Cryptocurrency Market Performance
Currently, the total market capitalization of cryptocurrencies is $3.27 trillion, with BTC accounting for 59.64%, or $1.95 trillion. The market capitalization of stablecoins is $188.9 billion, surpassing the number of crypto stablecoins in April 2022, a new high.
This week, the price of BTC showed a volatile upward trend, with the current price at $98,483; ETH showed range-bound fluctuations, with the current price at $3,332. It must be said that ETH's performance in this bull market has been underwhelming, in terms of innovation, somewhat 'out of ideas'. Perhaps it's 'hard to turn the ship around' for such a large entity, making it difficult to compare with its former glory.
Among the top 200 projects on CoinMarketCap, most rose while a few fell, including: XLM with a 7-day increase of 198.22%, SOLO with a 7-day increase of 284.39%, and CRV with a 7-day increase of 55.83%.
This week, the momentum of MEME has weakened, with many MEME tokens playing the 'jump start' game, going from launch to a dull period in just about 3 days. In contrast, public chains and DEFI projects have seen some increases, and the market has entered the latter half of a bull run, with the sector rotation effect gradually becoming apparent.
This week, the net inflow of Bitcoin spot ETF in the U.S. was $3.335 billion, with the total market value surpassing $100 billion; the net outflow of U.S. Ethereum spot ETF was $168.1 million.
The 'Fear & Greed Index' on November 23 is 93 (entering the extreme greed range, the index is higher than last week), this week's sentiment: 7 days of extreme greed.
Global institutions are continuously buying BTC, and stablecoins are also being continuously issued. BTC is only a 'step away' from hitting $100,000, optimistic about the market's subsequent development.
Understand Now
Review of the week's major events
1. Satoshi Action Fund has publicly disclosed its Bitcoin strategic reserve policy model;
2. Robert F. Kennedy Jr.: Bitcoin can solidify dollar hegemony and save the U.S. debt crisis;
3. WTF Academy founder 0xAA has transferred 110 million SCIHUB to the Solana donation address of the Sci-Hub founder;
4. Trump will discuss appointment matters with Coinbase CEO Brian Armstrong;
5. Trump's social media company is in deep negotiations to acquire Bakkt, a cryptocurrency trading platform under Intercontinental Exchange;
6. ai16z will expand to Ethereum and Base ecosystem using the cross-chain protocol Li.Fi;
7. On November 20, Magic Eden announced token economics: initial airdrop accounted for 12.5%;
8. On November 21, the ETH/BTC exchange rate hit a new low of 0.033;
9. Arkham's spot trading platform will soon launch in the U.S.;
10. DWF Labs launches a $20 million Meme fund to support Memecoin projects across multiple blockchains;
11. 2Truemarkets completed over $4 million in financing through public NFT sales, with Vitalik spending 32 ETH to participate in the minting;
12. On November 22, Sui released its first network downtime analysis report: faulty upgrade code caused a fix within 2.5 hours;
13. Federal Reserve's Schmid: Cryptocurrency is a tradable asset, not a currency.
Macroeconomics
1. On November 21, according to CME 'Fed Watch': The probability that the Federal Reserve will maintain the current interest rate until December is 44.3%, and the probability of an accumulated 25 basis point rate cut is 55.7%;
2. On November 21, FOX Business reporter Eleanor Terrett posted on social media that, according to two informed sources, SEC staff have made 'progress' in negotiations with issuers looking to launch a SOL spot ETF. The SEC is currently processing the S-1 application for the SOL spot ETF. These insiders indicated that it is 'very likely' that in the coming days, exchange representatives will submit some 19b-4 documents for potential issuers, which is the next step in the ETF approval process;
3. On November 22, according to official news, SEC Chairman Gary Gensler will leave on January 20.
ETF
According to statistics, from November 18 to November 22, the net inflow of Bitcoin spot ETF in the U.S. was $3.335 billion; as of November 22, GBTC (Grayscale) had a total outflow of $20.28 billion and currently holds $21.673 billion, while IBIT (BlackRock) currently holds $47.795 billion. The total market value of Bitcoin spot ETF in the U.S. is $108.65 billion, surpassing $100 billion.
The net outflow of U.S. Ethereum spot ETF is $168.1 million.
Foresee the Future
Event Preview
1. The Australian Crypto Convention will be held in Sydney from November 23 to 24, and the summit is one of the largest cryptocurrency events in the Southern Hemisphere, held annually in Australia, aimed at facilitating connections between investors and decision-makers in the cryptocurrency and blockchain industry;
2. The Block will host the Web3 Summit 'Emergence' at the Prague Conference Center from December 5 to 6, which will facilitate connections between technology and capital, bridging Wall Street and the crypto space. The summit will gather different representatives from various industries and chains to discuss ETF and asset management, uncertainties in crypto regulation, etc. Through collaboration with Foresight Ventures, Emergence will provide insights on driving the development of cryptocurrency in Asia and bridge the gap between East and West in terms of capital and talent;
3. Taipei Blockchain Week will be held from December 12 to 14, 2024.
Project Progress
1. HashKey Global will launch HSK/USDT spot trading on November 26;
2. Starknet announced that STRK staking will launch on the mainnet on November 26, with both validators and delegators subject to a 21-day unbonding lock-up period;
3. WalletConnect token WCT application and staking will be available on November 26;
4. Floki's PlayToEarn MMORPG game Valhalla will launch its mainnet on November 28, and Valhalla will partner with KICK F1 Sim Racing Team to become the official game partner for the 2025 F1 simulation racing season.
Major Events
1. Fox Business reporter Eleanor Terrett stated that Washington insiders are rumored that Gary is likely to announce his departure after Thanksgiving (November 28) in early January (before Trump's inauguration);
2. The Singapore crypto trading platform Fairdesk will officially close all services on November 30 due to policy and regulatory issues. Users must liquidate (futures, spot positions) their accounts by October 17, after which the platform will only retain withdrawal functions until it closes on November 30.
Token Unlocking
1. NFPrompt (NFP) will unlock 10.42 million tokens on November 27, valued at approximately $2.71 million, accounting for 1.04% of the circulation;
2. Axelar (AXL) will unlock 25.81 million tokens on November 27, worth approximately $19.22 million, accounting for 2.19% of the circulation;
3. Open Campus (EDU) will unlock 19.07 million tokens on November 28, valued at approximately $10.16 million, accounting for 1.91% of the circulation;
4. Immutable (IMX) will unlock 24.52 million tokens on November 29, valued at approximately $36 million, accounting for 1.23% of the circulation.
About Us
Hotcoin Research, as the core investment research department of Hotcoin, is committed to providing detailed and professional analysis for the cryptocurrency market. Our goal is to provide clear market insights and practical operational guides for investors at different levels. Our professional content includes the 'Play and Earn Web3' series of tutorials, in-depth analysis of cryptocurrency industry trends, detailed analysis of potential projects, and real-time market observations. Whether you are a novice exploring the cryptocurrency field for the first time or a seasoned investor seeking in-depth insights, Hotcoin will be your reliable partner for understanding and seizing market opportunities.
Risk Warning
The cryptocurrency market is highly volatile, and investment itself carries risks. We strongly recommend that investors make investments based on a full understanding of these risks and under a strict risk management framework to ensure the safety of funds.
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