Author: Deep Tide TechFlow
Yesterday's market dynamics.
This week, tokens such as JTO, ADA, and ENA will see large unlocks, with JTO unlocking approximately 517 million USD.
Token Unlocks data shows that this week tokens such as JTO, ADA, and ENA will see large unlocks, totaling a value of 644 million USD. Among them:
Ethena (ENA) will unlock 12.86 million tokens on December 4 at 15:00, worth approximately 10.6 million USD, accounting for 0.45% of the circulating supply.
Cardano (ADA) will unlock 18.53 million tokens on December 6 at 8:00, worth approximately 21.12 million USD, accounting for 0.05% of the circulating supply.
Jito (JTO) will unlock 135 million tokens on December 8 at 0:00, worth approximately 517 million USD, accounting for 103.03% of the circulating supply.
Bitget Token (BGB) will unlock 5.38 million tokens on December 10 at 8:00, worth approximately 8.66 million USD, accounting for 0.38% of the circulating supply.
Analysis: Bitcoin's market share is about to fall below a long-term support level, possibly signaling the arrival of Altseason.
According to TradingView data, Bitcoin's market share (BTC.D) has fallen to 56.75%, down 8.15% from 61.78% on November 21. In addition, the total market capitalization of cryptocurrencies excluding Bitcoin (TOTAL2) has shown a unilateral upward trend, increasing about 70% since November 5, currently reported at 1.46 trillion USD.
According to crypto.news, analysts pointed out that Bitcoin's dominance is about to fall below a long-term support trend line. Meanwhile, Ethereum's dominance has also dropped to 12.9%, while the dominance of other cryptocurrencies has risen from 28.1% last month to 31.5%. This may signal the arrival of 'Altseason'.
XRP's market capitalization has surpassed 130 billion USD, surpassing SOL/USDT to rank third in the cryptocurrency market capitalization chart.
Yesterday, XRP rose to 2.35 USD, reaching a new high since January 2018; currently reported at 2.3104 USD, with a 24H increase of 21.49%.
XRP's market capitalization has surpassed 130 billion USD, surpassing SOL (market cap of 113.1 billion USD) and USDT, ranking third in the cryptocurrency market capitalization chart.
Ethereum Foundation researcher: Ethereum L1 will gradually improve over the next few years, while L2 will see significant performance improvements within months.
Ethereum Foundation researcher Justin Drake stated on X that today marks four years since the birth of the Ethereum Beacon Chain, where only 500,000 ETH were staked in the initial phase. Although it did not provide direct benefits to users at first, it has gradually grown to become one of the most powerful foundations in blockchain history.
Looking ahead, Drake believes that Ethereum has the opportunity to become the settlement layer of the value internet. Although the Beacon Chain is still not perfect, the upgrade path in the coming years will remain challenging, including improvements in censorship mechanisms and MEV handling, reducing staking deposits, increasing finality speed, smart issuance, achieving smartwatch-level full-chain verification, and post-quantum security. At the same time, outside the consensus layer, he hopes to achieve full sharding on the data layer and native Rollup on the execution layer.
Drake stated that many improvements of L1 will be gradually released over the next few years, and improvements such as post-quantum security may require a complete redesign. L2 solutions will provide significant performance improvements within months, including fast user experiences, low fees, unlimited throughput, and synchronous composability.
Spectral: The Syntax platform has encountered a security vulnerability, and application access is currently suspended.
According to the official statement from Spectral, some tokens on the launched Syntax platform have security vulnerabilities in transactions, which will lead to approximately 200,000 USD of liquidity being removed. In response to this issue, the Spectral team has quickly taken measures to ensure the safety of the platform and its users, including:
Temporarily suspend access to the Syntax application.
Suspend all smart contracts to prevent further program interactions.
Currently, the Spectral team is working with top security experts in the industry to identify the root cause of the issue and develop a solution to restore the platform's normal operation as soon as possible. The Syntax team stated that these measures are the most effective way to protect the community's interests and promised to provide detailed follow-up updates in a timely manner.
NFT sales in November surpassed 562 million USD, setting a new six-month high.
According to Cointelegraph, NFT sales in November surpassed 562 million USD, exceeding the record of 356 million USD set in October. Data from CryptoSlam shows that the monthly NFT sales in November are the highest since May, when digital collectibles sales reached 599 million USD. Despite the significant increase in sales, monthly NFT sales are still far from reaching peak levels in 2024.
Andrew Kang: NFTs will become a primary investment choice for AI, and the market will welcome the most prosperous NFT bull market in history.
Andrew Kang, a partner at Mechanism Capital, stated on social media that the market is about to welcome the most prosperous NFT bull market in history. He pointed out that AI will become extremely wealthy, and due to an inability to purchase physical luxury goods, AI will turn to buying NFTs.
Regarding the valuation of NFT trading platforms, Kang believes that the current pre-listing valuation of Magic Eden at 3 billion USD highlights that Blur, which has a larger market share, is severely undervalued. He predicts that the upcoming activation of the fee distribution mechanism on Blur will bring substantial benefits to token holders, effectively balancing the impact of mining rewards on the market.
Arthur Hayes: The capital gains tax in South Korea has been postponed for two years, allowing the bull market to continue.
According to the Korean Economic report, a representative of the Korean Democratic Party agreed to postpone the taxation of virtual assets by two years. In response, BitMEX co-founder Arthur Hayes stated that the bull market can continue with the capital gains tax in South Korea postponed for two years.
Base protocol head: Base has no token issuance plan, the team will focus on product building.
Jesse Pollak, head of the Base protocol, stated on social media that the Base network has no plans to issue tokens. Referring to Hyperliquid, he believes that the top priority is to build a user-friendly product before injecting token economics. Not issuing tokens allows the team to focus on solving real problems and earning user recognition through tangible contributions.
He further pointed out that this is not just an isolated case; experiences in entrepreneurial history also indicate that creating a world-class product is the most important. He stated that the Base team will continue to focus on product building and solving real problems that can help developers build better.
Bitwise CEO: Being bearish on ETH will not be a long-term choice, and L1 categories will grow significantly.
Hunter Horsley, CEO of Bitwise, stated on X that being bearish on Ethereum (ETH) will not be a long-term choice. This does not mean that other L1 projects cannot be bullish; he believes the answer is a combination of both: the L1 category will grow significantly, and the success of one project does not need to be built on the decline of another.
Market Dynamics
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