The day ahead in crypto: Dec. 2, 2024.
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Meanwhile, XRP has surged over 27% in just 24 hours, making it the third-largest cryptocurrency by market value and pushing Tether's USDT to fourth place. The rally was accompanied by record volumes in South Korea, indicating strong retail participation. While a surge of 350% in four weeks may look overstretched, that's not necessarily the case.
Unlike many other generic native tokens that offer utility through governance votes, HYPE can be staked to secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid exchange. It is also being used as the primary token for paying transaction fees on the network. Perpetual funding rates across the broader market are normalizing, which could pave the way for a more sustained price rally.
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