TL;DR

• The price of BTC has risen by 4.83% in the past 24 hours, currently priced at $81,406, continuously setting new all-time highs.
• Altcoins show strong growth, with meme coins performing particularly well; the Elon Musk-inspired sector surges 33.4%.
• SOL’s market cap share of the entire cryptocurrency market has reached 3.82%, setting a historic high.
• The total market cap of stablecoins has grown by 3.14% over the past week, now at $178.3 billion, highest since May 2022.
• dYdX announced a major platform upgrade named dYdX Unlimited in November 2024.
• The U.S. Securities and Exchange Commission (SEC) delays its decision on NYSE options for spot Ethereum ETFs again.

Market Analysis

According to Gate.io market data, as of 4:00 UTC on November 11 [1]:

BTC – The price of BTC has risen by 4.83% in the past 24 hours, currently standing at $81,406. The highest price in the past 24 hours was $81,728.9, while the lowest was $77,137. Bitcoin has broken its all-time high, and on the hourly chart, the moving averages for the bullish trend are well-aligned. After a consolidation trend on November 9 and 10, the price has continued to reach new historical highs.

ETH – The price of ETH has risen by 1.36% in the past 24 hours, currently at $3,212.14. The highest price in the past 24 hours was $3,248.72, and the lowest was $3,070.14. Influenced by the overall market, the 1-hour chart shows a clear upward trend for ETH, with well-aligned and evenly spaced moving averages in the bullish direction. No significant resistance zone has emerged above, and trading volume is gradually increasing, indicating differing views between buyers and sellers. Investors should closely monitor this situation.

ETF – According to SoSoValue, on November 8, U.S. Bitcoin spot ETFs saw a total net inflow of $293 million [2], while U.S. Ethereum spot ETFs had a total net inflow of $85.86 million [3].

Altcoins – With BTC reaching new highs, altcoins are experiencing strong gains, particularly meme coins, which have significantly outperformed the broader market. Specific sectors, including Elon Musk-inspired tokens, dog-themed tokens, and the TokenFi launchpad, have risen by 33.4%, 29.2%, and 23.7%, respectively [4].

U.S. Stock Market Indices – The three major indices in the U.S. stock market rose, with the S&P 500 up 0.38%, the Nasdaq up 0.09%, and the Dow Jones up 0.59% [5].

Spot Gold – The price of spot gold is currently $2,669 per ounce, down 0.53% for the day [6].

Fear & Greed Index – The Fear & Greed Index dropped from 78 yesterday to 76 today, indicating that the market is still in an “extreme greed” state, suggesting a hot market, although greed sentiment has slightly weakened [7].

Top Performers

According to Gate.io market data, based on trading volume and price performance over the past 24 hours, the following are the trending altcoins: [1]

ADA – With a daily increase of approximately 41.59%, ADA has a circulating market cap of $21.74 billion.
ADA is the native cryptocurrency of the Cardano blockchain. Cardano utilizes a proof-of-stake consensus mechanism, allowing for the secure, transparent, and fair transfer of digital funds within its ecosystem.

Recently, ADA’s founder, Charles Hoskinson, confirmed plans to collaborate with the Trump administration in 2025 to assist in the development of cryptocurrency legislation. This news has boosted market confidence in ADA, with investors anticipating that a clearer regulatory framework could create a more favorable environment for the growth of the Cardano ecosystem. This expectation may have contributed to the rise in ADA’s price.

TRB – With a daily increase of approximately 61.3%, TRB has a circulating market cap of $233 million.
Tellor (TRB) addresses the issue of Ethereum smart contracts being unable to access off-chain data by creating a decentralized oracle system. Users can request off-chain data (such as ETH/USD), and miners supply this data with protection through staking. Tellor incentivizes miners to provide data by issuing TRB tokens.

According to monitoring by Lookonchain, on November 9, two whale addresses collectively deposited 226,741 TRB (valued at approximately $12.18 million) into OKX over the past 12 hours, accounting for 8.42% of the total supply. Notably, prior to this surge, TRB’s trading volume was very low, indicating that whales may have manipulated the market by driving up prices with minimal funds—a common tactic in the market. Investors are advised to conduct thorough research before trading [8].

ZEUS – With a daily increase of approximately 49.7%, ZEUS has a circulating market cap of $98.24 million.
Zeus Network is a cross-chain communication layer built on the Solana Virtual Machine (SVM), primarily bringing Bitcoin liquidity to Solana through its first DApp, APOLLO. It offers a pluggable, programmable node network that supports the development of decentralized applications.

Recently, Zeus Network announced the upcoming launch of ZeusNode, aimed at facilitating interaction between Bitcoin ($BTC) and Solana ($SOL). This new protocol is expected to bring increased attention and development to the BTC ecosystem on Solana, which may be contributing to the ongoing rise in the price of ZEUS [9].

Data Highlights

Solana’s Market Share Reaches a Record High of 3.82%
Solana’s recent market performance has been impressive. According to TradingView data, on November 8, its market cap reached 3.82% of the entire cryptocurrency market, setting a new all-time high. This growth reflects market confidence in the Solana ecosystem, particularly as its DEX, lending, and staking projects have gained significant attention, with many tokens performing exceptionally well. Additionally, as institutional interest in meme coins rises, Solana has benefited from this trend, further boosting its trading volume and market share. This growth not only highlights Solana’s position in the highly competitive crypto market but also suggests its potential for further expansion in the future [10].

Stablecoin Total Market Cap Increases by 3.14% Over the Past Week, Reaching Highest Level Since May 2022
According to DefiLlama data, the total stablecoin market cap grew by 3.14% over the past week, now reaching $178.3 billion, the highest level since May 2022. Among various blockchains, Near showed the strongest performance, with a 14.73% increase in stablecoin market cap, demonstrating robust momentum. Stablecoin market caps on TON and Solana also rose by 9.74% and 7.43%, respectively, suggesting that blockchains with proactive operational strategies tend to attract more investor interest during bullish market conditions.

In contrast, Avalanche saw a 24.3% decrease in its stablecoin market cap, marking the largest decline over the past week and highlighting challenges it may be facing. Additionally, stablecoin market caps on Polygon and Base fell by 9.77% and 3.97%, respectively, while Tron and BSC also saw slight declines of -1.02% and -0.55%. Although these declines are relatively minor, they still reflect weaker performance compared to other chains. Arbitrum, however, maintained steady growth at 4.54%, surpassing the market average and progressing steadily [11].

$674 Million Liquidated Across the Crypto Market in the Past 24 Hours
According to Coinglass data, in the past 24 hours, a total of $674 million in crypto contracts were liquidated across the market, with $313 million in long positions and $361 million in short positions. BTC liquidations totaled $165 million, while ETH liquidations amounted to $93.81 million. This significant liquidation volume reflects the recent high volatility in the cryptocurrency market. The recent fluctuations may be influenced by various factors, including macroeconomic data, policy changes, and market rumors. Investors are advised to closely monitor market dynamics, conduct thorough analysis, and avoid emotional trading [12].

Spotlight Analysis

dYdX Unlimited Launches, Boosting Liquidity and Returns with Instant Market Listings and MegaVault
In November 2024, dYdX announced a major platform upgrade named dYdX Unlimited. This update includes Instant Market Listings, which allow users to quickly create liquidity pools and trade, supported by the MegaVault liquidity pool. MegaVault serves as a core liquidity pool where users can deposit USDC, simultaneously providing liquidity to the market and earning returns. Additionally, dYdX has enhanced its trading rewards program, offering higher rewards based on trading volume, and introduced a membership program that allows users to earn lifetime commissions by referring new users. This update is expected to further enhance the platform’s liquidity and trading experience.

This upgrade aims to strengthen dYdX’s competitiveness among decentralized exchanges. The combination of Instant Market Listings and MegaVault provides users with greater flexibility and potential earning opportunities, especially appealing to long-term investors and traders. Meanwhile, the trading rewards and membership programs are designed to attract new users and expand market share. However, whether these innovative features will effectively grow the platform’s user base remains to be seen, as it will depend on market response and competitors’ reactions [13].

Immutable Launches Passport’s Pre-Approved Transaction Feature for Seamless In-Game Transactions
Immutable has introduced a pre-approved transaction feature within its Passport platform to simplify blockchain transactions in games. This feature allows for seamless, secure in-game transactions through co-issued assets with game developers, ensuring a safe and controlled transaction environment. In the future, this functionality will gradually support mainstream assets such as IMX, USDC, and ETH, providing players with a wider range of transaction options and promoting deeper integration between the gaming industry and blockchain technology.

The pre-approved transaction feature of Immutable Passport enhances the Web3 gaming experience by seamlessly integrating blockchain transactions into games, eliminating the need for players to constantly switch wallets and significantly improving the game’s immersion and fluidity. This innovation not only increases player engagement but also attracts more players and developers to the Web3 gaming space. Immutable’s initiative strengthens its competitive position in the industry and contributes to advancing the entire Web3 gaming sector [14].

SEC Again Delays Decision on Spot Ethereum ETF Options, Reflecting a Cautious Regulatory Approach
The U.S. Securities and Exchange Commission (SEC) has once again deferred approval of the spot Ethereum ETF options application submitted by the New York Stock Exchange, originally scheduled for a decision on November 11, 2024. In its announcement, the SEC stated that the delay is intended to allow for further analysis and to gather public opinion, specifically to assess whether the proposed rule changes meet the requirements of the Securities Exchange Act regarding market manipulation prevention, investor protection, and the maintenance of a fair trading system. In August, the NYSE, in collaboration with Grayscale and Bitwise, filed applications to trade options on several Ethereum trust products. The SEC’s delay also includes BlackRock’s application for its ETHA product.

This delay reflects the SEC’s cautious stance toward cryptocurrency financial products, which may impact market confidence and investor expectations for Ethereum-related investment products. Regulators appear to be maintaining strict control over balancing innovation with risk to ensure market stability and protect investors [15]. \

Funding News

According to RootData, from November 8 to November 11, five projects announced financing rounds, with the largest amount reaching $8 million, totaling over $10.5 million in funds raised across sectors such as infrastructure, NFTs, and DeFi. Below are the projects with disclosed financing information: [16]

Pharos – On November 8, Layer 1 blockchain developer Pharos completed an $8 million seed funding round, led by Faction and Hack VC. Pharos is a high-speed, EVM-compatible, internet-grade blockchain that enhances payments and applications through trustless and decentralized solutions.

Rektguy – On November 8, the NFT project Rektguy completed a $1.5 million seed round. Rektguy is an NFT project inspired by Rekt drink culture, where users earn double points for every drink purchased. Buyers can climb the leaderboard and potentially receive rewards in Rekt Coin.

Map Protocol – On November 8, Bitcoin Layer 2 interoperability layer Map Protocol completed a $1 million strategic funding round, with participation from Gryps. The MAP Protocol is an interoperability layer for the Bitcoin network, built on a ZK light client. It serves as a gateway for developers and users within the Bitcoin ecosystem, enabling interoperability between various Bitcoin Layer 2 solutions and both EVM and non-EVM ecosystems.

Airdrop Opportunities

TonVibe 2024 Gate.io × TonSociety
The TonVibe 2024 Gate.io × TonSociety hackathon SBT event is currently underway, allowing users to complete tasks to earn SBT tokens and Gate.io Wallet points. Qualified participants can share in an $80,000 prize pool. The event runs from October 21 to December 31. By linking their accounts using the Wallet Mini App before the end of the year, users can receive Wallet points, and first-time trades of at least 10 USDT will enjoy a 0 gas fee discount.

How to Participate:

1. Wallet Mini App Access: https://t.me/gateio_wallet_bot/task
2. SBT Event Web Access: https://www.gate.io/web3/tasks/activeDetail?id=120&network=TON
3. SBT Event Announcement: https://www.gate.io/announcements/article/40401
4. Guide on Participating in the SBT Event Using Gate.io Wallet Mini App: https://www.gate.io/help/guide/video-teaching/40387

Analog
Analog is a decentralized Layer 0 platform that has raised $16 million, aiming to build a more efficient and decentralized blockchain infrastructure. The project seeks to overcome the limitations of existing blockchain platforms, providing developers with a more flexible and efficient blockchain solution. To promote the platform’s adoption and growth, Analog is currently running an incentivized testnet, where participants can earn airdrop rewards by completing KYC tasks and obtaining proof NFTs.[17]

How to Participate:

• Join the Analog Discord group and link your Twitter account.
• Complete facial recognition to receive the “Human” role on Discord.
• Visit the Proof of Humanity page to claim proof of humanity NFT.[18]
• Complete tasks on the Analog incentivized testnet and verify proof of humanity.[19]

Note
The airdrop program and participation methods may be updated at any time. Users are advised to follow Analog’s official channels for the latest information. Additionally, users should participate with caution, be mindful of potential risks, and conduct thorough research before participating. Gate.io does not guarantee the issuance of future airdrop rewards.

Reference：

1. Gate.io, https://www.gate.io/price
2. SoSoValue, https://sosovalue.com/zh/assets/etf/us-btc-spot
3. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
4. CoinGecko, https://www.coingecko.com/categories
5. Investing, https://investing.com/indices/usa-indices
6. Investing, https://investing.com/currencies/xau-usd
7. Gate.io, https://www.gate.io/bigdata/homeindex
8. X, https://x.com/lookonchain/status/1855152179281379569
9. X, https://x.com/ZeusNetworkHQ/status/1855185603995762772
10. TradingView, https://www.tradingview.com/symbols/SOL.D/
11. DefiLlama, https://defillama.com/stablecoins/chains
12. Coinglass, https://www.coinglass.com/LiquidationData
13. X, https://x.com/dYdX/status/1855520789765751120
14. Immutable, https://www.immutable.com/blog/seamless-gaming-arrives-immutable-introduces-pre-approved-transactions
15. The Block, https://www.theblock.co/post/325262/sec-again-delays-decision-on-spot-ethereum-etf-options
16. Rootdata, https://www.rootdata.com/Fundraising
17. X, https://x.com/OneAnalog/status/1854843789191659946
18. Intract, https://www.intract.io/proof-of-humanity?pohReferralCode=ANALOG
19. Analog, https://testnet.analog.one

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