TL;DR

• The price of BTC has increased by 0.69% in the past 24 hours, showing a trend of upward fluctuation, with moving averages in a bullish alignment.
• The price of ETH has decreased by 0.44% in the past 24 hours, exhibiting a volatile pattern, with multiple attempts to break through the short-term resistance level around 3,743.
• Bitcoin ETF saw a net inflow of $320 million on Nov 29, while Ethereum ETF experienced a net inflow of $333 million on the same day.
• The total value locked (TVL) on the Base network has reached $3.719 billion.
• In the past 24 hours, total contract liquidations across the network amounted to $293 million, with XRP, BTC, and ETH seeing the largest liquidation volumes.
• XRP’s market capitalization has overtaken USDT and SOL to become the third-largest token, surging by 380% in just one month.

Market Analysis

According to Gate.io market data, as of December 2nd, 00:00 (UTC+0)[1]：

• BTC — The price of BTC has increased by 0.69% in the past 24 hours, currently standing at $97,159.3. The highest price in the last 24 hours was $97,829.3, while the lowest was $95,693.7. BTC is in a fluctuating upward trend, moving along its trendline, with short-term support forming around $95,470.

• ETH — The price of ETH has decreased by 0.44% in the past 24 hours, currently standing at $3,743.94. The highest price in the last 24 hours was $3,745.80, while the lowest was $3,660.24. ETH is in a volatile market, with multiple attempts to break through the short-term resistance level around $3,743. If the price can break through the current upper resistance with significant trading volume, there could be an opportunity for further upward movement.

• ETF — According to SoSoValue data, on November 29th, the total net inflow for the US Bitcoin spot ETF was $320 million[4], while the US Ethereum spot ETF saw a total net inflow of $333 million[5].
• Altcoins — The Base Meme, perpetual contracts, and decentralized identity sectors saw respective gains of +21.7%, +16.0%, and +15%[6].
• US Stock Market Indices — The S&P 500 index increased by 0.56%, the Nasdaq index rose by 0.90%, and the Dow Jones index gained 0.42%[7].
• Spot Gold — The price of spot gold dropped to $2,637.85 per ounce, a decline of 0.59% on the day[8].
• Fear & Greed Index — The Fear & Greed Index stands at 80, indicating that the market is in a state of greed[9].

Top Performers

According to Gate.io market data[10], based on the trading volume and price performance in the past 24 hours, the top-performing altcoins are as follows:

MOBILE — The price increased by approximately 159.01% in a single day, with a circulating market cap of $236 million.
Helium Mobile provides cellular services through its decentralized wireless infrastructure. MOBILE is the governance token of the MOBILE sub-DAO, responsible for overseeing the network’s development.
Recently, Helium passed a proposal for MOBILE to be used as a reward for all networks alongside HNT starting in January 2025. This decision went through intense discussions and a revote, but ultimately consensus was reached, solidifying the future of MOBILE as a core part of the Helium network. This has increased market confidence in its long-term value, driving the price upwards[11].

AIFUN — The price rose by approximately 129.60% in a single day, with a circulating market cap of $20.31 million.
AI Agent Layer is a project aimed at providing decentralized infrastructure for AI applications. Its goal is to use blockchain technology to build an ecosystem supporting AI agent interactions, data sharing, and collaboration[12].
The recent surge in AIFUN’s price may be linked to the launch of its staking feature. Users can now stake AIFUN tokens to earn rewards. These incentives have made the $AIFUN token more attractive, encouraging more investors to participate in staking, and driving up the price.

HMT — The price increased by approximately 50.11% in a single day, with a circulating market cap of $88.5 million.
HUMAN Protocol is a new approach to human-machine collaboration. The project allows users to ask questions, provide data, and pay those who assist. Companies building services like product search now have new options to create datasets that support AI.
Recently, HUMAN App 2.0 was released, introducing a new architecture that improves performance and stability, an updated user interface, and enhanced identity verification and security features. These improvements have made the platform more attractive, drawing attention from more users and developers, which likely boosted demand for HMT tokens and led to the price increase[13].

Data Highlights

Bitcoin ETF Net Inflow of $320 Million on November 29th
According to Sosovalue data, the US Bitcoin spot ETF saw a net inflow of $320 million on November 29th. The total daily trading volume was $2.51 billion, with the cumulative net inflow reaching $30.7 billion. The total value of BTC managed by the ETF is $10.528 billion, accounting for 5.47% of Bitcoin’s total market capitalization[14].

Ethereum ETF Net Inflow of $333 Million on November 29th
Sosovalue data shows that the US Ethereum spot ETF had a net inflow of $333 million on November 29th, with a daily trading volume of $314 million. The cumulative net inflow is $573 million, and the total value of ETH managed by the ETF is $11.04 billion, accounting for 2.55% of Ethereum’s total market capitalization. The Ethereum ETF has seen net inflows for 5 consecutive days[15].

EVM-Compatible Chains NFT Daily Trading Volume Surpasses $40 Million
On December 1st, Dune Analytics reported that NFT trading volume on EVM-compatible chains reached $42 million. The Blur platform dominated with $25 million in trading volume, followed by OpenSea with $10.93 million. This increase in trading volume indicates a significant rebound in the NFT market as the year ends, likely driven by rising blue-chip project prices and returning investor confidence. Blur continues to attract active traders with liquidity incentives and professional tools, while OpenSea maintains its dominant position as a traditional NFT marketplace[16].

Base Network Total Value Locked Reaches $3.719 Billion
The total value locked (TVL) on the Base network is currently $3.719 billion. Stablecoins account for a significant portion of this, with a market value of $3.591 billion, and USDC’s dominates at 92.02%. Over the past 24 hours, Base recorded transaction fees of $668,666, revenue of $666,801, and a transaction volume of $799 million, indicating strong trading activity and stable income. Additionally, Base’s 24-hour active addresses reached 637,168, with 8,335 new addresses and 8.33 million transactions, reflecting strong user growth and market activity[17].

$293 Million in Total Liquidations Across the Network in the Past 24 Hours
In the past 24 hours, a total of $293 million in liquidations occurred across the network, with $138 million from long positions and $161 million from short positions. Liquidations were mainly concentrated in XRP, BTC, and ETH shorts. XRP had $45.64 million in liquidations, BTC saw $41.43 million, and ETH experienced $30.14 million in liquidations[18].

Spotlight Analysis

XRP Surpasses USDT and SOL to Become the Third-Largest In Market Cap, Surging 380% in One Month
Recently, the long-established cryptocurrency XRP has been showing strong performance, continuously rising and overtaking USDT to become the third-largest cryptocurrency by market cap. According to CMC data, XRP’s price has surged from $0.51 to $2.47 in the past month, representing a 380% increase, with a 32% rise in the last 24 hours alone. Its market cap has now reached $141.6 billion, surpassing USDT’s $134.2 billion. The market widely believes this strong performance is closely tied to SEC Chairman Gary Gensler’s announcement that he will step down on January 20th, 2024. Additionally, Trump’s election victory and Ripple’s off-chain ecosystem development are also seen as contributing factors to XRP’s price surge, leading to a celebratory rally amid its long-standing litigation with the SEC[19].

New York Regulators Prepare to Greenlight Ripple’s RLUSD Stablecoin
Ripple Labs’ RLUSD stablecoin, an over-collateralized digital currency pegged to the US dollar, is set to receive approval from the New York Department of Financial Services (NYDFS). This milestone may pave the way for RLUSD’s launch as early as December 4th, marking Ripple’s latest entry into the rapidly growing stablecoin market. Ripple first announced plans to launch RLUSD in April 2024, positioning it as a competitor to USD Coin (USDC) and Tether (USDT), emphasizing trust, stability, and usability. The company intends to integrate RLUSD with XRP into its cross-border payment solutions, aiming to enhance global liquidity and settlement speed. Ripple’s executives predict that the stablecoin market will reach $2 trillion by 2028, presenting a huge opportunity for several issuers. The company has already begun testing RLUSD on the XRP Ledger and Ethereum mainnet, with plans to expand to other blockchains. To ensure transparency and compliance, Ripple has committed to third-party audits and monthly collateral reserve reports. Major exchanges like Bitstamp, Uphold, and MoonPay will also support the stablecoin. The upcoming RLUSD launch strengthens Ripple’s position in the digital finance sector and highlights increasing US regulatory acceptance of blockchain-based financial solutions[20].

JTO, ADA, and ENA Tokens Set to Unlock
Several cryptocurrencies will see token unlocks this week: JTO will unlock 135 million tokens on December 8th, worth about $507 million, representing 103.03% of its circulating supply. This large unlock could significantly impact JTO’s market price. ADA will unlock 18.53 million tokens on December 6th, valued at $21.31 million, representing 0.05% of its circulating supply, a relatively small percentage. ENA will unlock 12.86 million tokens on December 4th, worth approximately $10.57 million, representing 0.45% of its circulating supply, a moderate-sized unlock[21].

Funding News

According to RootData, since last Friday, three projects have announced funding rounds, totaling over $10.5 million. The funding primarily focuses on stablecoin protocols and the DeFi sector, with the highest individual funding round reaching $46 million. Below are the details of the financing: [22]

USDX — USDX raised $45 million in a funding round, with contribution from NGC, BAI Capital, and others. USDX.money is a decentralized synthetic stablecoin issuance protocol aimed at building the next generation of stablecoin infrastructure. Its first stablecoin product, USDX, aims to enhance the liquidity and application scope of stablecoins through innovative mechanisms[23].

Margarita Finance — Margarita Finance secured $1 million in a Pre-Seed funding round, with investments from Tomahawk.VC, Outrun Ventures, and others. Unlike traditional DeFi platforms, Margarita Finance focuses on mature and secure financial tools while maintaining a user-friendly interface. The platform’s core product, “Yield Boosters,” is a customizable financial tool that allows users to select crypto assets, lockup periods, and target yields. The platform then uses options strategies to generate returns for users[24].

Runesoul — Runesoul completed a $1 million seed round, with investment from Accelbyte Fund, IGC, and others. Runesoul is a multiplayer online action role-playing game (MMOARPG) known for its high degree of freedom and real-time controls, allowing players to control heroes in a meticulously designed virtual world to engage in battles[25].

Airdrop Opportunity

Nordom

Nordom is redefining crypto trading through a platform built on trust and innovation, overcoming key challenges to provide a transparent, secure, and accessible seamless experience. Currently, the airdrop is in its accumulation phase, allowing users to collect Nordom Points for future token distributions. The final token allocation structure is expected to be confirmed when the whitepaper is released in Q4 2024. As part of a larger exchange ecosystem, the project’s development adds extra credibility and potential value to this airdrop opportunity. The token distribution is anticipated to begin in the first half of 2025, once the exchange is launched.[26]

How to Participate:

1. Start the Nordom Airdrop Tap2earn game on Telegram.
2. Complete tasks to collect points.
3. Share your referral link with friends to earn reward points and keys.

Notes:
The airdrop plan and participation details may change at any time, so users are advised to follow official channels for the latest information. Participants should exercise caution and conduct thorough research before joining. Gate.io does not guarantee the distribution of future airdrop rewards.


Source:

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate.io, https://www.gate.io/bigdata/homeindex
10. Gate.io, https://www.gate.io/price
11. X, https://x.com/HeliumFndn/status/1861886374963728603
12. X, https://x.com/AIAgentLayer
13. X, https://x.com/human_protocol/status/1851206040966058154
14. SosoValue, https://sosovalue.com/assets/etf/us-btc-spot
15. SosoValue, https://sosovalue.com/assets/etf/us-eth-spot
16. Dune, https://dune.com/hildobby/nfts?Timeframe_e5e6a2=
17. DefiLlama, https://defillama.com/chain/Base?groupBy=daily
18. Coinglass, https://www.coinglass.com/zh/LiquidationData
19. Gate.io, https://www.gate.io/price
20. Tradersunion, https://tradersunion.com/news/cryptocurrency-news/show/24477-new-york-regulator-poised-to-greenlight-ripples-rlusd-stablecoin-amid-rising-market-demand/
21. Tokenomist, https://tokenomist.ai/unlocks
22. Rootdata, https://www.rootdata.com/Fundraising
23. X, https://x.com/usdx_money/status/1862467208737431570
24. X, https://x.com/margfinance/status/1862051105611632764
25. X, https://x.com/runesoul_ARPG/status/1861806653248827650
26. Nordom, https://nordom.com

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