Bitcoin's Black Friday bounce 📈

Rather than snap up retail deals, crypto investors apparently funneled cash into digital assets following this week's dip.

Author

Andrew Hayward
November 29, 2024

📝 What you need to know

Black Friday shoppers are out and about taking advantage of deals, and crypto investors may be doing the same amid falling prices this week: Bitcoin and other major digital assets rose in price Friday following a correction from record highs.

Bitcoin came within a few hundred dollars of the $99,000 mark again Friday morning, one week after coming nearly as close to the $100K milestone—and then plunging to below $91,000 by Tuesday. Although this morning’s momentum has cooled with Bitcoin dipping back to $97,700 as of this writing, it’s still not far from the all-time high.

An even bigger winner today is HYPE, the token of layer-1 chain Hyperliquid—and early users, who got a share of its $1.6 billion airdrop overnight. It’s one of the biggest airdrops of all time, and the token has only continued to climb, now up 53% and ranking in the top 100 coins by market cap.

Elsewhere, XRP set a new three-year high price on Friday and is currently up 19% on the day, while Algorand (ALGO) jumped to a two-year high with a 40% spike. And meme coins including Dogecoin are rising into the weekend.

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 💬 Quote of the Day

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“Bitcoin mining companies bring in investments, create jobs, and help to develop renewable energy sources in many places around the world.”

Text of a proposal from Switzerland’s Canton of Bern to explore Bitcoin mining

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