TL;D

• BTC and ETH continue to show strong momentum, with prices repeatedly hitting new highs.
• GAMESTOP saw a nearly 200% increase in a single day, leading the altcoin sector.
• Over the past 7 days, HyperLiquid’s TVL has experienced rapid growth, with capital inflows ranking third after Bitcoin and Ethereum.
• MicroStrategy continues to accumulate BTC, purchasing 15,350 BTC last week.
• Ripple is set to launch its USD stablecoin, RLUSD, on December 17.

Market Analysis

According to Gate.io market data, as of 9:00 AM (UTC+8) on December 17[1]:

• BTC — The BTC price has increased by 1.54% in the past 24 hours, currently trading at $106,050.5. The highest price in the last 24 hours was $107,772, and the lowest was $103,353.4. Bitcoin has set a new all-time high overnight, with no clear resistance above. For the day, attention remains on the short-term support at the previous low of $103,353.4, as well as the important support level at $100,610 from last weekend’s price consolidation. If these levels hold, the bullish trend should remain intact[2].

• ETH — The ETH price has increased by 0.7% in the past 24 hours, currently trading at $3,985.94. The highest price in the last 24 hours was $4,105.47, and the lowest was $3,883.83. Overnight, the price surpassed this year’s high, reaching a new high since December 2021. If ETH can stabilize above the yearly high of $4,100, it could potentially test the all-time high of $4,866. However, if pressure continues in this area, a further pullback is expected. Short-term support is near last night’s pullback level of $3,883, as well as the support from last weekend’s pullback at $3,825.67[3].

• ETF — According to Farside Investors data, on December 16, Bitcoin spot ETFs saw a net inflow of $636 million[4], while Ethereum spot ETFs had a net inflow of $51.1 million[5].
• Altcoins — The Perpetuals derivatives exchange sector rose by more than 9%[6].
• U.S. Stock Indices — The S&P 500 Index rose by 0.38%, the Nasdaq Index gained 1.45%, and the Dow Jones Index fell by 0.25%[7].
• Spot Gold — The price of spot gold fell to $2,657.42 per ounce, with a daily increase of 0.19%[8].
• Fear and Greed Index — The Fear and Greed Index rose from 83 yesterday to 87, indicating that the market remains in an extreme greed phase[9].

Top Performers

According to Gate.io market data, based on the 24-hour trading volume and price performance, as of 9:00 AM (UTC+8) on December 17, the top-performing altcoins are as follows:

GAMESTOP — The price increased by approximately 197.90% in a single day, with a fully diluted market capitalization of $122 million.
GAMESTOP combines the appeal of memecoins with a strong community foundation, aiming to foster a strong sense of community identity among investors. Investors are seen not only as capitals but also as an integral part of the movement. This community aspect has been widely spread and recognized through platforms like Reddit, X (formerly Twitter), and other social media, helping it maintain continuous market appeal.
Recently, GAMESTOP launched an exclusive airdrop on Gate.io Startup, which only supports GT (GateToken) subscriptions, raising market expectations for its future development. This move could potentially drive the price increase of the related $GAMESTOP token[10].

VANA — The price increased by approximately 45.55% in a single day, with a fully diluted market capitalization of $3.3 billion.
Vana is an EVM-compatible Layer 1 blockchain designed to transform personal data into tradable financial assets. It uses Data Liquidity Pools (DLP) to aggregate and validate data, while ensuring data privacy and user ownership, and supports AI model training. Vana’s innovation lies in creating an entirely new category of data token assets and bridging Web2 and Web3. The project’s vision is to revolutionize the existing landscape of data ownership and the AI economy, empowering users to control and monetize their personal data resources.
Yesterday, LayerZero announced the official launch of Vana’s mainnet and native token. This release not only breaks down the data barriers hindering AI development but also ensures privacy protection, allowing users to share the value created by their data. This significant technological advancement greatly enhances Vana’s cross-chain liquidity and ecosystem integration, attracting widespread market attention and driving a surge in the $VANA token price[11].

TMAI — The price increased by approximately 160.20% in a single day, with a fully diluted market capitalization of $46.3 million.
Token Metrics AI (TMAI) is dedicated to providing the crypto community with unparalleled AI tools and insights. Token holders gain access to AI-powered trading bots that are compatible with both centralized and decentralized exchanges, automating the execution of trading strategies using proprietary signals and analytics.
According to the latest official announcement yesterday, users will be able to use $TMAI tokens to pay for Token Metrics subscriptions. This is a significant advancement for both the Token Metrics AI platform and its users. Likely fueled by this positive news, TMAI saw a price increase of over 160% in a single day[12].

Data Highlights

$371 Million Liquidated Yesterday, Primarily Long Positions
According to the latest data from CoinGlass, as of 9:00 AM (UTC+8) on December 17, a total of $371 million was liquidated across the entire network in the past 24 hours, with long positions accounting for $225 million and short positions accounting for $145 million[13]. Notably, the liquidation amounts for Bitcoin and Ethereum were $85.85 million and $86.68 million, respectively. The liquidation amount for Ethereum was slightly higher than that of Bitcoin, likely due to the increased leverage bets by investors on Ethereum recently, resulting in more short-term speculative capital flooding into the Ethereum futures market.

Currently, a clear long squeeze is occurring, reflecting investors chasing the recent rebound trend. However, the resulting low liquidity could lead to increased short-term price volatility. Whether the market will stabilize after the leveraged positions are cleared will be critical. Managing risk exposure and closely monitoring market sentiment will be key.

Ethereum Market Cap Briefly Hits New High
According to Infinite Market Cap data, as Ethereum surpassed $4,000, its market capitalization rose to $477.01 billion, with a 24-hour increase of 3.86%. It briefly surpassed Tencent and UnitedHealth (UnitedHealth Group), climbing to the 26th position in the global asset market capitalization rankings[14].

The current macroeconomic environment is becoming more optimistic, particularly with investors regaining confidence in the future growth of the cryptocurrency market. As a key pillar of the crypto market, Ethereum’s price increase reflects a reallocation of capital toward crypto assets. With ongoing Ethereum network upgrades, such as continued Layer 2 scaling and protocol improvements, investors are optimistic about Ethereum’s future technological prospects. This positions Ethereum as a convergence point between “emerging technology” and “traditional value” in the capital markets.

HyperLiquid TVL Sees Rapid Growth
According to Lookonchain data, Bitcoin, Ethereum, and HyperLiquid topped the list of mainstream blockchains with the highest TVL (Total Value Locked) growth in the past 7 days, increasing by $3.09 billion, $2.22 billion, and $1.87 billion, respectively. Following closely behind are Sui (+$232 million), Base (+$215 million), BSC (+$135 million), Solana (+$68.97 million), Arbitrum (+$63.23 million), and Polygon (+$57.32 million).

HyperLiquid is a decentralized perpetual contract trading protocol built on its own L1 blockchain, aiming to provide users with a trading experience comparable to centralized exchanges while offering a fully on-chain order book and decentralized trading functions. The rapid growth of HyperLiquid’s TVL demonstrates strong user recognition of the exchange. In the DeFi sector, DEXs are typically measured by trading volume, while TVL is used to evaluate LSD (Liquid Staking Derivatives) and lending platforms. As a Perp DEX project, HyperLiquid’s impressive performance in TVL highlights the project’s ability to provide users with diverse profit opportunities[15].

Spotlight Analysis

MicroStrategy Continues to Accumulate Bitcoin, Purchasing 15,350 BTC Last Week
According to documents filed by the U.S. SEC on Monday, from December 9 to December 15, MicroStrategy purchased 15,350 Bitcoin at an average price of approximately $100,386 each[16]. As the company accelerates its Bitcoin purchases, its stock price has increased by over 500% this year. MicroStrategy’s goal is to raise $42 billion over the next three years by selling stock and issuing convertible bonds, with these funds being used to purchase more Bitcoin. MicroStrategy has used proceeds from stock sales to buy $1.5 billion worth of Bitcoin. This marks the company’s sixth consecutive week of announcing Bitcoin purchases. It currently holds Bitcoin valued at approximately $45 billion.

This strategy of investing significant corporate funds into Bitcoin reflects the company’s optimism about the long-term value of cryptocurrencies, while also demonstrating its high-risk strategy of tying the company’s fate closely to Bitcoin’s price. As MicroStrategy is now part of the Nasdaq 100 index, the dynamics of its stock and Bitcoin holdings are likely to have a broader impact on the market.

Ripple to Launch USD Stablecoin RLUSD on December 17
Ripple has announced that its USD stablecoin, RLUSD, will officially launch on December 17. It will initially be available on platforms such as Uphold, Bitso, MoonPay, Archax, and CoinMENA, with plans to expand to other platforms like Bullish, Bitcoin, Independent Reserve, and Zero Hash in the coming weeks. The CEO of Ripple stated, “In the early stages, Ripple specifically chose to launch the stablecoin under the NYDFS limited-purpose trust company charter, which is widely regarded as the leading regulatory standard globally.”
Each RLUSD token will be 100% backed by USD deposits, U.S. government bonds, and cash equivalents to ensure its value stability. Additionally, to enhance market transparency and user trust, Ripple has committed to releasing monthly third-party audit reports on the RLUSD reserve assets, ensuring the reserves’ authenticity and reliability. This move marks Ripple’s official entry into the stablecoin market, with its strong regulatory compliance and asset transparency positioning it as a safer, more stable digital currency solution for global users.

Pudgy Penguins (PENGU) to Launch on Gate.io at 10 PM Today
Pudgy Penguins (PENGU) will be listed on Gate.io and several other centralized exchanges (CEX) at 10 PM on December 17. PENGU is the official token of Pudgy Penguins, which has become a major representative in the cryptocurrency space, with one of the most influential communities in the industry. Pudgy Penguins has become a cultural icon, appearing in everything from large companies wearing penguin-themed imagery to being featured in ETF ads. PENGU allows the ever-growing Pudgy Penguins fanbase, as well as those who see and share the Penguins daily, to join The Huddle.
The listing of PENGU on major exchanges marks a milestone for the project, significantly increasing the token’s liquidity and boosting its visibility. According to data from CoinGecko, the floor price for Pudgy Penguins NFTs recently surged to 36 ETH, setting a new historical high, possibly driven by the upcoming token listing on centralized exchanges (CEX).

Airdrop Opportunities

Nifty Island — Nifty Island is a user-generated content-driven open platform where NFTs, Memecoins, and Web3 communities can play, create, and earn rewards. Everyone is given a free island to build their dream world, showcase their digital collectibles, and create fun games and experiences for others to explore. Nifty Island has already built over 70,000 user-generated islands, created 75,000 user-generated assets, and played 1.3 million user-generated games, making it one of the most active creator economies in Web3 gaming.

Participation Details:

（1）Opening Time: December 17, 2024, 07:00 AM - December 17, 2024, 07:00 PM (UTC+8)
（2）Trading Start Time: December 17, 2024, 11:00 PM (UTC+8)

Trading Pair: ISLAND/USDT

（3）Subscription Currency: GT
（4）Subscription Price: $0 GT
（5）Total Subscription Amount: 5,385 GT
（6）Startup Total Subscription Amount: 233,333 ISLAND
（7）Unlock Method: 100% unlock
（8）Participation Requirements:

1. Users participating in the GT holding exclusive airdrop no longer need to meet the requirement of holding an average of 10 GT in the last 14 days. A current holding of 10 GT is sufficient for direct participation.
2. During token distribution, your asset balance will be checked. Please ensure that your asset balance is no less than 10 GT; otherwise, your subscription may fail.
3. The subscription allocation per individual may vary for different projects. Specific details will be provided in the project announcement or upon participation.

Join Startup Now: https://www.gate.io/startup

（9）Result Announcement: After the subscription ends, the system will tally all qualifying subscription orders.

Note:
The airdrop plan and participation details may be updated at any time. Users are advised to follow Nifty Island’s official channels for the latest information. Additionally, users should exercise caution when participating, be aware of the risks, and conduct thorough research before engaging. Gate.io does not guarantee the distribution of subsequent airdrop rewards.


References:

1. Gate.io, https://www.gate.io/zh/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. Farside Investors, https://farside.co.uk/btc/
5. Farside Investors, https://farside.co.uk/eth/
6. Coingecko, https://www.coingecko.com/en/categories
7. TradingView, https://www.tradingview.com/markets/
8. TradingView, https://cn.tradingview.com/symbols/XAUUSD/
9. Gate.io, https://www.gate.io/zh/bigdata/homeindex
10. Gmeethereum, https://www.gmeethereum.com/start
11. Gate.io，https://www.gate.io/zh/post/status/8219106
12. X, https://x.com/tokenmetricsinc/status/1868597532449968452
13. Coinglass, https://www.coinglass.com/LiquidationData
14. 8marketcap, https://8marketcap.com/?_360safeparam=6409734
15. x, https://x.com/lookonchain/status/1868548576256897128
16. Contentstack， https://assets.contentstack.io/v3/assets/bltb564490bc5201f31/bltde49d9b927f523d7/676023f4e462065ec33f0bfc/form-8-k_12-16-2024.pdf
17. Ripple, https://ripple.com/ripple-press/raising-the-standard-for-stablecoins-ripple-usd-launches-globally/
18. Coingecko, https://www.coingecko.com/en/nft/pudgy-penguins

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