Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $3.27 trillion, with BTC accounting for 59.64%, which is $1.95 trillion. The market value of stablecoins is $188.9 billion, surpassing the number of crypto stablecoins in April 2022, reaching a new high.
This week, BTC's price showed a volatile upward trend, with the current price at $98,483; ETH showed range fluctuations, with the current price at $3,332. It must be said that ETH's performance in this bull market has been unsatisfactory, in terms of innovation, it seems a bit 'out of ideas', perhaps 'the ship is too large to turn around', and it is difficult to compare with its former brilliance.
Among the top 200 projects on CoinMarketCap, most have risen and a few have fallen, including: XLM 7-day increase of 198.22%, SOLO 7-day increase of 284.39%, CRV 7-day increase of 55.83%.
This week, the momentum of MEME has weakened, and many MEME tokens played a 'grab run' game, transitioning from launch to a period of dullness in just about 3 days. Conversely, public chains and DeFi projects have seen rises, currently entering the latter half of the bull market, with the sector rotation effect gradually becoming apparent.
This week, net inflow of US Bitcoin spot ETF: $3.335 billion, total market value has surpassed $100 billion; net outflow of US Ether spot ETF: $168.1 million.
On November 23, the 'Fear & Greed Index' was 93 (entering the extremely greedy range, index higher than last week), this week's sentiment: 7 days of extreme greed.
Large institutions worldwide are continuously buying BTC, and stablecoins are also continuously issued; BTC is just 'one step away' from reaching $100,000, optimistic about the market's subsequent development.
Understand Now
Review of Major Events of the Week
1. Satoshi Action Fund has publicly released its Bitcoin strategy reserve policy model;
2. Robert F. Kennedy Jr.: Bitcoin can solidify the dollar's hegemony and save the US debt crisis;
3. WTF Academy founder 0xAA has transferred 110 million SCIHUB to the donation address of the Sci-Hub founder on Solana;
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 utilize the cross-chain protocol Li.Fi to expand to the Ethereum and Base ecosystems;
7. On November 20, Magic Eden announced the tokenomics: initial airdrop accounts for 12.5%;
8. On November 21, the ETH/BTC exchange rate hit a new low, reaching 0.033;
9. Arkham is about to launch a spot trading platform in the United States;
10. DWF Labs launched a $20 million Meme fund to support Memecoin projects across multiple blockchains;
11. 2Truemarkets completed over $4 million 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: caused by erroneous code upgrades, fixed within 2.5 hours;
13. Federal Reserve's Schmidt: Cryptocurrencies are a tradable asset, not a currency.
Macroeconomics
1. On November 21, according to CME's 'Federal Reserve Watch': The probability that the Federal Reserve will maintain the current interest rate until December is 44.3%, and the probability of a cumulative rate cut of 25 basis points is 55.7%;
2. On November 21, FOX Business reporter Eleanor Terrett stated on social media that, according to two insiders, negotiations between SEC staff and publishers looking to launch a SOL spot ETF have 'made progress'. 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 resign on January 20.
ETF
According to statistics, from November 18 to November 22, the net inflow of US Bitcoin spot ETF was $3.335 billion; as of November 22, GBTC (Grayscale) has a total outflow of $20.28 billion, currently holding $21.673 billion, and IBIT (BlackRock) currently holds $47.795 billion. The total market value of US Bitcoin spot ETF is $108.65 billion, which has surpassed $100 billion.
Net outflow of US Ether spot ETF: $168.1 million.
Foreseeing the Future
Event Preview
1. The Australian Crypto Convention will take place from November 23 to 24 in Sydney, and this summit is one of the largest cryptocurrency events in the Southern Hemisphere, held annually in Australia to promote connections between investors and decision-makers in the cryptocurrency and blockchain industry;
2. The Block will hold the Web3 summit 'Emergence' from December 5 to 6 at the Prague Conference Center in the Czech Republic. This summit will facilitate connections between technology and capital, building a bridge between Wall Street and the crypto space. It will gather different representatives across industries and chains to discuss ETF and asset management, uncertainties in crypto regulation, etc. Through collaboration with Foresight Ventures, Emergence will provide insights into driving the development of cryptocurrency in Asia and bridge the gap between Eastern and Western capital and talent;
3. Taipei Blockchain Week will be held from December 12 to 14, 2024.
Project Progress
1. HashKey Global will open HSK/USDT spot trading on November 26;
2. Starknet announced that STRK staking will launch on the mainnet on November 26, and both validators and delegators will be subject to a 21-day unstaking lock-up period;
3. WalletConnect token WCT claims and staking will go live on November 26;
4. Valhalla, a PlayToEarn MMORPG game under Floki, will launch its mainnet on November 28, and Valhalla will collaborate with KICK F1 Sim Racing Team to become the official gaming partner for the F1 simulation racing season in 2025.
Important Events
1. Fox Business reporter Eleanor Terrett reported that Washington insiders are rumored to say 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, and users must liquidate their accounts (futures, spot positions) by October 17; after that, the platform will only retain withdrawal functionality until it closes on November 30.
Token Unlock
1. NFPrompt (NFP) will unlock 10.42 million tokens on November 27, worth 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, worth approximately $10.16 million, accounting for 1.91% of the circulation;
4. Immutable (IMX) will unlock 24.52 million tokens on November 29, worth 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 guidelines for investors of different levels. Our professional content includes the 'Play-to-Earn Web3' series 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 crypto space for the first time or a seasoned investor seeking in-depth insights, Hotcoin will be your reliable partner in understanding and seizing market opportunities.
Risk Warning
The cryptocurrency market is highly volatile, and investments inherently carry risks. We strongly recommend that investors make investments only after fully understanding these risks and within a strict risk management framework to ensure the safety of funds.
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