The cryptocurrency market witnessed a significant divergence this week, with Bitcoin struggling for direction while several altcoins posted explosive gains. Bitcoin managed to reclaim the $95,000 support level after a dip to $93,696, triggered by political tensions in South Korea. Despite this recovery, the flagship cryptocurrency lacked the momentum to break past the $100,000 psychological barrier, trading at $96,158.15 at press time.
The broader market sentiment remained firmly bullish, with the overall cryptocurrency market capitalization reaching a new all-time high of $3.73 trillion, up roughly 4% in a day. The Crypto Fear and Greed Index sat at 80, indicating a state of "extreme greed." The altcoin season index strengthened from 86 to 88, reinforcing the narrative that capital is rotating into alternative cryptocurrencies.
Tron (TRX) led the charge among top 100 assets, skyrocketing 46.7% in 24 hours to hit an all-time high of $0.431 before settling at $0.354. This surge pushed its market cap to $30.49 billion, a more than 230% increase from its yearly low. The rally was accompanied by an 88% spike in futures open interest to $425 million, signaling intense bullish speculation. Furthermore, TRX emerged as a top DeFi performer, with its Total Value Locked (TVL) increasing by over 50% in a day, significantly outpacing Ethereum and Solana.
Hyperliquid (HYPE) followed with a 28.2% gain, reaching a new peak market cap of $4.32 billion. Its rally was fueled by the successful execution of its Token Generation Event (TGE) on November 29, which distributed 31% of the total supply (worth $1.2 billion) to the community without allocations for venture capitalists. Positive user sentiment, driven by features like its TWAP (Time-Weighted Average Price) mechanism for minimizing slippage, added to the momentum.
Mantle (MNT) surged 25% to an eight-month high of $1.13, trading at $1.10 with a market cap of $3.6 billion. A key catalyst was the integration of Chainlink's Cross-Chain Interoperability Protocol (CCIP), enabling Mantle to connect seamlessly with multiple blockchains. This followed earlier announcements where Mantle developers unveiled key ecosystem pillars, including Mantle Network, mETH, and MantleX, its AI-focused initiative, backed by a treasury exceeding $4 billion.
Analysts presented mixed views on Bitcoin's near-term trajectory. Some, like CrypNuevo, warned of a potential deeper retest towards $90,000, while others anticipated a breakout. The next major macro catalyst is seen as a potential Federal Reserve rate cut, with the CME FedWatch Tool indicating a 74.5% probability of a 0.25% cut in December.
