoin dominance nearing breakdown of multi-year support, possibly signaling the arrival of altseason
According to TradingView data, Bitcoin dominance (BTC.D) has dropped to 56.75%, down 8.15% from 61.78% on November 21. Additionally, the total market cap of cryptocurrencies excluding Bitcoin (TOTAL2) has shown a one-sided upward trend, rising about 70% since December 5, currently standing at $1.46 trillion.
Per crypto.news, analysts note that Bitcoin’s dominance is approaching a breakdown of its long-term support trendline. Meanwhile, Ethereum’s dominance has declined to 12.9%, while the dominance of other cryptocurrencies has increased from 28.1% last month to 31.5%, potentially signaling the onset of an "altseason."
XRP market cap surpasses $130 billion, overtaking SOL/USDT to rank third in cryptocurrency market capitalization
Yesterday, XRP rose to hit $2.35, its highest level since January 2018; it is now trading at $2.3104, up 21.49% over the past 24 hours.
XRP’s market cap has exceeded $130 billion, surpassing SOL ($113.1 billion) and USDT, securing third place in the cryptocurrency market cap rankings.
Ethereum Foundation Researcher: Ethereum L1 will gradually improve over the coming years, while L2s will see significant performance enhancements within months
Justin Drake, researcher at the Ethereum Foundation, posted on X commemorating the fourth anniversary of the Ethereum Beacon Chain launch. Initially, only 500,000 ETH were staked, offering no immediate benefits to users. However, it has since evolved into one of the strongest foundations in blockchain history.
Looking ahead, Drake believes Ethereum has the potential to become the settlement layer for the internet of value. Although the Beacon Chain remains imperfect, upcoming upgrades will remain challenging over the next few years—including improvements in censorship resistance and MEV handling, reducing staking deposits, accelerating finality times, intelligent issuance design, full-chain validation at smartwatch efficiency levels, and post-quantum security. Beyond consensus, goals include achieving full data sharding and native rollups at the execution layer.
Drake noted that many L1 improvements will be rolled out gradually over the coming years, with some—like post-quantum security—potentially requiring a complete redesign. L2 solutions, however, are expected to deliver substantial performance gains within months, including fast user experience, low fees, infinite throughput, and synchronous composability.
Spectral: Syntax platform遭遇security vulnerability, application access currently suspended
Spectral announced that certain tokens on its newly launched Syntax platform have been identified with a security vulnerability during trading, which could result in the removal of approximately $200,000 in liquidity. In response, the Spectral team has swiftly taken measures to ensure platform and user safety, including:
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Temporarily disabling access to the Syntax application;
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Suspending all smart contracts to prevent further interactions.
The Spectral team is currently collaborating with top industry security experts to identify the root cause and develop a fix to restore normal platform operations as soon as possible. The Syntax team stated these actions are the most effective way to protect community interests and committed to providing timely updates.
NFT sales exceed $562 million in November, hitting a six-month high
According to Cointelegraph, NFT sales surpassed $562 million in November, exceeding October’s record of $356 million. Data from analytics firm CryptoSlam also shows that November’s monthly NFT sales marked the highest since May, when digital collectibles reached $599 million in sales volume. Despite the strong rebound, monthly NFT sales remain far below 2024’s peak levels.
Andrew Kang: NFTs will become primary investment vehicles for AI, ushering in the most prosperous NFT bull market in history
Andrew Kang, partner at Mechanism Capital, predicted on social media the arrival of the most prosperous NFT bull market in history. He argued that AI systems will become extremely wealthy but unable to purchase physical luxury goods, leading them to invest in NFTs instead.
Regarding NFT marketplace valuations, Kang highlighted that Magic Eden’s $3 billion pre-IPO valuation underscores the severe undervaluation of Blur, which holds greater market share. He expects Blur’s upcoming fee distribution mechanism to deliver tangible returns to token holders, effectively balancing the impact of mining rewards on the market.
Arthur Hayes: South Korea delays capital gains tax on crypto by two years—bull market can continue
According to The Korea Economic Daily, the ruling Democratic Party’s floor leader agreed to delay taxation on virtual assets by two years. In response, BitMEX co-founder Arthur Hayes tweeted: “The bull market can continue—South Korea has delayed capital gains tax on crypto by two years.”
Base Protocol Lead: Base has no plans to launch a token; team remains focused on product development
Jesse Pollak, protocol lead at Base, stated on social media that Base has no plans to issue a token. Drawing lessons from Hyperliquid, he emphasized that before introducing tokenomics, the priority should be building a product users love. Not launching a token allows the team to focus on solving real problems and earning user trust through genuine contributions.
He added that this isn't an isolated case—historical entrepreneurial experience consistently shows that building a world-class product is paramount. The Base team will continue focusing on product development and addressing practical challenges to better empower developers.
Bitwise CEO: Being bearish on ETH won’t be a sustainable stance; L1 category will grow significantly
Hunter Horsley, CEO of Bitwise, wrote on X that being bearish on Ethereum (ETH) is not a viable long-term position. This doesn’t mean one cannot be bullish on other L1s—he believes the answer lies in both: the L1 category as a whole will expand substantially, and the success of one project does not require the failure of another.
Market Data
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The Diamond-Hand Manual: How to Achieve 100x Returns in the Memecoin Market?
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