November marked a pivotal month for digital assets, with Bitcoin delivering its second-best monthly performance of 2024,surging 37.3%. The rally, driven by the U.S. election and accurate forecasts from decentralized prediction markets, saw Bitcoin nearly breach the historic$100K milestone, peaking at $99.5K. Ethereum also had an exceptional month, posting a 47.2% return—its strongest of the year. Favorable macro conditions, including a 25bps Fed rate cut, further bolstered the market, driving record-breaking gains across digital assets.

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Bitcoin solidified its position as the seventh-largest asset globally, while spot Bitcoin ETFs crossed half a trillion dollars in cumulative trading volume within a year, with the introduction of options trading enhancing market depth. The crypto market cap soared past $3 trillion, underscoring the scale of the current rally.

Market metrics also set records: the stablecoin market cap reached $190billion, and CME’s futures open interest hit all-time highs, reflecting growinginstitutional activity. Optimism soared with the pro-crypto Trumpadministration poised to take office, SEC Chair Gary Gensler’s plannedresignation, and Republicans securing Congress and Senate control. Thishistoric alignment, humorously echoed by Elon Musk naming a department “Doge,”signals a new era of crypto-friendly policies.

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Portfolio Performance Analysis

FiCAS Selected Crypto Assets ETI Performance:

TheETI outshined both Bitcoin and Ethereum, achieving a remarkable 66.16% return,its best performance to date. More about it here.

FiCAS Dynamic Crypto ETP Performance:

InOctober, the portfolio maintained a heavier weight in BTC along with aselection of altcoins that performed exceptionally well. The FiCAS Dynamic Crypto ETP has a year-to-date gain of 62.04%. More about it here.

15 FiCAS Active Crypto ETP:

In October, the portfolio maintained a heavier weight in BTC along with a selection of altcoins. The 15 FiCAS Active Crypto ETP has year-to-date gain of 135.45%. More about it here.

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Market Outlook

December is set to close 2024 on a strong note, supported by high market sentiment and historical patterns. In election years where the first half gains exceed 10%, December has consistently delivered positive returns. Crypto markets are seeing increased activity, with altcoins like XRP gaining traction after recent regulatory clarity. Stablecoin inflows signal rising risk appetite, often a precursor to altcoin gains.

Ethereum is expected to rise further as optimism around its ETF potential grows. Bitcoin remains dominant, nearing the $100K milestone. Capital rotation into altcoins is gaining momentum, supported by the incoming Trump administration’s pro-crypto stance, including proposals like the “Bitcoin Act” and plans for a U.S. Bitcoin reserve. Anticipation of a crypto-friendly SEC Chair and relaxed regulatory pressures adds to the positive outlook.

Private institutions continue adopting Bitcoin as a treasury reserve, fueling long-term demand. With favorable macro conditions, growing altcoin activity, and supportive policies, December marks a pivotal moment, concluding a transformative year and paving the way for greater adoption and expansion of digital assets in 2025.

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Disclaimer: This content is for educational and informational purposes only and does not constitute trading, legal, or investment advice. It is directed at our followers in Switzerland and may not represent the views of FiCAS. The author may hold assets mentioned in this article and assumes no obligation or responsibility for any actions taken based on the information provided.

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