Weekly Overview

The overall market of the encryption market this week is relatively Favourable Information, which can be regarded as a profitable market. The encryption market continues the upward trend of last week. Most mainstream encryption currencies have different degrees of price rise. Currently, due to the return of a large number of retail investors to the encryption market, the overall Liquidity and heat of the encryption market are high, and the DeFi revival trend is coming. The mainstream sentiment of the market is relatively optimistic. This week, the price of BTC reached a historical new high, breaking through the 93,000 US dollar mark, and most other Mainstream Tokens also experienced a pump. The BTC market share has dropped to about 59%, and the price high point in the past week has reached around 93,135 US dollars, reaching a historical new high. Overall, the price Fluctuation of various key Mainstream Tokens this week is in a continuous pump channel, and it is expected that there will be further rise in the future. However, BTC is most likely approaching the upper limit of the price in the current cycle, and the overall market will also usher in an appropriate pullback in the future. Currently, the market sentiment is around 85, and it is expected that there will be new market changes during the weekend closing period. The overall Market Caprise of the encryption market is significantly higher compared to the same period last week, reaching about 2.96 trillion US dollars, a decrease of 1.71% in the past 24 hours.

Compared to last week, the Cryptocurrency market has continued to rise overall this week. After the US election, BTC led the overall market to continuously rebound, with a weekly increase of over 17%. ETH has had a relatively small price increase, with an increase of about 9.6%, currently maintaining around $3140.

The overall performance of the crypto market this week is more clear than before, with most currencies being influenced by the overall market's rapid pump trend. This week, PNUT has seen a 7-day increase of around 1384%, with the largest pump in price, currently near $1.73, and a trend of price decline has emerged.

The overall market trend of Cryptocurrency is unlikely to continue to rise this weekend, and a small pullback is expected.

encryption market

🔥According to SoSoValue data, the net inflow of USD into the cryptocurrency market last week (November 4th to November 10th) reached USD 6.283 billion.

🔥According to Bloomberg, FTX is suing Binance, and former CEO Zhao Changpeng faces a demand to recover 18 billion dollars.

🔥According to the latest data from the official destruction tracking platform Shibburn of Shiba Inu, this week's SHIB destruction rate has surged to 1837.49%.

🔥 According to data disclosed by Solana Floor, the total market capitalization of Meme coin on Solana has exceeded 15 billion US dollars, reaching a historic high.

🔥According to CoinDesk, ENS Labs, the parent company of the Ethereum Name Service (ENS), plans to launch its own L2 network Namechain, which is expected to go live around the end of 2025.

🔥a16z Crypto policy director Brian Quintenz, regulatory director Michele Korver, and general counsel Miles Jennings co-authored and published a new article aimed at conveying a message to encryption project founders: 'Finally, we can relax when it comes to regulation.' The article expresses optimistic expectations for the new government's relaxation of regulation and governance in the encryption industry, although it acknowledges that the 'vast majority' of speculation about the details of this system is just 'noise'.

🔥According to SoSoValue data, the net inflow of Ethereum Spot ETF last week (November 4th to November 8th, Eastern Time) was 154 million US dollars.

🔥CZ updated the progress of his new educational project, Giggle Academy, on social media this morning. Giggle Academy has updated its official website, and the app will launch some courses and introduce an AI-assisted storybook creator.

🔥Ethereum developer Paul Berg proposed the native Token-related proposal EIP-7809, which is a proposal to implement alternative Tokens with similar native properties in EVM in a way that is backward compatible.

🔥Ethena founder Guy Young said in a post that in the current market conditions, long positions need to pay a funding rate of $66 million per day.

🔥Polymarket's prediction on "BTC's highest price this month" shows that there is a 36% probability of BTC reaching $105,000 this month, and a 73% probability of reaching $95,000.

🔥Ether announced the launch of WDK (Wallet Development Kit by Tether), which is an Open Source, modular non-custodial wallet development kit. WDK aims to help businesses and developers seamlessly integrate USDT and BTC into applications, websites, and devices, supporting fully non-custodial, flexible, and adaptive design.

🔥 According to companiesmarketcap data, the BTC Market Cap has risen to $1.769 trillion, surpassing silver ($1.732 trillion), and ranking as the 8th largest asset by global Market Cap.

🔥 According to ai_9684xtpa monitoring, ETH has been in a state of inflation since mid-April, with about 350,000 ETH issued in half a year.

🔥Cardano founder Charles Hoskinson hinted at possible collaboration with Ripple. Hoskinson praised Ripple CEO Brad Garlinghouse in a tweet, calling him a "great CEO" and describing their interaction as "highly cooperative".

🔥appfigures data shows that Coinbase app ranks first in the free finance category on the Apple App Store in the US, surpassing Robinhood, Cash App, and PayPal.

🔥According to the data from TradingView, the combined supply of USDT and USDC has risen by more than 50 billion dollars in the past week since November 5th.

🔥Matrixport released the latest chart indicating that this week Bitcoin's volume has surpassed 1450 billion USD, reaching a historical high, nearly 50% higher than the flash crash in early August and the peak in March this year. This significant increase in volume indicates that retail investors are returning to the crypto market.

🔥The funding rate of Ethereum soared to 6.1% per month, reaching the highest level in eight months.

🔥McDonald's revealed in X post that it will collaborate with the Non-fungible Token project Doodles, with specific details yet to be announced, hinting at more information to be revealed on November 18.

🔥According to TheBlock, PayPal's USD Stablecoin is now able to transfer between Ethereum and Solana through LayerZero. PayPal stated that this integration aims to eliminate Liquidity fragmentation, ensuring that users and businesses can trade quickly, securely, and cost-effectively.

🔥According to Trader T monitoring, BlackRock IBIT's full-day volume reached 38.56 billion US dollars, making it one of the top 5 ETFs with the largest volume yesterday, with 45% being active buy orders and 39% being active sell orders.

🔥According to Cointelegraph, the liquidators of the defunct encryption hedging fund Three Arrows Capital are attempting to amend their claim against FTX, increasing their claim amount from $120 million to $1.53 billion.

🔥The GMT team recently launched the BurnGMT.com website. According to the introduction, users can vote to burn more than 6 billion GMT held by advisors, investors, and even the team on the platform.

🔥Solana MEV infrastructure protocol Jito experienced a short-term outage last night, leading to a significant increase in Solana transaction fees. Jito Labs official X account posted at 22:37 on November 13 (Beijing time), 'We are currently experiencing a complete system interruption. The team is working hard to fix it and will follow up after the issue is resolved.' The problem was resolved after about an hour, but the root cause is still unclear.

🔥Coinbase Wallet is about to launch the "Tap to Pay" encryption solution, joining the competition with Cash App, Venmo, PayPal, and other fast payment companies.

🔥Etherscan data shows that the supply of Stable Coin USDe issued by Ethena Labs has returned to over 3 billion coins. The reason for the rebound in USDe supply can be attributed to the surge in contract market funding rate.

🔥According to Trader T monitoring, the volume of BlackRock IBIT reached 5.37 billion US dollars throughout the day, setting a new historical high and ranking as the fourth highest ETF in terms of volume yesterday, with 45% being active buy orders and 43% being active sell orders.

Regulation & Macroeconomic Policies

🔥 Standard Chartered Bank's global head of digital assets research, Geoff Kendrick, believes that many of Trump's promises supporting cryptocurrency will pump BTC. He expects Trump to overturn Biden's veto of SAB121, a controversial accounting guide by the US Securities and Exchange Commission (SEC), which critics argue has hindered investment banks from offering cryptocurrency custody services on a large scale.

🔥 According to The New York Times, the FBI searched the home of the founder of Polymarket, a betting website. This fall, Polymarket gained fame for offering odds on the US presidential election.

🔥According to the information on the relevant page, the official X account of the Government Efficiency Department (DOGE) led by Musk and Vivek Ramaswamy has been launched. It is worth noting that the handle of this account is "@DOGE".

Encryption Market Highlights

⭐️In the past week, the cryptocurrency market has experienced a continuous pump, mainly influenced by the rapid inflow of external funds. It has shown a rapid upward trend in the past week. Currently, as we approach the weekend closing period, the overall market shows no signs of fatigue, but a certain pullback is expected in the future.

⭐️There were many mainstream currencies with obvious pump in the market this week, and the overall market pump, coupled with the significant rise of head rise currencies. However, as a newly listed currency, PNUT has experienced a large-scale increase in price after its listing this week, with a current seven-day increase of about 1360%, and there is already a downward trend in the short term. The price of the currency is currently maintained around $1.7, and further price changes are expected in the following week, but there is a high probability of a small pump in the price at the closing stage.

(Data Source: coinmarketcap)

BTC& Ethereum weekly performance

BTC (BTC)

(Data Source: TradingView)

The price of BTC has shown a clear pump trend this week, oscillating upward from around $76,500 and continuously breaking through multiple price highs. BTC has reached multiple new all-time high prices this week, with a high probability of breaking through $95,000 in the future. The weekly high for BTC is around $93,500, and the low is around $76,500 at the start of the week.

Analysis believes that the price changes of BTC this week are mainly due to the large net inflows of external funds in the market recently, coupled with the overall bullish prospects of the crypto market, which has led to a clear and continuous pump of BTC price, and has driven the overall market to rise together.

Ethereum (ETH)

(Data Source: TradingView)

ETH's price fluctuations this week have been relatively small compared to BTC, and it has followed the overall market trend. Currently, ETH has shown a significant pullback trend in the short term. This week, the performance of ETH spot ETF is better than before, and the price is currently maintained around $3100. The weekly increase of ETH is about 7.55%. Currently, the currency is in a pullback phase, and more significant price changes are expected during the weekend.

Web3 Project Trends

This week, the total market capitalization of seven categories of projects has seen a widespread pump, continuing the trend of consecutive pumps from last week. The overall market performance this week is mainly characterized by rapid upward movement. As we approach the weekend closing period, there is a pullback trend in the overall market. It is expected that there is a high probability of further upward movement during the weekend.

Author: Charles T, Gate.io Researcher

This article represents only the author's point of view and does not constitute any trading advice. Investment carries risks, and decisions need to be made prudently.

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