Cryptocurrency market performance

Currently, the total market value of cryptocurrency is 3.27 trillion US dollars, and BTC accounts for 59.64%, which is 1.95 trillion US dollars. The market value of stablecoins is 188.9 billion US dollars, which has exceeded the value of crypto stablecoins in April 2022, setting a new high.

The price of BTC showed a strong upward movement this week, with a current price of $98,483; ETH showed a range of fluctuations, with the current price at $3,332. ETH has not performed well during this bull market trend. When it comes to innovation, ETH seems to have hit a creative plateau. Like a massive ship struggling to change course, it finds itself unable to recapture the brilliance of its former glory.

Among the top 200 projects on CoinMarketCap, most of them rose and a small part fell, among which: XLM rose 198.22% in 7 days, SOLO rose 284.39% in 7 days, and CRV rose 55.83% in 7 days.

This week, the momentum of MEME weakened, and many MEME tokens played the "preemptive" game. It took only about 3 days from the launch to the flat period. On the contrary, public chains and DEFI projects have risen. They entered the second half of the bull market, and the sector rotation effect gradually became prominent.

This week, the net inflow of US Bitcoin spot ETF: 3.335 billion US dollars, the total market value has exceeded 100 billion US dollars; the net outflow of US Ethereum spot ETF: 168.1 million US dollars.

The "Fear & Greed Index" on November 23 was 93 (entering the extreme greed range, higher than last week), and the sentiment this week: extremely greedy for all 7 days.

Global institutions are constantly buying BTC, and stablecoins are continuously issued. BTC is getting close to $100,000, hence the subsequent development of the market seems optimistic.

Understand the present

Review of the major events of the week

1. Satoshi Action Fund has disclosed its Bitcoin strategic reserve policy model;

2. Robert Kennedy Jr.: Bitcoin can consolidate the hegemony of the US dollar and save the US debt crisis;

3. WTF Academy founder 0xAA has transferred 110 million SCIHUB to the Solana donation address of the founder of Sci-Hub;

4. Trump will conduct discussions with Coinbase CEO Brian Armstrong;

5. Trump's social media company is in negotiations to acquire Bakkt, a cryptocurrency trading platform under Intercontinental Exchange;

6. ai16z will use the cross-chain protocol Li.Fi to expand to Ethereum and Base ecology;

7. On November 20, Magic Eden announced the token economics: the initial airdrop accounted for 12.5%;

8. On November 21, the ETH/BTC exchange rate hit a new low, reaching 0.033;

9. Arkham Spot trading platform will be launched in the United States soon;

10. DWF Labs launches $20 million Meme Fund to support Memecoin projects across multiple blockchains;

11. 2Truemarkets completed over $4 million in financing through public NFT sales. Vitalik spends 32 ETH to participate in the minting;

12. On November 22, Sui released the first network downtime analysis report: caused by erroneous upgrade code, fixed within 2.5 hours;

13. Fed Schmid: Cryptocurrency is a tradable asset, not a currency.

Macroeconomics

1. On November 21, according to CME's "FedWatch": the probability that the Fed will maintain the current interest rate unchanged by December is 44.3%, and the probability of a cumulative interest rate cut of 25 basis points is 55.7%;

2. On November 21, FOX Business reporter Eleanor Terrett posted on social media that according to two insiders, negotiations between SEC staff and issuers who want to launch SOL spot ETFs have "made progress", and the SEC is currently processing the SOL spot ETF's S-1 application. They mentioned that it is "very likely" to see exchanges submit some 19b-4 documents on behalf of potential issuers in the next few days, which is a vital step in the ETF approval process;

3. On November 22, according to official news, US SEC Chairman Gary Gensler will leave on January 20.

ETF

According to statistics, during the period from November 18 to November 22, the net inflow of the US Bitcoin spot ETF was: US$3.335 billion; as of November 22, GBTC (Grayscale) had a total outflow of: US$20.28 billion, currently holding US$21.673 billion, and IBIT (BlackRock) currently holds US$47.795 billion. The total market value of the US Bitcoin spot ETF is: US$108.65 billion, and the market value has exceeded US$100 billion.

The net outflow of the US Ethereum spot ETF is: US$168.1 million.

Foresee the future

Event Preview

1. The Australian Crypto Convention will be held in Sydney from November 23 to 24. The summit is one of the largest cryptocurrency events in the Southern Hemisphere. It is held annually in Australia, aiming to promote mutual connection between investors and decision makers in the cryptocurrency and blockchain industries;

2. The Block will hold the Web3 Summit "Emergence" at the Prague Conference Center in the Czech Republic from December 5 to 6. The summit will promote the connection between technology and capital, bridging between Wall Street and the crypto field. The summit will bring together representatives across various industries and chains to discuss ETFs and asset management, uncertainty in crypto regulation, etc. Through cooperation with Foresight Ventures, Emergence will provide participants with insights into driving the development of cryptocurrencies in Asia, bridging the gap between 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 be launched 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 claim and staking will be launched on November 26;

4. Floki's PlayToEarn MMORPG game Valhalla will launch on the mainnet on November 28. Valhalla will cooperate with KICK F1 Sim Racing Team to become the official game partner of the 2025 F1 simulation racing season.

Important Events

1. Fox Business reporter Eleanor Terrett mentioned rumors from Washington sources that Gary would likely announce his resignation in early January (before Trump's inauguration) after Thanksgiving (November 28);

2. Singapore's crypto trading platform Fairdesk will officially shut down all services on November 30 due to policy and regulatory issues. Users must liquidate their accounts (futures and spot positions) before October 17, after which the platform will only retain the withdrawal function until its closure on November 30.

Token Unlocking

1. NFPrompt (NFP) will unlock 10.42 million tokens on November 27, worth about $2.71 million, accounting for 1.04% of the circulation;

2. Axelar (AXL) will unlock 25.81 million tokens on November 27, worth about $19.22 million, accounting for 2.19% of the circulation;

3. Open Campus (EDU) will unlock 19.07 million tokens on November 28, worth about $10.16 million, accounting for 1.91% of the circulation;

4. Immutabe (IMX) will unlock 24.52 million tokens on November 29, worth about $36 million, accounting for 1.23% of the circulation.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing comprehensive and professional analysis of the crypto market. Our goal is to offer clear market insights and practical operational guidance for investors at all levels. Our professional content includes "Play to Earn Web3" tutorial series, in-depth analysis of crypto market trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto world or a seasoned investor seeking deep insights, Hotcoin is your reliable partner for understanding and seizing market opportunities.

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