SOL, ADA, XRP Zoom 12% as Bitcoin Bounces Above $93K. But Will The Rally Last?

TON has gained 3.7% following the launch of the STON.fi DAO and the introduction of a Telegram-backed AI platform, Cocoon, which allows users to earn TON tokens by renting out their computing power. This development has sparked increased demand for TON in the cryptocurrency market.

XRP's price has seen a pullback this week, trading at $2.18, which reflects an 8.5% increase over the last 24 hours but a slight 0.8% decline on a weekly basis. Analyst Egrag Crypto's technical analysis indicates that despite the recent downturn, XRP remains above the key 21-EMA on the monthly chart, suggesting a potential long-term bullish trend towards $13.

S&P Global Ratings has downgraded Tether's USDT stablecoin to its lowest rating, citing increased vulnerability due to its exposure to falling Bitcoin prices and concerns over reserve management and governance issues. This downgrade has revived warnings about the potential risk of Tether de-pegging from the US dollar, as highlighted by HSBC.

Cardano's leading stakeholders have come together to propose a funding request of 70 million ADA from the Treasury, aimed at enhancing the platform's core infrastructure to stimulate on-chain growth. This initiative is seen as a strategic move to bolster the network's capabilities and support its decentralized finance ecosystem.

IREN has raised $3.6 billion in capital, prompting investors to reassess their outlook on the company as Jim Cramer advises selling. This significant capital influx comes amid a challenging cryptocurrency market environment, marked by volatility and declining asset values.

Bitcoin has shown signs of stabilization as markets prepare for a significant shift in U.S. monetary policy, with the Federal Reserve expected to end its quantitative tightening (QT) program in December. This decision comes after a prolonged period of QT that has influenced liquidity for risk assets, including Bitcoin.

Sony's blockchain partner, Startale, has launched a dollar stablecoin on the Soneium platform, marking a significant step in integrating cryptocurrency with mainstream financial systems. This initiative aims to enhance the usability of digital currencies in everyday transactions.

Bitcoin's price has slipped back to $92,000 following a recent rally, coinciding with Microsoft lowering its AI sales goals, which has raised concerns about the broader economic impact on the cryptocurrency market. This downturn follows a period of volatility where Bitcoin had previously reclaimed higher price points after significant sell-offs.