Weekly Crypto News: XRP Soares, Altcoins Climbing, Regulation Developments, Companies Turning to Bitcoin, and More

XRP has surged to become the third-largest cryptocurrency by market cap, overtaking Tether (USDT) and hitting $2.49 on December 2, its highest price since 2018. This milestone brought XRP’s market cap back to $100 billion for the first time in nearly six years. The asset also retested and broke its 2021 peak of $1.95 earlier in the week before extending its rally, marking a total weekly gain of 51.73%.

This growth comes as Ripple continues to navigate its legal battle with the SEC. While the regulator appealed a July 2023 ruling that declared XRP is not a security when sold on public exchanges, Ripple remains optimistic about future outcomes. Adding to the momentum, asset manager WisdomTree announced plans to file for an XRP ETF, further cementing the token’s relevance in the evolving crypto landscape.

Last week saw significant developments in crypto regulation globally. The U.K. Financial Conduct Authority (FCA) announced plans to finalize comprehensive crypto regulations by 2026, signaling a major step toward industry oversight. Meanwhile, Morocco, after banning cryptocurrencies for seven years, is preparing to introduce regulatory frameworks to stimulate local market growth. In Brazil, lawmakers proposed a groundbreaking bill to allocate 5% of the country’s treasury reserves to Bitcoin, aiming to position the nation as a leader in crypto adoption.

Russia also advanced its regulatory agenda by introducing federal legislation to tax cryptocurrencies, effectively recognizing them as taxable property. In the U.S., the Court of Appeals overturned sanctions on Tornado Cash, ruling that the Treasury Department exceeded its authority, a decision hailed as a victory for privacy advocates. Former SEC Commissioner Paul Atkins emerged as the leading candidate to head the SEC under President-elect Donald Trump and on top of that, Coinbase’s legal chief projected that clear rules for stablecoins could emerge as early as 2025, paving the way for increased adoption and innovation.

Last week saw traditional firms doubling down on Bitcoin, highlighting a growing institutional appetite for the leading cryptocurrency. MicroStrategy, a long-time Bitcoin advocate, expanded its holdings by acquiring an additional 55,000 BTC for $5.4 billion, bringing its total to a staggering 386,700 BTC. Similarly, Marathon, a Bitcoin mining company, purchased $67 million worth of BTC, raising its holdings to 34,794 BTC valued at $3.3 billion. These moves solidify both firms as major players in the Bitcoin market.

The enthusiasm didn’t stop there. Video-sharing platform Rumble announced plans to allocate $20 million toward Bitcoin for strategic growth, while reports revealed that Metaplanet is raising $62 million to purchase Bitcoin, signaling continued interest from diverse industries. This trend underscores Bitcoin’s growing appeal as a strategic asset, as traditional companies seek to align with the cryptocurrency’s long-term potential.

Altcoins and memecoins continued to shine as the crypto market hit new milestones. Dogecoin (DOGE) grabbed headlines, surpassing Porsche’s market cap at $57.8 billion, driven by Elon Musk’s involvement in government initiatives and the potential launch of a DOGE exchange-traded product. Other standout performers included Solana’s viral memecoin “Just a Chill Guy” (CHILLGUY), which turned a $160 investment into $5.6 million for one lucky trader. These gains reflect the enthusiasm for speculative assets in the always thrilling crypto space.

The total crypto market cap climbed to an all-time high of $3.65 trillion, fueled by significant growth in altcoins like Ethereum, XRP, and Cardano. Analysts suggest that the recent rally demonstrates renewed confidence in digital assets, with traders capitalizing on market momentum. Analysts suggest this rally is driven by increasing institutional interest and renewed optimism following recent market corrections, setting the stage for potential further growth.