Every week, Amdax summarizes what's happening in the crypto market for you. Want to learn more? Click through for further insights. 

This newsletter is a co-production with our partner Bitcoin Alpha.

Market Update 

Stay informed in three steps:

1. Bitcoin Undergoes a Minor Correction

Bitcoin’s strong rally, which began in early November, ended just shy of the psychological milestone of $100,000. The mild 9% correction that followed is typical after such a significant price surge and allows the market to cool off. Bitcoin is expected to make another attempt to break the $100,000 mark after this pause.

2. Crypto Assets from the Previous Cycle Outperform

While Bitcoin takes a breather, investors are shifting focus to other crypto assets. In recent weeks, attention has turned to altcoins that performed well during the 2021 bull market, with some experiencing price increases of hundreds of percent.

3. XRP Becomes the Third Largest Crypto Asset

One of the longstanding altcoins, XRP, has surged over 400% since early November. It has overtaken Solana and the stablecoin USDT in market capitalization, making it the third-largest crypto asset, behind only Bitcoin and Ethereum.

News Overview

Signal out of the noise:

• Charles Schwab to Offer Direct Crypto Trading
  Currently, clients of the financial giant can invest in U.S. spot Bitcoin ETFs, but the company aims to establish a more direct connection with the market. "We’re waiting for a more favorable regulatory environment, which now seems within reach," said incoming CEO Rick Wurster. "We can offer our clients better prices by eliminating a significant portion of fees and spreads."
• Michael Saylor Urges Microsoft to Adopt Bitcoin
  During a speech to Microsoft’s board, the MicroStrategy founder claimed that Bitcoin would drive the next wave of technological innovation. Saylor urged Microsoft to adopt Bitcoin strategically and predicted that its market value could grow from $2 trillion today to $280 trillion by 2045. His speech lasted just three minutes.
• Memecoins Drive Record Volume on Decentralized Exchanges in November
  Total trading volume on networks like Solana, Base, and Arbitrum reached $362 billion, surpassing the previous record set in 2021 by 21.4%. Solana attracted the most speculators with $125.5 billion in volume, followed by Ethereum ($66.7 billion) and Base ($41.8 billion). Among decentralized exchanges, Raydium on Solana stood out with $78.5 billion in trades.
• Trump Administration to Grant CFTC More Power Over Crypto
  This move suggests that a larger portion of the crypto market could be classified as "digital commodities," though the specifics of this classification remain unclear. Meanwhile, Trump’s media company has filed a trademark for TruthFi, a crypto-based payment platform.
• WisdomTree Files Application for Spot XRP ETF
  Joining Bitwise, 21Shares, and Canary Capital, WisdomTree becomes the fourth entity to file for a spot XRP ETF. The timing is notable as SEC Chair Gary Gensler prepares to step down, and XRP has recently overtaken Tether as the third-largest crypto asset. Approval remains uncertain due to Ripple Labs’ ongoing legal battles with the SEC.

Amdax’s Take

Bitcoin’s pause below $100,000 offers altcoins a chance to shine. Interestingly, many of the best-performing assets are those that excelled during the previous cycle. A likely explanation is the return of investors who were active at that time and are reinvesting in familiar assets.