NFTs will become a major investment choice for AI, and the market will welcome the most prosperous NFT bull market in history.
Author: Deep Tide TechFlow
Yesterday's market dynamics
This week, tokens such as JTO, ADA, and ENA will see large unlocks, with JTO unlocking a value of approximately $517 million.
Token Unlocks data shows that this week, tokens such as JTO, ADA, and ENA will see large unlocks, with a total value of $644 million. Among them:
Ethena (ENA) will unlock 12.86 million tokens on December 4 at 15:00, valued at approximately $10.6 million, accounting for 0.45% of the circulating supply;
Cardano (ADA) will unlock 18.53 million tokens on December 6 at 8:00, valued at approximately $21.12 million, accounting for 0.05% of the circulating supply;
Jito (JTO) will unlock 135 million tokens on December 8 at 0:00, valued at approximately $517 million, accounting for 103.03% of the circulating supply;
Bitget Token (BGB) will unlock 5.38 million tokens on December 10 at 8:00, valued at approximately $8.66 million, accounting for 0.38% of the circulating supply.
Analysis: Bitcoin's market share is about to fall below a long-term support level, which may indicate the arrival of Altseason.
According to TradingView data, Bitcoin's market share (BTC.D) has dropped to 56.75%, down 8.15% from 61.78% on November 21. Additionally, the total market cap of cryptocurrencies excluding Bitcoin (TOTAL2) has seen a one-sided upward trend, rising about 70% since November 5, currently reported at $1.46 trillion.
According to crypto.news, analysts pointed out that Bitcoin's dominance is about to fall below a long-term support trend line. At the same time, 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 indicate the arrival of "Altseason."
XRP's market cap surpassed $130 billion, exceeding SOL/USDT and ranking third in the cryptocurrency market cap leaderboard.
Yesterday, XRP rose to $2.35, reaching a new high since January 2018; currently reported at $2.3104, with a 24H increase of 21.49%.
XRP's market cap surpassed $130 billion, surpassing SOL (market cap $113.1 billion) and USDT, ranking third in the cryptocurrency market cap leaderboard.
Ethereum Foundation researcher: Ethereum L1 will gradually improve in the coming years, L2 will see significant performance enhancements within months.
Ethereum Foundation researcher Justin Drake posted on X that today marks the four-year anniversary of the Ethereum Beacon Chain's birth, with only 500,000 ETH staked in the initial phase. Although it initially did not bring direct benefits to users, it has gradually grown into one of the most powerful foundations in blockchain history.
Looking to the future, 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 difficult, including improvements to the review system and MEV handling, reducing staking deposits, increasing finality speed, smart issuance, achieving smart watch-level validation across the chain, and post-quantum security. Meanwhile, outside the consensus layer, he hopes to achieve complete sharding at the data layer and native rollups at the execution layer.
Drake stated that many improvements to L1 will be gradually released over the next few years, such as post-quantum security which may require a complete redesign. L2 solutions will provide significant performance improvements in a few months, including fast user experience, low fees, and unlimited throughput, as well as synchronous composability.
Spectral: Syntax platform has encountered a security vulnerability, current application access is suspended.
According to Spectral's official statement, some tokens on the launched Syntax platform have security vulnerabilities during transactions, which will result in approximately $200,000 in liquidity being removed. In response to this issue, the Spectral team has swiftly taken measures to ensure the safety of the platform and users, including:
Temporarily suspend access permissions for the Syntax application;
Suspend all smart contracts to prevent further program interaction.
Currently, the Spectral team is working with top security experts in the industry to identify the root cause of the problem and develop a fix to restore normal operation of the platform as soon as possible. The Syntax team stated that these measures are the most effective way to protect community interests and promised to provide detailed follow-up updates in a timely manner.
NFT sales in November exceeded $562 million, setting a six-month high.
According to Cointelegraph, NFT sales in November exceeded $562 million, surpassing the record of $356 million set in October. Data from CryptoSlam also shows that November's NFT monthly sales are the highest since May, when the sales of digital collectibles reached $599 million. Despite the significant increase in sales, the monthly sales of NFTs are still far from reaching the peak of 2024.
Andrew Kang: NFTs will become a major investment choice for AI, and the market will welcome the most prosperous NFT bull market in history.
Mechanism Capital partner Andrew Kang 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 since it cannot 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 $3 billion for Magic Eden highlights that Blur, which has a larger market share, is severely undervalued. He expects that the upcoming activation of the fee distribution mechanism by Blur will bring substantial benefits to token holders, effectively balancing the impact of mining rewards on the market.
Arthur Hayes: South Korea's capital gains tax delayed by two years, the bull market can continue.
According to (Korean Economy) reports, a representative of the Democratic Party in Korea 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 delay of South Korea's capital gains tax.
Base protocol head: Base has no token issuance plan, the team will focus on product development.
Base protocol head Jesse Pollak stated on social media that the Base network has no plans to issue tokens. Referring to Hyperliquid, he believes that before injecting token economics, the top priority is to build a product that users love. Not issuing tokens allows the team to focus on solving real problems and to gain user recognition through practical contributions.
He further pointed out that this is not just an individual case; experiences in entrepreneurial history also indicate that creating a world-class product is of utmost importance. He stated that the Base team will continue to focus on product development and address practical issues that can help developers build better.
Bitwise CEO: Being bearish on ETH won't be a long-term choice, and the L1 category will grow significantly.
Bitwise CEO Hunter Horsley stated on X that being bearish on Ethereum (ETH) won't be a long-term choice. This doesn't mean one can't be bullish on other L1 projects, he believes the answer is both: the L1 category will grow significantly, and the success of one project does not need to be based on the decline of another.
Market dynamics
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