TL;DR

• BTC price experiences a short-term pullback at high levels, as profit-taking leads to increased short-term volatility. The market may enter a consolidation phase soon.
• Investors are betting on Bitcoin surpassing $100,000 by year-end, with strong bullish sentiment in the options market.
• Bitcoin surpasses silver to become the 8th largest asset globally by market capitalization.
• An Ethereum Foundation researcher proposes a consensus layer upgrade, Beam Chain, to enhance scalability and performance.
• Solana Radar Hackathon announces the winning projects.

Market Analysis

• BTC — BTC’s price has declined 0.79% over the past 24 hours, experiencing a slight pullback and ending several consecutive days of gains following the election. The current price stands at $87,560, with a 24-hour high of $89,948 and a low of $85,100. A pullback at high-leve is forming support around the $85,000 range. This price retracement may be related to profit-taking by investors following a period of price increases. Post-election, market sentiment surged, but as time progresses, the market is starting to adjust, leading to a increased short-term price volatility. The market may enter a consolidation phase soon. [1]

• ETH — ETH’s price has dropped 3.78% over the past 24 hours, with a current price of $3,244. Over the past 24 hours, the highest price was $3,442, and the lowest was $3,209. ETH’s price movement shows signs of fluctuation, hovering around the $3,200 mark, with short-term resistance at $3,400. The pullback in ETH’s price may be influenced by recent overall market sentiment fluctuations, as investors cash in on profits after a round of gains in the crypto market, increasing selling pressure. The post-election short-term positive sentiment is gradually fading, and the crypto market is entering an adjustment phase, leading to high-level price volatility. [2]

ETF — On November 12, Bitcoin ETFs saw a net inflow of over $817 million, while Ethereum ETFs had a net inflow exceeding $135 million.

Altcoins — The sectors of Pump.fun Ecosystem, Elon Musk-Inspired, and TokenFi Launchpad rose by 14.6%, 12.7%, and 7.8%, respectively. [3]

U.S. Stock Market Indices — The S&P 500 Index fell by 0.29%, the Nasdaq Index dropped by 0.09%, and the Dow Jones Index declined by 0.86%. [4]

Spot Gold — Spot gold prices reached $2,610 per ounce, up by 0.44% on the day. [5]

Fear & Greed Index — The Fear & Greed Index rose from 80 to 84 compared to the previous day, indicating that the market remains in an “extreme greed” state, reaching a new high since March , with clear evidence of investor optimism. [6]

Top Performers

According to Gate.io market data[7], based on the trading volume and price performance over the past 24 hours, the popular altcoins are as follows:

DOGE — Daily gain of approximately 96.7%, with a circulating market cap of $316 million.
DOGE has gained attention as a meme coin following the proposal for a “Department of Government Efficiency” (abbreviated as D.O.G.E). Former U.S. President Trump proposed establishing this department, appointing Elon Musk, CEO of Tesla and SpaceX, to oversee the efficiency of U.S. government spending, which quickly sparked widespread discussion on social media. Musk’s involvement not only underscores his support for government reform but also led to heightened enthusiasm for Dogecoin due to the acronym “D.O.G.E.” sounding the same as the token’s name. DOGE has thus come to symbolize a blend of reform, efficiency, and social entertainment.

Trump recently announced that Musk, alongside former Republican presidential candidate Vivek Ramaswamy, would co-lead the newly established Department of Government Efficiency. Political commentator Timcast also recently hosted a live discussion on YouTube about D.O.G.E, and Trump’s public announcement of these appointments, along with widespread social media discussion, further fueled community interest and drove up DOGE’s price. [8]

TON — Daily gain of approximately 63.5%, with a circulating market cap of $105 million.
TON (Tokamak Network) is a platform designed to connect and expand Ethereum Layer 2 (L2) networks. It allows developers to create customized L2 solutions to address Ethereum’s scalability limitations. Tokamak enables interoperability among different L2 networks through a cross-layer messaging protocol and utilizes its native token TON for governance and staking, fostering community participation and network security.

This recent price increase may have been driven by the upcoming listing of TON on major South Korean exchanges. These exchanges plan to launch TON trading pairs with KRW, BTC, and USDT, potentially sparking heightened interest and demand for the token in the market. [9]

MVL — Daily gain of approximately 43.56%, with a circulating market cap of $140 million.
MVL (Mass Vehicle Ledger) is building a blockchain-based comprehensive mobility incentive ecosystem, focusing on ride-hailing services, vehicle manufacturing, and energy infrastructure services. The project aims to improve efficiency and transparency in the mobility industry by integrating real-world business, infrastructure, and data. By offering token incentives to data contributors and service users, MVL has developed its own ecosystem and is working toward transforming the existing mobility data ecosystem into a fairer structure.

This recent price increase may have been driven by the upcoming listing of MVL on major South Korean exchanges. These exchanges are set to launch MVL trading pairs with KRW, BTC, and USDT, potentially leading to a surge in the market interest and the demand for the token. [10]

Data Highlights

Investors Bet on Bitcoin Surpassing $100,000 by Year-End, Bullish Sentiment Soars in the Options Market
According to data from cryptocurrency options exchange Deribit, investors are actively betting that Bitcoin will break the $100,000 barrier by the end of this year. The data shows that there are currently 9,871 open Bitcoin positions (worth approximately $850 million) betting that Bitcoin will reach this price target by December 27. Additionally, there are 8,830 open positions (valued at around $760 million) betting that Bitcoin will reach $90,000. These large-scale bets reflect strong bullish sentiment in the market, especially in the current economic climate, where investors may be increasingly viewing Bitcoin as a potential safe-haven asset. [11]

Bitcoin Google Search Trend Reaches Peak of 100 Today
According to data from Google Trends, Bitcoin’s search interest reached a peak of 100 today, indicating a significant rise in public attention towards Bitcoin. The strong surge in Bitcoin prices following Trump’s election suggests that retail investors are once again focusing on the cryptocurrency market, especially as the acceptance of digital currencies gradually increases in certain countries and regions. With growing uncertainty in global financial markets, more investors may view Bitcoin as a tool to hedge against risks, driving its popularity in the retail market. The continued development of this trend could bring more market momentum to Bitcoin and further integrate the cryptocurrency market into the mainstream economic system. [12]

Bitcoin Surpasses Silver to Become the 8th Largest Asset by Market Capitalization
According to data from CompaniesMarketCap, Bitcoin’s market capitalization has now surpassed $1.758 trillion, overtaking silver’s $1.732 trillion, making Bitcoin the 8th largest asset in the world by market cap. With Bitcoin’s price breaking $89,000, its market value has also reached new heights. This milestone signifies Bitcoin’s growing position within the global asset hierarchy and reflects the increasing market confidence in Bitcoin as a store of value. [13]

Spotlight Analysis

ZetaChain Partners with Google Cloud to Accelerate Universal Blockchain and Web3 Innovation
On November 12, ZetaChain announced a partnership with Google Cloud aimed at securing its “universal blockchain” platform through the latter’s Web3 validation services, further driving the development and innovation of Web3. This move marks a new phase in ZetaChain’s growth, with Google Cloud becoming a validator to support the secure operation of both its mainnet and testnet. Additionally, ZetaChain plans to delegate 1,000,000 ZETA tokens to Google Cloud’s validators to enhance the scalability of its blockchain ecosystem. Through this collaboration, ZetaChain will also provide developers with access to Google Cloud’s Web3 startup program, helping them acquire cloud computing resources and further promote the development of decentralized applications (dApps).

This partnership reflects ZetaChain’s ambition in cross-chain interoperability and highlights Google Cloud’s growing importance in the Web3 space. While this strategic collaboration will accelerate the development of decentralized applications (dApps) and promote the adoption of blockchain, it also raises concerns about the level of decentralization. The involvement of Google Cloud, as a major cloud service provider, may lead some to worry that the decentralized nature of blockchain could be affected. However, ZetaChain’s goal is to build an ecosystem that connects all blockchains, achieving broader interoperability, and its partnership with Google Cloud will undoubtedly provide developers with robust infrastructure support, further driving the growth of Web3. [14]

Ethereum Foundation Researcher Proposes Consensus Layer Upgrade “Beam Chain” to Enhance Scalability and Performance
Ethereum Foundation researcher Justin Drake presented a proposal at the Devcon conference called “Beam Chain,” which aims to significantly improve Ethereum’s performance and scalability. The core of the proposal is to introduce technologies like zkVM to enhance the scalability of Ethereum’s mainnet, potentially eliminating the need for Layer 2 solutions. Specifically, Beam Chain proposes reducing block times to 4 seconds, using SNARK technology to improve privacy, lowering the staking requirement for validation nodes to 1 ETH, and ensuring Ethereum’s quantum security. Through these changes, Beam Chain seeks to optimize Ethereum’s consensus mechanism, enhance its processing power, and reduce reliance on Layer 2 solutions. Drake emphasized that these proposals need broad consensus from the community and are expected to begin development in 2026, with extensive testing required before official implementation. [15]

This proposal has sparked significant discussion, especially regarding the trade-off between decentralization and scalability. While Beam Chain could greatly increase blockchain processing speed and scalability, its reliance on SNARK technology could lead to centralization of the validation process, potentially exacerbating Ethereum’s centralization issues. Lowering the startup requirements for validation nodes helps attract more users, but over-reliance on large specialized nodes might challenge the decentralization ethos of the Ethereum ecosystem. Therefore, while the proposal presents unprecedented innovative solutions, its successful implementation will depend on broad community support and long-term technical validation.

Solana Radar Hackathon Announces Award-Winning Projects
The Solana Radar Hackathon recently revealed several award winners, attracting global developers’ attention. The Reflect project won the $50,000 prize for its DeFi cryptocurrency exchange platform based on hedging stablecoins and also earned an invitation to the Breakpoint 2025 conference. In the consumer track, Pregame took first place; it is a peer-to-peer sports betting platform showcasing the potential of decentralized betting markets. In the gaming track, the Supersize project took first place; it is a high-stakes multiplayer game fully operated on-chain, offering an innovative gaming experience. Additionally, Squeeze won the DeFi track, SvachSakthi took the DePIN (Decentralized Physical Infrastructure Networks) track, and FXSwap emerged victorious in the payments track.

This hackathon not only gathered outstanding global innovation projects but also provided a platform for showcasing projects across various fields. Notably, SvachSakthi, a decentralized network focused on renewable energy, highlighted the significant potential of DePIN (decentralized infrastructure networks). Meanwhile, projects like Squeeze in the DeFi track and FXSwap in the payments track demonstrated blockchain’s groundbreaking applications in traditional finance. As decentralized technologies continue to innovate, these award-winning projects could become key drivers in the future of crypto space, making them important for investors and developers to monitor closely. [16]

UK Plans to Trial Blockchain-Based Digital Government Bonds Within Two Years
The UK government plans to pilot digital government bonds within the next two years. Chancellor of the Exchequer Rachel Reeves is set to announce this significant initiative on Thursday. The newly elected Labour government aims to “tokenize” government debt through blockchain technology, making government bond trading more efficient and faster. As the UK government embarks on a massive borrowing program of £297 billion (approximately $382 billion), the issuance of digital bonds will provide the government with more flexible financing options.

The UK’s foray into digital government bonds represents a major highlight for the global financial markets. This initiative demonstrates that the application of blockchain technology in traditional finance is no longer a distant vision but is becoming a reality. The launch of digital government bonds will significantly enhance the efficiency and transparency of bond issuance, reduce transaction costs, and attract more investors. Additionally, it will provide valuable experience for other countries looking to issue digital currencies, accelerating the global development of digital finance. [17]

Funding News

According to RootData, 4 projects have announced funding in the past 24 hours, with the highest funding amount reaching $14.5 million, bringing the total funding to over $34 million. The funding involves the gaming, AI, and compliance solutions sectors. Below are the top three funding rounds:[18]

Notabene – Crypto anti-money laundering service provider Notabene has completed a $14.5 million Series B funding round, led by DRW Venture Capital, with participation from Apollo, Nextblock, and others. Notabene is a startup that helps cryptocurrency trading firms comply with anti-money laundering (AML) regulations, aiming to become the SWIFT for crypto transactions. The platform is currently used by 165 companies, including some of the world’s largest virtual asset service providers (VASPs) such as Copper, OKX, and Ramp.

Eidon AI – Web3 AI company Eidon has completed a $3.5 million seed funding round, led by Framework Ventures, with participation from cyber.Fund and others. Eidon encourages users to provide data for training AI models. Users can submit new data, such as detailed hand movements or object interactions, and others can verify the authenticity of this data through an upcoming blockchain audit feature.

BetHog – Crypto entertainment platform BetHog has completed a $6 million seed funding round, led by 6MV, with participation from Will Ventures, Bullpen Capital, and others. BetHog was founded by FanDuel co-founders Nigel Eccles and Rob Jones. The platform is built on the Solana blockchain, with SOL serving as the supporting token for PvP games. Additionally, BetHog supports staking with Bitcoin, Ethereum, and USDT. BetHog features original games such as HODL (a Crash game targeting memecoins) and Thermonuclear Boars (a Mines game), as well as innovative PvP gameplay, allowing users to play with well-known streamers.

Airdrop Opportunities

Cytonic

Cytonic is an L1 blockchain execution layer developed by MultiVM Labs, designed to support multiple virtual machines (VMs) sharing storage within a single network. It is compatible with various VMs, including Solana VM and EVM. The core of Cytonic is its unique multi-VM architecture, which has been audited by Zellic and Fuzzland. The project has raised $8.3 million in funding, led by Lattice, with participation from Lemniscap, IOBC, Laser Digital, and other institutions. Currently, Cytonic is conducting a 6-month staking campaign to build momentum for its upcoming mainnet launch. [19]

Participation Method:

1. Visit the event link, choose your wallet, both EVM and SVM are supported. [20]
2. Deposit assets to earn energy. The more assets you hold and the longer you hold them, the more energy you will accumulate. (1 U per week = 0.05 energy)
3. Complete achievement tasks to earn additional energy.
4. Invite friends to earn a 15% reward for their energy.
5. Open treasure chests to exchange energy for flames. The number of flames determines the amount of airdrop tokens.
6. Receive lottery tickets. Some users may win prizes, with tickets distributed proportionally.

Note:
The airdrop plan and participation method may be updated at any time. It is recommended that users follow Cytonic’s official channels for the latest information. Additionally, users should participate with caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.

Reference：

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. CoinGecko, https://www.coingecko.com/en/categories
4. Investing, https://investing.com/indices/usa-indices
5. Investing, https://investing.com/currencies/xau-usd
6. Gate.io, https://www.gate.io/bigdata/homeindex
7. Gate.io, https://www.gate.io/price
8. DOGE, https://www.youtube.com/live/oauw5EFrN0A?si=8WNzSYXvV5D_67ck
9. X, https://x.com/Tokamak_Network/status/1856231211888161184
10. X, https://x.com/mvlchain/status/1856226257605931288
11. Deribit, https://www.deribit.com/statistics/BTC/metrics/options
12. New, https://trends.google.com/trends/explore?q=bitcoin&hl=zh-CN
13. 8MarketCap, https://8marketcap.com/
14. X, https://x.com/zetablockchain/status/1856337115547627705
15. Beam Chain, https://www.youtube.com/watch?v=rGE_RDumZGg
16. Colosseum, https://blog.colosseum.org/announcing-the-winners-of-the-solana-radar-hackathon/
17. Bloomberg, https://www.bloomberg.com/news/articles/2024-11-11
18. Rootdata, https://www.rootdata.com/Fundraising
19. X, https://x.com/cytonic_com/status/1854897381915140533
20. Cytonic, https://app.cytonic.com/deposit?referral=00000

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