Crypto wrap: Bitcoin tops $103K; ETH, HYPE, and RENDER show bullish momentum

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Written on Dec 5, 2024

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BTC topped $103k, gaining momentum amid Trump's selection of Paul Atkins as SEC Chair.
ETH has broken above $3,900 while Render, Hyperliquid soar.
Altcoins could rally next amid an anticipated altseason.

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Crypto markets are bullish on Dec. 5 with investors seeing Bitcoin’s surge to above $103k as an indicator for the next leg up for altcoins.

Multiple ecosystem developments, including on the regulatory front have the market buzzing, with Ethereum (ETH), Render (RENDER), and Hyperliquid (HYPE) among coins attracting massive attention.

Here’s a market update for today as the global cryptocurrency market cap jumps to $3.8 trillion.

Crypto in the news

Ripple says that its stablecoin RLUSD has delayed its highly anticipated launch.

The company is eyeing regulatory approval.

ARK Invest CEO Cathie Wood has noted that Trump’s pick of Paul Atkins as the next SEC chair is positive for the crypto market.

According to Wood, this could spark new life into the digital assets space, untying the industry from Gary Gensler’s negative approach.

On Wednesday, US Federal Reserve Chair Jerome Powell said Bitcoin is the digital gold and a competitor of the precious metal, not of the US dollar.

This came as Russian President Vladimir Putin noted that Bitcoin is unstoppable.

Bithumb, the second largest crypto exchange in South Korea, has announced support for NEIRO, MORPHO, and SUNDOG.

The exchange will add Korean won pairs for these tokens on Dec. 5.

Crypto price updates

Top 10 cryptocurrencies

Bitcoin (BTC) traded between lows of $94,870 and $103,679, currently 6% up.

The 24-hour range for BTC sees a huge green candle on the day as the benchmark asset’s market cap crosses the $2 trillion mark.

Analysts say BTC could target $120k with the next uptick, with Standard Chartered predicting prices could hit $200k by the end of 2025.

Among the top 10 altcoins, Ethereum has spiked more than 5% to above $3,900 and could eye the $4,000 level. Most analysts are bullish on the ETH price.

Meanwhile, Dogecoin leads gainers in this group with nearly 7% upside momentum in 24 hours.

DOGE traded around $0.44. XRP, which has ripped in recent weeks, was down 9% to $2.38 amid the RLUSD delay news.

Solana changed hands around $2.37, but barely in the green, while BNB had shed 6% to near $733.

24-hour top gainers

As noted above, the cryptocurrency market is trading mixed as of writing.

However, a few altcoins stand out on the day.

In the top 100 by market cap, JasmyCoin (JASMY) is the top 24-hour performer with +26% to trade at $0.05056.

The next big movers are Aerodrome Finance (AERO) with +15% at $1.87 and The Sandbox (SAND) with +13% at $0.931.

Render (RENDER) at +11% in 24 hours at $10.02.

Recently launched Hyperliquid (HYPE) is also up 11%, with futures surpassing $17.

Crypto analyst Miles Deutscher highlights HYPE as one of the tokens to watch.

Miles Deutscher

@milesdeutscher

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$XRP is bringing the normies back $BTC is bringing TradFi/mainstream retail back $HYPE is bringing the on-chain degens back Every segment of the market is perfectly aligned in their own way. Perfect storm.

11:06 am · 5 Dec 2024

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Bitcoin layer-2 token Stacks (STX) were also gaining, up more than 10% at the time of writing to change hands around $2.90.