Weekly returns for altcoins have increased drastically with several noteworthy events in the industry, creating a fantastic month for crypto updates.
The crypto market witnessed an extremely bullish week, breaking across previous resistance levels. Multiple tokens, along with Bitcoin, were trading in stagnant ranges in the previous week. But the current week saw Bitcoin posting record returns, along with other altcoins. As a result, crypto updates in November saw one of the most fruitful months recently.
Regulation of crypto also took center stage this month, as crypto firms saw events in the US altering the industry’s outlook. With stricter rules across countries, the crypto sector would likely prepare for more clarity in the regulation of crypto.
Europe was in the highlights for the current week for certain decisions for regulating crypto. The European Banking Authority has started a consultation period for crypto asset service providers. After the draft guidelines are released, crypto firms in Europe could see new rules being created. Rules of crypto taxation, disclosure of assets, and other laws regarding anti-money laundering and financial crimes could see the day.
In Europe, Spain was in the news for announcing its plans to implement similar plans in the near future. With better regulations, investors have increased allocations to crypto investment products. The same was evident in the rising crypto inflows in 2023.
Meanwhile, central bank digital currencies (CBDCs) continued to occupy the central banks’ attention. In China, Standard Chartered Bank became the big entrant into the country’s CBDC trials. On the other hand, the Bank for International Settlements also announced the progress of Project Tourbillon. It released a report that shared the framework for a private CBDC that could ensure sufficient privacy and security for users.
Standard Chartered Bank also posted its analysis on the current crypto monthly returns. According to the bank, the crypto market had room for even more hikes. The crypto monthly returns for November have already taken its market capitalization to over $1.44 trillion.
A few reports quoted a senior official from the bank saying, “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs. This suggests a risk that the USD 100,000 level could be reached before end-2024.”
With strides on CBDCs and other crypto investment products and possible crypto ETFs, December could also be positive for crypto. Sentiments in the industry are currently extremely optimistic, and the trends could continue well into 2024 as well.
The best-performing crypto tokens for this week are:
The tokens with the worst weekly returns are:
Prominent tokens other than Bitcoin, like ETH, Solana, XRP, Dogecoin, Cardano, and Polkadot, among others, saw positive returns.
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