TL;DR

• BTC and ETH prices declined over the weekend, with BTC dropping below $70,000.
• The S&P 500 index rose by 0.41%, the Nasdaq index increased by 0.80%, and the Dow Jones index gained 0.69%.
• In October, the total trading volume for NFTs reached $356 million, an 18% increase from September.
• Bitcoin’s market share reached a three-year high at 60.5%.
• Radiant Capital has resumed its lending market on the Base network.

Market Analysis

Based on Gate.io market data as of November 4, 4:00 AM (GMT+0)[1]:

BTC — Bitcoin’s price increased by 1.61% in the past 24 hours, trading around $69,200, with a high of $69,338 and a low of $67,482. After failing to challenge new highs last week, Bitcoin’s price retraced over 3,000 points, fluctuating within the range of $67,500 to $70,000 throughout the day.

ETH — ETH’s price rose by 1.97% in the past 24 hours, trading around $2,484, with a high of $2,491 and a low of $2,410. After failing to effectively break through previous resistance, the price retraced by over 200 points over the weekend, testing the trend support line. A new high for ETH will still require further waiting.

ETF — According to SoSoValue data, on November 1, the total net outflow for Bitcoin spot ETFs in the U.S. was $54.94 million[2], and the total net outflow for Ethereum spot ETFs was $10.93 million[3].

Altcoins — Along with Bitcoin’s decline, altcoins have generally performed poorly, with relatively resilient sectors such as the Pump.fun ecosystem and AI Meme experiencing slight increases of 5.9% and a minor decrease of 0.1%, respectively[4].

U.S. Stock Market Indices — On Friday, the S&P 500 index rose by 0.41%, the Nasdaq index increased by 0.80%, and the Dow Jones index gained 0.69%[5].

Spot Gold — The price of spot gold reached $2,742 per ounce, rising by 0.25% during the day[6].

Fear and Greed Index — The Fear and Greed Index dropped from 74 to 70 yesterday, indicating that the market remains in a state of greed, but the sentiment has slightly moderated[7].

Top Performers

According to Gate.io market data[1], considering trading volume and price performance over the past 24 hours, the following altcoins have gained popularity:

KYVE — KYVE has seen a daily increase of approximately 159.0%, with a circulating market cap of $23.17 million.
KYVE is a decentralized data archiving and caching solution designed to provide fast and simple decentralized data validation, immutability, and retrieval tools. It operates on a Cosmos-based Layer 1 blockchain and addresses issues of data accessibility and validity within the Web3 ecosystem. This project has received support from leading venture capital firms like Hypersphere Ventures and Coinbase Ventures, along with several blockchain companies.

Recently, KYVE launched Beta testing phase 2, which tests a new storage provider called Turbo. This feature allows protocol validators to use $KYVE to pay for permanent storage fees, expanding beyond just $AR, thus further simplifying operations and improving fund management efficiency. This update may be a reason for the recent rise in KYVE’s price[8].

UDS — UDS has seen a daily increase of approximately 136.6%, with a circulating market cap of $28.11 million.
Undeads Games (UDS) focuses on developing survival and entertainment games. The company has partnered with Warner Bros. and Wabi Sabi Sound to revitalize the zombie-themed gaming market. Undeads aims to create a player community and economic system that offers various activities to enhance the gaming experience, blending GameFi with traditional gaming models. The project also features NFTs as playable characters and assets, allowing players to collect and trade resources in the virtual world.

BZZ — BZZ has increased by about 17.0% in a single day, with a circulating market cap of $26.34 million.
Swarm (BZZ) is a decentralized storage and communication system designed to support sovereign digital societies. It consists of a network of interconnected peer-to-peer nodes that provide decentralized storage and communication services. The system incorporates built-in incentive mechanisms through smart contracts on the Ethereum blockchain, making its economy self-sustaining.

Recently, the Swarm community announced several significant advancements, including doubling the reserve size, core upgrades for multi-chain support, and the launch of the Swarm Fellowship program to support node operations. These developments have not only garnered substantial interest within the community but have also contributed to a rapid increase in the Swarm token(BZZ) price in the crypto market, reflecting strong expectations for its technological innovations and application potential[9].

Data Highlights

Bitcoin’s Market Share Reaches 60.5%, a Three-Year High
Bitcoin’s market share has reached 60.5%, marking a three-year high. This reflects cryptocurrency’s strengthened position in the market and highlights mainstream investors’ preference for its safe-haven properties amid growing global economic uncertainty. This trend may be driven by an increasing recognition of Bitcoin as “digital gold,” alongside rising uncertainty surrounding other cryptocurrencies.

Moreover, this could indicate a transition toward a more mature market, where investors are gravitating towards assets with solid fundamentals and widespread acceptance. In the future, other cryptocurrencies may need to demonstrate unique value propositions to regain investor interest[10].

October NFT Trading Volume Reaches $356 Million, Up 18% from September
Data from CryptoSlam shows that NFT trading volume in September 2024 was approximately $300 million, reflecting a 20% drop from the record highs in August. Despite a downward trend in monthly NFT sales throughout 2024, October witnessed a notable rebound. This surge in NFT sales broke the trend of declining monthly sales that had persisted for seven consecutive months.

Along with higher monthly trading volume, the number of NFT transactions saw a significant increase in October, reaching 7.2 million, a 42% jump from 5 million in September. October also set a new weekly trading record: between September 30 and October 6, weekly NFT sales peaked at $84 million, marking the highest level since August[11].

Contract Long/Short Ratio and Liquidation Volume
As of November 4 at 4:00 AM (UTC+0), data from Coinglass indicates that the funding rate for Bitcoin, weighted by open interest, stands at 0.0107%[12], while Ethereum’s weighted funding rate is at 0.0009%[13]. Regarding the long/short ratio of contracts, Bitcoin contracts are predominantly short, whereas Ethereum contracts are primarily long[14].

In the past 24 hours, the total liquidation across the network amounted to approximately $363 million, with liquidations of long positions exceeding $263 million. Bitcoin recorded the highest liquidation volume, reaching $98.14 million in USDT, while Ethereum’s liquidation was at $44.91 million in USDT. The majority of liquidations were concentrated in long positions, with a few altcoins, such as GOAT and GRASS, experiencing mainly short position liquidations[15].

Spotlight Analysis

Radiant Capital Resumes Lending Market on Base Network
On November 3, 2024, Radiant Capital announced the resumption of operations for the lending market on the Base network. Previously, the platform suffered a hack on October 17, resulting in losses of approximately $58 million. To ensure the safety of user funds, the team promptly disabled the lending features. Key measures for the resumption include completing additional transactions through a Timelock mechanism and transferring emergency management permissions to a new multi-signature wallet, which will only be used for pausing and restarting the market when necessary.

However, while the Base market has reopened, Radiant Capital also announced that the RIZ market on Arbitrum (ARB) and Binance Smart Chain (BNB) will be paused this weekend to prevent users from facing potential liquidation risks due to changes in market conditions. This action demonstrates Radiant’s commitment to user fund safety and reflects the current fragility and uncertainty in the market. Challenges faced by Radiant Capital highlight the common issues of security and user trust encountered by DeFi platforms. DeFi projects should focus on enhancing smart contract security audits and permission management, flexibly adjusting risk control mechanisms, increasing information transparency, and prioritizing community governance and user feedback mechanisms to reduce risks, rebuild trust, and improve user experience.[16]

Paxos Launches Compliant Stablecoin, Global Dollar (USDG), Partners with DBS Bank to Ensure Fund Safety
On November 1, Paxos introduced the Global Dollar (USDG), a USD-backed stablecoin designed to comply with the Monetary Authority of Singapore’s (MAS) stablecoin framework. Paxos Digital Singapore Pte. Ltd. is the issuer of USDG, which will be pegged to high-quality liquid assets, such as USD deposits and U.S. government short-term securities, ensuring a 1:1 exchange ratio with the USD, and allowing for instant conversion to fiat currency. Paxos has partnered with DBS Bank to manage and secure the funds for USDG.

This move highlights Paxos’s commitment to the stablecoin market, particularly in light of the growing demand from enterprises for compliant stablecoins. The launch of USDG provides a trustworthy and secure option, enhancing confidence in stablecoins and promoting their widespread adoption. An increasing number of stablecoins will enrich the ecosystem, prevent monopolies, drive fintech innovation, and lay the groundwork for businesses entering the cryptocurrency space.[17]

TON Introduces New Governance Model, Society DAO to Strengthen Community Engagement and Decentralization
On November 1, the TON Foundation launched the new governance model Society DAO, marking an important step in the decentralization process of the TON community. This model aims to address the challenges of traditional centralized governance by reallocating resources, fostering community competition, and enhancing transparency, thereby encouraging community members to engage more actively in building the ecosystem. This initiative will help the TON ecosystem cultivate more autonomous and competitive projects, supporting ongoing innovation and growth.

While DAOs have advantages in providing resources and governance support, they face challenges such as centralization, transparency, and compliance. To achieve a balance between decentralization and management efficiency, DAOs must improve transparency and risk management to gain community support. In the coming months, Society DAO is expected to release specific goals and key performance indicators to promote community engagement and ensure the competitiveness and sustainability of TON.[18]

Funding News

According to RootData, from November 1 to 4, three projects announced funding, with the highest amount reaching $4.5 million, totaling over $9 million across sectors such as security solutions, infrastructure, and DAO solutions. Here are the specifics of the projects:[19]

Llama — On November 1, Llama was acquired by River. Llama is an on-chain governance and access control framework for smart contracts. It aims to enhance the governance of blockchain protocols by enabling protocols to encode roles and permissions for on-chain actions, such as transferring funds or changing protocol parameters, making governance more effective.

OpenOrigins — On November 1, OpenOrigins completed a $4.5 million seed round financing, with participation from Galaxy Interactive. OpenOrigins is a blockchain content verification platform that combats false media by using blockchain technology to verify the authenticity of photos, videos, and other digital content. Relevant information is recorded on the Hyperledger blockchain.

Phylax — On November 1, Phylax completed a $4.5 million seed round financing, with participation from Nascent, Figment Capital, and others. Phylax is an open-source security protocol designed to protect decentralized applications (dAPPs) on blockchain networks by actively monitoring and reviewing hacking activities on the underlying networks.

Airdrop Opportunities

Gradient is an open layer for edge computing based on Solana, providing distributed computing resources. This project has received investments from Multicoin Capital, Pantera Capital, and Sequoia Capital, showcasing a strong investment background. Gradient is in its early promotional phase, similar to the early Grass project, with the first batch of tokens having potential value.[20]

Participation Guide:

1. Register on the Gradient Official Website.[21]
2. Link your X (formerly Twitter) account and follow the official account.
3. Download the Sentry Node plugin.
4. Launch the plugin to earn points passively.
5. Check your points and referral rewards in the sidebar.

Note
The airdrop plan and participation methods may be updated at any time. Users are advised to follow Gradient’s official channels for the latest information. Additionally, participants should proceed with caution, be aware of risks, and conduct thorough research before getting involved. Gate.io does not guarantee the distribution of subsequent airdrop rewards.


Reference：

1. Gate.io, https://www.gate.io/price
2. SoSoValue, https://sosovalue.com/tc/assets/etf/us-btc-spot
3. SoSoValue, https://sosovalue.com/tc/assets/etf/us-eth-spot
4. CoinGecko, https://www.coingecko.com/en/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/KYVENetwork/status/1852356852270461294
9. X, https://x.com/ethswarm/status/1851953042444161179
10. TradingView, https://cn.tradingview.com/symbols/BTC.D/?exchange=CRYPTOCAP
11. CryptoSlam, https://www.cryptoslam.io/nftglobal?timeFrame=month
12. CoinGlass, https://www.coinglass.com/pro/AvgFunding/BTC
13. CoinGlass, https://www.coinglass.com/pro/AvgFunding/ETH
14. CoinGlass, https://www.coinglass.com/LongShortRatio
15. CoinGlass, https://www.coinglass.com/LiquidationData
16. X, https://x.com/RDNTCapital/status/1852805114974650396
17. Paxos, https://paxos.com/blog/paxos-introduces-global-dollar-usdg/
18. Blog, https://blog.ton.org/ton-s-path-to-decentralization-the-evolution-of-the-governance-model
19. Rootdata, https://www.rootdata.com/Fundraising
20. Gradient Network, https://docs.gradient.network/rewards/network-rewards
21. Gradient Network, https://app.gradient.network/signup?code=3R7IK0

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