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The global cryptocurrency market experienced a marginal downturn on Thursday. Its market cap declined to $1.42 trillion, marking a 0.28% decrease within the last 24 hours. The existing situation may threaten the position of the next cryptocurrency to explode.

Over the preceding 24 hours, the total trading volume in the crypto sphere amounted to $49.12 billion, representing a 3.79% decrease. Notably, the decentralized finance sector contributed $5.22 billion to this volume, accounting for 10.63% of the total crypto market activity within the same period. Concurrently, stablecoins demonstrated significant prominence, capturing $43.77 billion in trading volume, constituting a substantial 89.11% share of the overall crypto market’s 24-hour volume.

Bitcoin maintained its dominance at 52.05%, exhibiting no change in its percentage share over the day. Bitcoin has remained quite resilient in the face of several challenges.

crypto heat map

Market analysts suggest that despite the slight overall decline, the stablecoin dominance in trading volume underscores the continued use of these pegged cryptocurrencies for trading purposes and as a haven against market volatility.

November has unfolded as a dreamlike period for the stock market, resembling a fairy tale for investors as the anticipated Santa rally arrived ahead of schedule. Traders have placed their bets on a Goldilocks scenario, envisioning a situation where inflation decreases, and central banks opt for lowering interest rates.

The MSCI world stock index (.MIWO00000PUS) is poised to conclude the month with an approximate 9% increase, marking its most impressive performance since November 2020, a time when markets celebrated the advent of COVID-19 vaccines.

The decline in inflationary pressures has sparked discussions suggesting that major entities like the U.S. Federal Reserve and the European Central Bank are concluding their phase of aggressive rate hikes. This trend has buoyed both bond and stock markets while exerting downward pressure on the dollar.

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On a global scale, bond prices have surged significantly. An ICE BofA index tracking global investment-grade bonds across major markets is on track to deliver a remarkable 3.4% return for November, establishing itself as the most lucrative month since 1997 (.MERGBMI).

Conversely, yields on U.S. Treasuries, which move inversely to bond prices, are anticipated to record their most substantial monthly decrease since 2008, underlining the prevailing sentiment towards bonds amid the evolving economic landscape.

1. Meme Kombat (MK)

Meme Kombat (MK) is a blockchain-based gaming platform that merges meme culture with immersive battle arenas, offering users a distinctive and entertaining gaming experience. The project’s primary goal is to craft engaging gaming scenarios by harnessing AI technology, creating comical battles that users can actively engage in and wager on using MK tokens.

As the native token within the Meme Kombat ecosystem, MK serves multiple purposes such as facilitating battle rewards and operating the platform’s high-yield staking protocol.

The project has garnered considerable attention owing to its unique concept, amassing a Twitter following that now exceeds 9,100 individuals. Investors can acquire MK tokens through the presale for $0.214 per token during its early stages. The ongoing presale phase of Meme Kombat has attracted substantial interest, securing over $2.2 million in investments thus far.

Notably, 50% of the total MK supply has been earmarked for participants in the presale, where the token’s price escalates incrementally with each stage sold out. From its initial base price of $0.167 at launch, the current presale price has risen to $0.214 due to robust demand in the early phases.

Scheduled to conclude by January 4, 2024, the presale sets the stage for Meme Kombat’s official platform launch and the subsequent listing of the MK token on the popular decentralized exchange Uniswap. The forthcoming listing on Uniswap is anticipated to significantly broaden MK’s market visibility and liquidity, extending access to a wider spectrum of investors.

Drawing parallels to top memecoins like Dogelon Mars (ELON), which witnessed over a 5,000% surge post-listing on Uniswap, the Meme Kombat Telegram community expresses great enthusiasm for MK’s potential to be the next cryptocurrency to explode in 2024.

With its innovative platform and enticing stakes model, MK has the potential to emerge as a leading contender in the memecoin domain should it gain substantial traction following its launch.

Visit Meme Kombat.

2. Solana (SOL)

At the time of this report, Solana (SOL) is being traded at $60.04, displaying a remarkable surge of over 1.26% within the last 24 hours, as reported by CoinMarketCap. For the past week, SOL has seen a 2.99% increase in its value.

SOL price chart

The trajectory of SOL witnessed an astounding rally throughout November, surpassing the $50 mark for the first time since May 2022, outperforming numerous other coins and tokens in the market.

Industry analysts attribute this upsurge to a considerable short squeeze triggered by short sellers closing their positions and a revived interest from institutional investors. Despite this boom occurring nearly a month ago, Solana continues to demonstrate significant momentum.

Initially considered one of the most oversold assets following rumours circulating about the potential large-scale sale of SOL by the new management of collapsed crypto exchange FTX, SOL unexpectedly soared as short sellers, who had wagered on its decline, swiftly exited their positions.

Over the preceding 30 days, SOL has surged by more than 67.91%, solidifying its position as one of the next cryptocurrencies to explode.

3. Theta Network (THETA)

Theta Network (THETA) is currently priced at $1.01, marking a 4.90% surge in the last 24 hours and a 6.40% increase over the past 7 days. The 24-hour trading volume stands at $27.59 million, underscoring the growing activity within the network. With a circulating supply of 1 billion THETA tokens, the platform boasts a market capitalization of $1 billion.

THETA price chart

The highest recorded price for Theta Network (THETA) stands at $15.72, dated April 16, 2021, over two years ago. Comparatively, the current price exhibits a substantial 93.62% decline from its all-time high. In contrast, the lowest historical price for THETA was $0.04039979, noted on March 13, 2020, over three years ago. The current price reflects a staggering increase of 2,381.57% from its all-time low.

Theta Network (THETA) has demonstrated robust performance in the last 7 days, showcasing a 6.00% surge. This stands out as THETA surpasses the global cryptocurrency market’s 0.80% increase and outperforms similar Smart Contract Platform cryptocurrencies, which have witnessed a decline of -0.70% during the same period.

The sentiment surrounding Theta Network (THETA) is notably bullish, with over 88% of users expressing optimism about its current trajectory. This positive outlook among the community underscores growing confidence and belief in the platform’s potential.

As Theta Network continues to exhibit upward momentum in price coupled with optimistic community sentiment, investors and analysts are observing its performance closely for future trends and developments within the network.

4. THORChain (RUNE)

Today, THORChain’s native token, RUNE, is also gaining. Its price has surged impressively by 15%, reaching $6.15, indicating a strong upward movement following a consolidation phase. This climb positions RUNE within a triangular chart pattern, and a potential breakout above this pattern could fuel additional bullish momentum.

RUNE price chart

The significant rise in RUNE’s value is attributed to the buzz surrounding its recent integration into the Edge self-custody cryptocurrency wallet. The move by Edge to include support for RUNE aims to simplify access to THORChain’s decentralized liquidity and trading protocols, attracting renewed interest from investors.

Technical analysis suggests a potential further surge of about 10% for RUNE to overcome resistance at the $6.679 level, a historical point where the token has encountered obstacles in recent trading periods. Successful momentum could lead RUNE to challenge the pivotal psychological barrier at $7.000.

Nevertheless, a reversal in RUNE’s bullish trajectory might occur if selling pressure causes its price to dip below the lower trendline of the current consolidation triangle, approximately around the $5.221 support level. Such a breakdown could trigger a more pronounced 40% decline towards the $3.485 mark.

Despite the current positive trend, the confirmation of a breakout above the $6.679 resistance level might be sought by cautious traders before entering new bullish positions in the altcoin. Presently, indicators related to trading volume and market dominance favour the upside for RUNE, largely influenced by the recent news of integration into the Edge wallet.

As the integration news continues to drive positive momentum, RUNE’s performance remains closely monitored by investors and analysts, anticipating potential shifts and breakout patterns that could define its trajectory in the near term.

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