The global cryptocurrency market showed strong momentum this week, with total market capitalization rising approximately 3.86% to reach $1.55 trillion as of December 3, 2023. According to data from Datavey Research Center, Bitcoin (BTC) and Ethereum (ETH) led the rally, while Solana (SOL) posted a standout gain of nearly 9.8%. Despite overall market growth, the Top 30 digital assets by market cap saw a slight decline in combined dominance, reflecting increased diversification across emerging projects.
This report analyzes key performance metrics across major cryptocurrencies, examines Bitcoin mining pool distribution, highlights industry developments, and provides an investment calendar for forward-looking insights.
Mainstream Cryptocurrencies Rally in Weekly Performance
Market sentiment turned positive across the board last week, driven by growing institutional interest and macroeconomic optimism.
- Bitcoin (BTC) rose from $37,742.81** to **$39,372.37, marking a 4.32% increase.
- Ethereum (ETH) climbed from $2,076.08** to **$2,157.94, up 3.94%.
- Solana (SOL) surged from $58.36** to **$64.06, delivering an impressive 9.77% weekly gain.
- Polkadot (DOT) advanced from $5.33** to **$5.54, also up 3.94%.
- Litecoin (LTC) edged higher from $71.49** to **$71.82, gaining just 0.46%.
- Notably, BNB declined slightly from $233.00** to **$228.04, down 2.13%, bucking the broader uptrend.
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The strong performance of BTC and ETH underscores their continued role as market leaders and barometers of investor confidence. SOL’s sharp rise signals renewed interest in high-throughput layer-1 blockchains amid growing adoption of decentralized applications (dApps).
Top 30 Crypto Market Cap Slight Dip in Share Despite Overall Growth
While the total crypto market cap grew by about $577 billion, the aggregate value of the Top 30 cryptocurrencies experienced a marginal drop in relative dominance.
As of December 3, 2023:
- Total cryptocurrency market cap: $1.55 trillion
- Top 30 crypto market cap: $1.37 trillion
- Top 30 share of total market: 88.10%, down 0.52% from the previous week
Market Dominance by Top Assets
- Bitcoin (BTC): $770.1 billion — 56.27% of Top 30 (up 0.59%)
- Ethereum (ETH): $259.5 billion — 18.96% of Top 30 (up 0.13%)
- Tether (USDT): $89.5 billion — 6.54% of Top 30 (down 0.16%)
Despite BTC and ETH increasing their share, USDT's slight decline reflects reduced short-term trading volume or stablecoin rotation into other assets like USD Coin (USDC).
Sector Distribution in Top 30
- Public Blockchains: 77.43%
- Stablecoins: 8.76%
- Remaining share distributed among platform tokens, DeFi protocols, and utility tokens
This concentration highlights that blockchain infrastructure remains the core driver of value in the digital asset ecosystem.
Bitcoin Mining Pool Distribution Remains Stable
Network stability continued this week with no significant shifts in mining power concentration.
Key metrics:
- Total blocks mined: 990
- Empty blocks: 7 (0.71%)
- Average miner fee as percentage of block reward: 8.95%
- Top 10 mining pools controlled 97.78% of total hash rate
The high centralization among top pools raises ongoing discussions about network decentralization, though no single entity holds a majority (>50%) of mining power, preserving security against potential attacks.
Mining profitability remains healthy due to rising transaction volumes and sustained BTC price levels above $39,000.
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Industry Developments: Regulation, Investments & Strategic Moves
Regulatory & Policy Updates
Regulatory clarity continues to evolve globally:
- The U.S. Department of Justice acknowledged that former Binance CEO Changpeng Zhao poses a "manageable flight risk," signaling progress in legal proceedings.
- The Korean Financial Services Commission plans stricter oversight of crypto firms and aims to recover illicitly gained digital assets.
- The Hong Kong Monetary Authority (HKMA) confirmed plans to launch a second tokenized green bond within months, with full lifecycle operations on-chain.
- The Japan National Tax Agency reported over 548 crypto tax violations in FY2022 totaling more than $126 million, emphasizing compliance enforcement.
- Four foreign banks — HSBC, Hang Seng, Standard Chartered, and Fubon Bank — joined China’s first pilot program for digital yuan services.
These developments indicate a global trend toward regulated innovation, balancing consumer protection with technological advancement.
Funding & Investment Activity
The crypto funding landscape remained active despite market consolidation:
- Waltio, a crypto tax compliance firm, raised nearly $2 million.
- Binance Labs invested $3.15 million in Open Campus, a Web3 education platform.
- CGV Fund allocated $5 million to the Blast ecosystem.
- Wind, a Singapore-based remittance startup, secured $3.8 million in seed funding.
- AnotherBall, parent company of IZUMO, raised $12.7 million for its fan engagement platform.
- MYX Protocol, a derivatives trading protocol, raised $5 million.
- OCEAN Mining Pool’s parent firm completed a $6.2 million seed round, led by Jack Dorsey.
These investments reflect strong confidence in long-term use cases across DeFi, education, payments, and infrastructure.
Strategic Partnerships & Technology Advances
- Circle and SBI Holdings partnered to promote USDC adoption in Japan and expand Web3 services.
- UniSat announced full compatibility between its indexer and the latest BRC-20 token standard, boosting Bitcoin ordinals ecosystem growth.
- Paradigm GP expressed concerns about Blast’s design choices and is engaging with the team to address technical issues.
- Binance announced delisting of BTS, PERL, TORN, and WTC due to low liquidity.
Investment Calendar: Key Dates Ahead
Stay ahead with upcoming events shaping market dynamics:
- November 27: Circle and SBI Holdings collaborate on USDC expansion in Japan
- November 28: DOGE holder count surpasses 5 million addresses
- November 29: Binance announces end of support for BUSD by December 15
- November 30: BlackRock meets SEC again to discuss spot Bitcoin ETF proposal with updated physical delivery model
- December 1: Grayscale meets SEC on GBTC ETF conversion; hires former Invesco ETF executive
- December 2: SEC meets with Grayscale and seven other spot Bitcoin ETF applicants
- December 3: HKMA head余伟文 hints at second tokenized green bond launch; BTC breaks $42,000 briefly (+6.33% intraday)
BTC briefly crossed the psychological $42,000 level during weekend trading, indicating bullish momentum ahead of potential ETF approvals.
Frequently Asked Questions (FAQ)
Q: Why did the Top 30 crypto market cap lose share despite overall market growth?
A: While total market cap increased due to broad-based gains, smaller-cap altcoins outperformed slightly in relative terms, diluting the Top 30’s dominance by 0.52%. This often occurs during early recovery phases when investors rotate into higher-risk, higher-reward assets.
Q: Is it safe that only 10 mining pools control nearly 98% of Bitcoin’s hash rate?
A: While centralized hash rate distribution is a concern, no single pool exceeds 30%, and geographic and operational diversity among top pools mitigate collusion risks. The network remains secure under current conditions.
Q: What does the launch of a tokenized green bond mean for investors?
A: Tokenized bonds offer fractional ownership, faster settlement, and transparent tracking via blockchain. Hong Kong’s initiative could set a precedent for sustainable finance innovation and attract institutional capital into on-chain assets.
Q: How might the SEC’s stance on Bitcoin ETFs impact prices?
A: Approval of a spot Bitcoin ETF would allow traditional investors easier access through regulated vehicles, likely driving inflows and upward price pressure. Ongoing meetings suggest regulators are actively reviewing proposals.
Q: Why are stablecoins like USDT losing dominance?
A: Increased competition from regulated alternatives like USDC and growing demand for yield-bearing stablecoins are shifting allocations. Regulatory scrutiny on reserve transparency also influences trust and usage patterns.
Q: What role does AI play in crypto development?
A: AI enhances fraud detection, smart contract auditing, and trading algorithms. Initiatives like the U.S.-UK-Australia “secure by design” AI framework aim to integrate safety into next-gen financial technologies.
👉 Stay updated on ETF developments and prepare for major market moves
Final Thoughts
The cryptocurrency market entered December on a positive note, fueled by institutional engagement, regulatory advancements, and technological innovation. With BTC reclaiming $39K and eyeing $40K, ETH stabilizing above $2K, and SOL showing breakout potential, momentum appears to be building toward a broader rally.
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As tokenization, green finance, and AI converge with blockchain infrastructure, the foundation for sustainable growth strengthens — positioning digital assets for deeper integration into global finance in 2025 and beyond.