TL;DR

• Bitcoin price surged by 8.07%, reaching a peak close to the milestone of $90,000 mark.
• Ethereum transaction volume spiked, with total transactions on the Ethereum mainnet nearing $60 billion over the past week.
• Gate’s Innovation Zone saw several Meme tokens skyrocket, with ACT and PNUT achieving daily gains of 2,163.7% and 341.7%, respectively.
• Base’s Total Value Locked (TVL) surpassed $3 billion, setting a new all-time high.
• Trump plans to appoint pro-crypto advocates to his cabinet, signaling gradual implementation of his crypto-friendly policies.
• Cross-chain liquidity allocation network StakeStone secured $22 million in funding, led by Polychain Capital.

Market Analysis

According to Gate.io market data, as of 4:00 UTC on November 12 [1]:

• BTC: Bitcoin’s price increased by 8.07% in the past 24 hours, currently standing at $87,862. It reached a 24-hour high of $89,565 and a low of $80,442, marking a new all-time high. The MA indicators (MA5, MA10, and MA30) show a bullish alignment, indicating strengthening short-term momentum. The Relative Strength Index (RSI) has reached 90, suggesting Bitcoin is in an overbought range, and may face a risk of short-term pullback or increased volatility[2].

• ETH — Ethereum’s price rose by 3.5% in the past 24 hours, currently at $3,310, with a 24-hour high of $3,387.84 and a low of $3,105. ETH remains within an ascending channel, showing signs of short-term support. If prices stabilize near this range, the uptrend may continue. The RSI for ETH is currently close to 60, indicating room for further growth and suggesting that the bullish trend remains relatively strong[3].

ETF — According to SoSoValue data, U.S. Bitcoin spot ETFs saw a net inflow of $357 million on November 11[4], while U.S. Ethereum spot ETFs had a total net inflow of $194 million[5].

Altcoins — Sectors inspired by Elon Musk, the Pump.fun Ecosystem, and Base Meme tokens rose by 123.8%, 133.2%, and 75%, respectively[6].

U.S. Stock Market Indexes — The S&P 500 Index increased by 0.10%, the Nasdaq by 0.06%, and the Dow Jones by 0.69%[7].

Spot Gold — Spot gold prices rose to $2,624 per ounce, up 0.16% on the day[8].

Fear and Greed Index — The Fear and Greed Index climbed from 76 to 80, marking a new high since March of this year, indicating the market remains in a state of extreme greed and highlighting investors’ strong optimism[9].

Top Performers

Based on Gate.io market data [10], the top-performing altcoins over the past 24 hours, measured by trading volume and price changes, are as follows:

ACT – Approximately 2,163.7% Increase in a Single Day, with a Circulating Market Cap of $464 Million
ACT (The AI Prophecy) is a decentralized AI experimental project built on the Solana network, designed to create a platform that democratizes AI knowledge, with the mission to “make AI knowledge accessible to everyone.” While it carries the label of a meme coin, ACT also aspires to be a “knowledge evangelist of the new era.” Although the project initially faced turmoil due to the founder’s frequent sell-offs, which caused unrest within the community, the community pivoted to a self-organizing structure following the founder’s exit. They established a decentralized autonomous organization (DAO) dedicated to grassroots AI education.

Yesterday, ACT was listed on the spot market of a major exchange, receiving broader attention and trading liquidity. This led to a surge in investor interest, with the token’s value soaring over tenfold within half an hour of the announcement. Its market cap skyrocketed from $20 million to over $400 million, reaching a current gain of 20 times its original value.

PNUT – Approximately 341.7% Increase in a Single Day, with a Circulating Market Cap of $421 Million
PNUT (Peanut the Squirrel) is a meme coin built on the Solana network that has gained rapid popularity due to a social media event. The issuance of this token was inspired by the arrest of a famous American squirrel named Peanut, a story that sparked widespread public attention and outrage, particularly on social media, where it led to extensive discussions and petitions. Riding on this wave of public sentiment, PNUT quickly captured the attention of many investors, becoming a trending topic in the crypto market.

Yesterday, PNUT was listed on the spot trading section of a major exchange, gaining broader exposure and trading liquidity, which may in turn attract a significant number of new investors.

HAPPY – Approximately 179.2% Increase in a Single Day, with a Circulating Market Cap of $53.93 Million
HappyCat started as a popular cat-themed meme character featuring a joyful, dancing kitten that quickly went viral on mainstream social media due to its charming personality and adorable appearance. Inspired by HappyCat, HAPPY is a meme coin deployed on the Solana network.

Recently, HappyCat conducted a token airdrop specifically for Solana mobile users, which not only boosted the project’s visibility but also sparked market interest. The token was also listed on Gate.io’s pilot zone, meeting the trading needs of its community. Similar to the past success seen with Mew Maneki following its airdrop, this strategy may have contributed to the rapid increase in HappyCat’s market cap and trading volume, effectively leveraging social media and active community engagement.

Data Highlights

Ethereum Trading Volume Surges, Reaching a Weekly High Since July; Price Increase Boosts Market Activity
According to data from IntoTheBlock, total transaction volume on the Ethereum mainnet reached nearly $60 billion over the past week, marking the highest weekly volume since July of this year. This growth is likely linked to Ethereum’s recent price increase, with prices now surpassing $3,200, drawing renewed interest from investors. Additionally, sustained enthusiasm in the market for decentralized finance (DeFi) and non-fungible tokens (NFTs) has also contributed to increased trading activity. This indicates that Ethereum’s position in the cryptocurrency market remains solid and suggests it could continue to attract further capital inflows.

Over 40,000 Bitcoin Withdrawn from Exchanges, Market Confidence Strengthens, Potential for Price Volatility
According to data from Glassnode, more than 40,000 Bitcoin (worth approximately $3.28 billion) were withdrawn from exchanges over the past week. Large-scale Bitcoin withdrawals from exchanges typically signal increased demand, as investors may prefer to move assets to personal wallets, reflecting greater confidence in holding Bitcoin long-term. Such withdrawal trends often indicate a potential supply constraint in the market, which could drive prices upward. Given the currently active sentiment in the Bitcoin market, this outflow could also contribute to heightened volatility.

Base TVL Surpasses $3 Billion, Reaching an All-Time High
Base’s Total Value Locked (TVL) has set a new record, exceeding $3 billion for the first time, with a 24-hour trading volume reaching $1.44 billion. Base has attracted a significant number of users and developers due to its low transaction fees, high throughput, and compatibility with the Ethereum ecosystem. The top five protocols on the network by TVL include the DEX protocol Aerodrome, Uniswap, and lending protocols Morpho Blue, Aave, and Moonwell.

Spotlight Analysis

U.S. Stocks Open Higher Amid “Trump Trade” Surge; MicroStrategy and Coinbase Gain Over 10%
Following Trump’s election, U.S. stocks opened strongly, with all three major indices rising. The Dow Jones Industrial Average climbed 0.5%, while the S&P 500 and Nasdaq both gained 0.3%. The “Trump Trade” trend remains active, with Tesla’s stock soaring over 7% and Trump Media & Technology Group up 3%.

In cryptocurrency-related stocks, MicroStrategy and Coinbase both surged by over 10%, reaching gains of 10.06% and 10.43%, respectively. Many in the market believe Trump’s administration will usher in a more favorable regulatory environment for the crypto industry, contributing to these stock increases. With Trump pledging to support cryptocurrency and end the SEC’s crackdown on the sector, crypto investors are optimistic about the potential for positive regulatory shifts. Additionally, Bitcoin has surpassed $81,000, and Ethereum is now above $3,200, underscoring strong market momentum. Overall, in a pro-crypto regulatory landscape post-election, the crypto industry may find a more supportive environment for innovation and new opportunities.

Trump Plans to Appoint Crypto Supporters to Cabinet, Fulfilling Promise to Make U.S. the “Global Cryptocurrency Capital”
According to Watcher.Guru, newly elected 47th President of the United States, Trump, plans to appoint pro-crypto individuals to his Cabinet. Fox Business reporter Eleanor Terrett also revealed that Trump’s nominee for Treasury Secretary, Scott Bessent, is a strong supporter of cryptocurrency. These reports suggest that Trump is beginning to fulfill his campaign promises of a crypto-friendly policy stance. If such crypto-supportive policies are gradually implemented, they could provide a significant boost to the long-term development of the cryptocurrency industry.[13][14]

BounceBit V2 Launches, Transforming from BTC Staking to Cross-Chain Asset Management
The official launch of BounceBit’s V2 marks a shift from being a BTC staking project to a comprehensive, cross-chain multi-asset management platform. One of the early BTC ecosystem projects, BounceBit has moved beyond its “BTC-only” focus, now supporting multi-chain assets such as ETH, Solana, and Sui. It has enhanced its yield model by combining on-chain yields with quantitative returns from CeFi platforms, with asset management handled by regulated custodians.

Its CeDeFi SaaS is designed for B2B clients, providing asset and strategy management services with both automated and manual trading strategies. BounceClub introduces an AI Agent marketplace and AI trading bots, allowing users to buy and sell trading strategies within the platform. Additionally, it has launched the PumpFun meme coin and gaming platform to add an entertainment layer. The $BB token serves as an entry requirement for high-yield products, boosting its utility. Overall, BounceBit is expanding its asset management capabilities to reduce reliance on staking for TVL growth, with plans to launch a perpetual DEX and offer airdrops to V2 users. The platform’s FDV currently exceeds $700 million, with the next token unlock scheduled for May 13 of next year.[15]

As a well-known BTC ecosystem application, BounceBit’s transition highlights the appeal of active blockchains for application development. Both Solana, with the highest daily transaction counts, and Sui, which has recently seen significant growth in TVL and active addresses, attract large numbers of users and significant capital. In the future, more applications are likely to extend their services across multiple chains, especially on active blockchains.

Avalon Labs Launches First Bitcoin-Backed Stablecoin $USDa, Combining Bitcoin Liquidity with Stable Returns
On November 11, Avalon Labs introduced $USDa, the first Bitcoin-backed stablecoin, providing a new avenue for earning returns on BTC. Integrated with SolvProtocol, $USDa is supported by a 1:1 Bitcoin reserve (SolvBTC), allowing users to unlock real returns through cross-chain liquidity and DeFi strategies. Additionally, $USDa’s incentive program currently allows users to exchange USDT for $USDa and stake it for yields of up to 20%.

With Bitcoin prices rising and SolvProtocol’s total value locked (TVL) reaching $2 billion, the launch of $USDa offers investors the chance to maintain Bitcoin exposure while benefiting from stable yields. This innovation not only enhances the appeal of Avalon and its ecosystem but also provides users with more diverse financial options, driving growth in the DeFi sector.

Funding News

According to RootData, five projects announced funding in the past 24 hours, raising over $42.45 million across Infrastructure, ZK, DeFi, and AI sectors:

1. StakeStone – Omnichain Liquidity Allocation Network StakeStone has completed a $22 million funding round, led by Polychain Capital, with participation from HashKey Capital and Amber Group. StakeStone is an innovative Omnichain liquidity distribution network offering yield-bearing assets such as STONE and SBTC. [17]
2. Brevis – Brevis raised $7.5 million in a seed round led by Binance Labs and Polychain. Brevis is a zero-knowledge (ZK) cross-chain data proof platform that enables dApps to access, compute, and utilize data across multiple blockchains in a fully trustless manner. It supports a wide range of applications, including data-driven DeFi, zkBridges, on-chain user acquisition, zkDID, and social account abstraction. [17]
3. TAC – The TON network expansion project TAC secured $6.5 million in seed funding, led by Hack VC and Symbolic Capital. TAC aims to help TON and Telegram users access Ethereum Virtual Machine (EVM) applications within their ecosystem. [11]

Airdrop Opportunities

Blockscout
Blockscout is a comprehensive open-source tool for exploring, verifying, and inspecting transactions across over 600 blockchain networks. It integrates features from Arkham, DeFiLlama, and Etherscan and recently secured $3 million in seed funding. On November 8, Blockscout launched its Merits program, allowing users to accumulate points in various ways, potentially opening the door for future airdrop rewards for early participants.

How to Participate:

1. Visit the official website and connect your wallet. [19]
2. Use a referral code to receive an additional 100 Merits points.
3. Earn +10 Merits points by checking in daily.
4. Claim the Blockscout Early NFT on Zora. [20]

Note:
The airdrop program and participation methods may be updated, so users are encouraged to follow Blockscout’s official channels for the latest information. Users should also exercise caution, assess risks carefully, and conduct thorough research before participating. Note: Gate.io does not guarantee the distribution of future airdrop rewards.


Reference：

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.com/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.com/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. Glassnode, https://studio.glassnode.com/metrics?a=BTC&m=distribution.BalanceExchanges
12. DefiLlama, https://defillama.com/chain/Base
13. X，https://x.com/WatcherGuru/status/1856139233448390871
14. X，https://x.com/EleanorTerrett/status/1856184123486024108
15. X，https://x.com/bounce_bit/status/1855798668080898124
16. X，https://x.com/avalonfinance_/status/1855981921886785816
17. Rootdata, https://www.rootdata.com/Fundraising
18. Blockscout，https://www.blog.blockscout.com/blockscout-merits-rewarding-block-explorer-skills/
19. Block Scout, https://eth.blockscout.com/?ref=08UUWT
20. Zora, https://zora.co/collect/zora:0xdc41a43c425363dc8dd368219417b76afa12ba7a/2?referrer=0x8675E4F59710c09b022E2b294551B7eD9fa567E2

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