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- #Will BTC Hit a New High?#
BTC has broken past $100,000 and is now consolidating near its peak. What’s your outlook on the next move? With bullish sentiment on the rise, could BTC reach a new all-time high?
#Crypto Market Rebounds#
The crypto market is rallying across the board — altcoins are gaining momentum, and Memecoins are heating up! 🔥MOODENG is up over 100%, while PNUT and VIRTUAL have each gained more than 45%. The total crypto market cap has now exceeded $3.22 trillion!
What’s next for the market? Which rebound tokens are you most bullish on?
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Gate Institute: BTC breaks $100,000 mark, Cryptocurrency volume surpasses $10 trillion for the first time in November.
Summary
Market Interpretation
Market Commentary
AltCoin - In the past 7 days, the AltCoin market has been greatly influenced by the BTC market, with a predominantly rising trend. In the past 7 days, the Perpetuals zone has risen by 142.9%, the Internet of Things (IOT) zone has risen by 60.6%, and the Outlier Ventures Portfolio zone has risen by 55.5%.【3】
Futures Market Sentiment —— The overall sentiment in the futures market is relatively positive, with long positions dominating. The buy/sell ratio of BTC is positive, indicating a bullish market outlook in the short term. In addition, the weighted funding rate has remained positive, indicating investors' positive expectations for long positions; in the crypto market, call options account for 64.35%, while put options account for 35.65%; in the past 24 hours, the total amount of Get Liquidated in the market reached 630 million USD, with 340 million USD for longs and 290 million USD for shorts. 【4】 \
**Macro data - **In November, the ADP employment in the United States increased by 146,000, the smallest increase since August 2024, lower than the market's expectation of 150,000. The October data was revised downwards from 233,000 to 184,000. However, factors such as hurricanes and strikes did not change the overall trend of employment rise. In addition, recent economic data in the United States has been released: the actual value of the ISM manufacturing index is 48.4, higher than the previous 46.5 and the expected 47.7; the JOLTS non-farm job vacancy number is actually 7.74 million, higher than the previous 7.372 million and the expected 7.51 million; the actual value of the ISM non-manufacturing index is 52.1, lower than the previous 56.0 and the expected 55.5. [5]
Stable Coin —— The overall market capitalization of Stable Coin has risen by 2.47% to $196.2 billion, with further inflow of off-exchange incremental funds.【6】
Gas Fee - Recently, the activity on the ETH blockchain has been high, with the highest daily consumption reaching 205 Gwei, and the daily average Gas fee being 27 Gwei. 【7】
Hot Concepts
This week, the price of Bitcoin fluctuated widely in the range of $94,000 to $103,000, and the performance of alts in various zones was mixed. According to Coingecko and CoinmarketCap data, Perpetuals, Internet of Things (IOT), and Outlier Ventures Portfolio achieved significant pumps within the week, with increases of approximately 142.9%, 60.6%, and 55.5% respectively. The three zones mentioned above each have their own characteristics and demonstrate a strong development trend in the market.
**Perpetuals ** - Perpetuals is a financial instrument commonly used in trading scenarios, providing investors with specific trading opportunities and strategic choices. Influenced by factors such as overall market activity and its own trading advantages, this zone has seen a significant pump in the past seven days, with a total pump of over 142.9% as of December 5th, 12:00 (UTC+8) in the past 7 days.
Among them, Hyperliquid conducted a large-scale native Token HYPE genesis Airdrop activity on November 29th, distributing a total of 310 million Tokens, with an Airdrop scale of 620 million US dollars, which is one of the largest Airdrop projects in 2024, greatly boosting market sentiment.
Internet of Things （IOT）—— The Internet of Things (IOT) aims to achieve the interconnection of all things, connecting various devices through the network for data exchange and intelligent control, and has a wide range of applications in many fields. Driven by the increasing attention to emerging technology fields in the market, as of 12:00 on December 5th (UTC+8), the relevant currencies in this zone have shown a good upward trend within 7 days, with an overall pump of over 60.6%.
Among them, XYO Coin has risen by more than 120% in the past week, with its market capitalization once breaking into the top 100, triggering widespread attention in the market. The project recently completed the Gamma phase token sale and launched its Mainnet. It also announced receiving listing proposals from 10 top exchanges and has successfully listed on LA Token. These significant developments have greatly boosted investor confidence.
Outlier Ventures Portfolio - Outlier Ventures Portfolio brings together a series of distinctive projects with unique investment portfolio logic and development potential. Driven by industry development and the growth of projects themselves, as of 12:00 on December 5th (UTC+8), the overall zone has pumped more than 55.5% in the past 7 days, and some of its projects have shown particularly prominent increases.
Among them, Celo Token price pump by 26.8%, which has sparked dissatisfaction in the community due to the migration to L2 plan and the controversy over cLabs' proposal to retain L1 and rename it Celo Gold, leading to a significant increase in attention recently.
Hot Coins
According to gate data, the following popular currencies in the past 7 days are as follows: [9]
XYO - The seven-day increase is about 166.29%, with a circulating market value of $3.59 billion. XYO is a technical protocol, dedicated to improving the effectiveness, determinacy, and value of data. By building a data market, XYO provides high-standard solutions for applications, websites, and blockchain technologies that rely on trusted data.
Recently, XYO has gained attention in the market due to its DePIN concept, reshaping infrastructure and data sovereignty through blockchain technology, addressing the efficiency and security issues of centralized systems, while aligning with the trends of data privacy protection and sustainable development, attracting investors' favor.
**XVG - The seven-day increase is about 159.74%, and the circulating market value is $303 million. XVG is the native Token of the Verge blockchain, known for its focus on privacy and anonymity, supporting fast, low-cost cross-border payments, and compatible with multiple payment protocols.
The recent strong performance of XVG may be related to the community's attention to privacy technology and its payment scene rise, at the same time, the new technological updates and expansion plans of the Verge network have further enhanced investors' confidence in its prospects.
**ARTY - The seven-day increase is about 147.9%, and the circulating market value is 25.8712 million US dollars. ** ARTY is the core Token of the Artify project, mainly used to support the creation, trading, and management of digital artworks, and to promote the development of Decentralization art ecology. Artyfact is a game Metaverse that integrates the Play-and-Earn model, where players can explore virtual worlds, participate in games, showcase and trade Non-fungible Tokens, and host various activities, enjoying an immersive and multifunctional interactive experience.
The main reason for the recent pump of ARTY is that the well-known exchange has listed the $ARTY/USDC trading pair, which significantly improves the Liquidity of $ARTY and provides a new trading gateway for users in regions that support USDC, creating more opportunities for traders and investors.
Focus of the week
Hotspot Comment
Grayscale applies to convert Solana Trust to Spot ETF Grayscale Investments recently submitted an application to the United States Securities and Exchange Commission (SEC) to convert its Solana Trust Fund into a Spot Solana ETF, with the ticker symbol GSOL. If approved, this ETF will be listed for trading on the New York Stock Exchange (NYSE), providing investors with a direct opportunity to invest in Solana (SOL). As of the application date, Grayscale's Solana Trust Fund has managed approximately $1.342 billion in assets, making it the largest Solana investment fund globally. This application is not only part of Grayscale's overall strategy but also another milestone in its efforts to transform Cryptocurrency Trust Funds into regulated ETFs. Earlier this year, Grayscale's BTC and Ethereum Trust Funds were successfully approved for conversion to Spot ETFs, which received positive responses in the market.
Although the SEC remains cautious about Cryptocurrency ETFs, with major concerns including market manipulation, Liquidity, and investor protection issues, Grayscale and other companies remain optimistic about the approval prospects as the encryption market matures and regulatory frameworks gradually improve. This move by Grayscale is seen as a key step for the encryption industry towards broader regulated investment options and may also lay the foundation for ETFs of other blockchain assets. [10]
BTC breaks historical high, Coinbase premium soaring, strong buying power from US market participants According to the latest market data, after breaking through $100,000, the price of BTC has hit a historical high. At the same time, the Coinbase premium has surged. The "Coinbase premium" refers to the difference between the price of BTC on Coinbase and prices on other exchanges, and this indicator is usually seen as a sign of buying strength in the US market. This pump indicates strong demand for BTC in the US market. The significant rise in interest from US investors in BTC may be related to recent improvements in the macroeconomic environment and institutional fund inflows.
Some observers attribute it to institutional investors taking advantage of the launch of SpotBTC ETF as a new investment opportunity. In addition, BTC's scarcity and safe-haven characteristics have attracted more followers in the current economic uncertainty. Despite the significant pump in BTC price, the market still needs to be cautious of potential volatility. Investors should remain cautious and follow key technical indicators and macroeconomic trends ahead.
Mara intends to issuance $700 million in bonds to purchase BTC MARA Holdings is a leading global digital asset computing company committed to supporting energy transition. MARA Holdings, Inc. (NASDAQ: MARA) announced plans to issue $700 million zero-coupon convertible senior notes to qualified institutional investors through a private sale, with an expected maturity in 2031.
The company plans to use the net proceeds of this issuance for the following purposes:
In addition, MARA Holdings also grants initial purchasers the option to purchase an additional $105 million in notes within 13 days from the issuance date. The notes are unsecured senior debt that does not pay regular interest unless special interest is paid under specific circumstances. BTC has continued to reach new highs this year, and this is one of the ways the TradFi industry is exposed to BTC risk.
Security Incident
XT suspends withdrawals of all currencies Cryptocurrency exchange XT.COM has reportedly encountered a hacker attack, resulting in a loss of approximately $1.7 million worth of crypto assets. The hacker has converted the stolen funds into 461.58 ETH and deposited them into Address 0xB43f...8F83. XT.COM has announced that all withdrawal services for all currencies have been temporarily suspended due to wallet upgrade and maintenance, and the resumption time will be notified separately later.
In addition, according to the 'Bitforest - Zhong Kui System' monitoring, the hot wallet of XT.COM has experienced abnormal fund outflows on multiple on-chain networks such as ETH, Polygon, and OP, involving various tokens such as DOGE and TRUMP. These outgoing tokens have all been exchanged for ETH, with a total value of approximately $1.67 million. [13]
Project follow
Wormhole Launches W Tokenstake Program with a minimum reward of 50 million Tokens Cross-Chain Interaction protocol Wormhole has announced the official launch of its W Token stake reward plan (SRP). Wormhole is a universal messaging protocol for Decentralization, aimed at assisting developers and users in building Cross-Chain Interaction applications to fully leverage the advantages of multiple ecosystems. Users can now stake W Token on Solana and EVM on-chain networks including ETH, Arbitrum, Optimism, and Base. The first reward period, starting from the launch of EVM chain stake on June 6, 2024, will distribute no less than 50 million W Tokens as rewards.
The plan will be operated through the newly launched W Dashboard, where users can manage stake, view detailed metrics, and track rewards. Wormhole stated that the MultiGov multi-chain governance system will be launched in the first quarter of 2025, and stakeholders will be able to participate in the voting and execution of Cross-Chain Interaction governance proposals. The current available supply of W Tokens in the community is approximately 858 million, accounting for 17% of the original issuance of 1.7 billion.[14]
Highlights Data
BlackRock and MicroStrategy each have open interest of over 400,000 BTC BTC is becoming a core asset for institutional funds. BlackRock holds 496,854 BTC, worth about $4.7 billion, accounting for 2.37% of the total supply; MicroStrategy Holdings holds 402,100 BTC, accounting for 1.91%. BTC ETF holdings account for 6%, rising 1% in the past 5 months. Currently, there are 1,106,775 BTC yet to be mined, accounting for 5.3% of the total, worth about $110 billion.
The influx of institutions has shown confidence in the future of BTC, and the participation of asset management giants such as BlackRock has gradually brought BTC into the mainstream asset allocation. The growth of BTC ETF has further lowered the investment threshold, attracting more capital inflows. With the intensification of BTC scarcity, its price may continue to rise due to limited supply and increasing demand, gradually evolving into a global wealth reserve tool. However, the high concentration of institutional holdings may bring market fluctuations and the risk of over-financialization, and the market needs to strike a balance between decentralization and institutionalization to ensure long-term stable development.
In November, the volume of cryptocurrency reached a record high of over 10 trillion USD for the first time In November 2024, the global Cryptocurrency volume first surpassed $10 trillion, showing a rapid rise in market activity. The surge in volume is mainly driven by the trading of SpotBTC and Ethereum in the Decentralized Finance sector. The launch of SpotBTC and Ethereum ETFs has attracted a large amount of institutional funds into the market, providing strong impetus for volume. [16]
There is still uncertainty in the macroeconomic environment behind this rise. Driven by the demand for safe-haven assets, investors are turning their attention more to Crypto Assets. At the same time, the application scope of blockchain technology continues to expand, and the emergence of new products such as tokenization of on-chain assets injects more vitality into the market. These innovations not only improve transaction efficiency but also attract more users to participate in the market.
The performance of the Asian market in trading activities is particularly outstanding. Data shows that Asia accounts for more than 40% of the global volume, reflecting the high interest and active participation of investors in encryption assets in the region. Both institutional investors and individual users in the Asian market have demonstrated strong potential for rise. Despite the market data reaching new highs, risks still exist. The volatility of prices and changes in regulatory policies may have a significant impact on future trading activities. In this context, the long-term trend of the market remains to be observed.
TRON Network Revenue Hits All-Time High TRON founder Justin Sun announced on X platform that TRON network revenue hit a historic high on December 3, with a single-day revenue exceeding $20 million and reaching $21.66 million. Among them, stake revenue was about $16.52 million, accounting for 76.27%; destruction revenue was about $5.14 million, accounting for 23.73%. This achievement not only demonstrates the strong rise of the TRON network, but also highlights its important position in the global encryption ecosystem.
The recent political turbulence in South Korea has had a profound impact on the market and has become a key driving factor for TRON network's single-day breakthrough. The significant drop in the exchange rate of the South Korean won has caused market panic, leading to the massive paralysis of the centralized encryption exchange in South Korea. Investors are eager to transfer funds to overseas exchanges. Against this backdrop, USDT under TRON's TRC20 protocol has become the preferred tool for Korean investors, serving not only as a store of value but also as a hard currency, maintaining market stability. This event once again demonstrates the reliability and critical role of the TRON network in the global market. [17]
Market Opportunities
Project Airdrop
This week's Airdrop project that you can follow is: Namada
Cosmos ecosystem privacy blockchain Namada launches Mainnet and Token Airdrop. The core feature of the project is the 'multi-asset shielded pool' technology, which allows users to hide asset details in DEX liquidity pools, enabling cross-chain interaction and shielded transactions. The project will be deployed in five stages, with the first stage opening up stake and governance functions.
The total supply of NAM Tokens is 1 billion, and the first batch of unlocked Tokens will be distributed to community members, early contributors, and future development plans. Anoma Foundation stated that it will not operate validation Nodes to ensure that the network is fully controlled by the community. Eligible users can immediately receive NAM Token Airdrops and participate in stake and governance.【18】
How to participate:
Users can participate in the Namada Airdrop program:
Note: The Airdrop plan and participation methods may be updated at any time. It is recommended that users follow Namada's official channels to obtain the latest information. At the same time, users should participate with caution, pay attention to risks, and do sufficient research before participating. Gate does not guarantee the distribution of subsequent Airdrop rewards. Please keep 01928374656574839201 as it is.
Financing Weekly Report
Multiple projects successfully completed financing this week, involving a wide range of applications in infrastructure, Decentralized Finance, games, and other fields. According to RootData statistics, from November 29th to December 5th, a total of 16 projects announced financing, totaling 103 million US dollars. Here are the top three in terms of financing size: [19]
USDX completed a $45 million financing on November 29, with participation from Dragonfly, NGC Venture, UOB Venture, and other companies. USDX (USDX.Money) is a synthetic USD stablecoin built for the encryption ecosystem. It provides a local encryption-native Stablecoin solution that is independent of traditional banking infrastructure, which is patient, scalable, and highly stable. In addition, it offers a multi-layered savings tool that covers a variety of options from flexible Intrerest Rate funds to stablecoins, and enables global users to access in USD.
Union successfully completed a $12 million Series A financing on December 3, led by gumi Cryptos Capital and LongHash Ventures, with participation from companies such as Borderless Capital. Union is an efficient interoperable protocol that connects all blockchains and rollups in any ecosystem. It is based on Consensus validation and does not rely on trusted third parties, Oracle Machine, Multisignature, or MPC.
Earos completed a $10 million Pre-seed financing round on December 4th, with investment from Lemon Ltd. Earos is a Decentralization AI ecosystem (Digital Twin Earth) that allows global Nodes to collaborate on AI model training, deployment, and validation. Developers can also create and deploy their own AI agents. The project will use Tokens to provide Computing Power, validate AI agent workstations, and reward participants running Nodes.
Next week follow
Token Unlock
According to the data from Token Unlocks, several important Token unlocking events will take place in the market next week (2024.12.6-12.12). The total value of the unlocking is over 100 million US dollars. [20]
The situation before unlocking next week is as follows:
JTO will unlock approximately 135 million tokens at 12:00 AM UTC+0 on the 7th day, accounting for 102% of its current circulating supply, with a value of approximately $491 million. Due to the unlocking amount exceeding the current circulating supply, this unlocking may cause significant price movement for JTO PA, and JTO holders need to stay follow.
**APT **will unlock 11.31 million tokens at 4 p.m. UTC+0 on the 11th, accounting for 2.11% of the circulating supply, worth approximately $153 million. This unlock includes founders, core contributors, investors, and the community. This unlock may cause some volatility in APT's price movement, and APT holders should stay follow.
ENA will unlock 18.53 million tokens at 12:00 AM UTC+0 on the 6th, which accounts for 0.05% of the circulating supply and is worth approximately $22.61 million. The small unlocking amount may not have a significant impact on ADA price movement.
encryption Calendar
Next week (2024.12.6-12.12) will usher in a series of important events that will have a profound impact on the Cryptocurrency market, global economy, and energy market. Decentralization Web3 social protocol Farcaster is expected to launch a more feature-rich update on December 6th. The founder of ai16z stated that they are discussing the establishment of an entity organization with a16z and will launch the ai16z DAO autonomous trading function during the week of December 6th. The US government will announce the US unemployment rate for November on December 6th. The unemployment rate data is an important economic indicator that reflects the condition of a country's labor market. The November unemployment rate figures may have an impact on the future trend of the Cryptocurrency market for the next month.
Reference
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