Weekly Overview

This week, compared to the previous two weeks, the overall encryption market has entered a large oscillation cycle. Most mainstream encryption tokens have experienced different degrees of fluctuations in a week. Currently, due to the overall market activity, various track projects have been very dynamic, and the mainstream market sentiment remains relatively optimistic, but the overall Market Caprise has slowed down. This week, the price of BTC has dropped slightly, currently falling to around $95,000. The market share of BTC has dropped slightly, staying at around 57%, with the price reaching around $99,421 at the high point of the week, failing to break through the key $100,000 mark. Overall, the prices of various key Mainstream Tokens this week have entered a more clear oscillation cycle, and there is expected to be a certain degree of market pullback in the future. Currently, the market sentiment is around 83, and new market changes are expected at the weekend closing. The overall Market Caprise of the encryption market has risen slightly compared to the same period last week, reaching around $3.3 trillion, with a 0.69% drop in the past 24 hours.

Compared to last week, the overall performance of the Cryptocurrency market this week is still commendable. Although there is a lot of Favourable Information, many industry insiders also believe that there is a possibility of a market pullback. The altcoin market is relatively clear, although the price of BTC has fallen by about 3% this week, the overall price has recovered. ETH has seen a certain increase in price this week, similar to last week, with an increase of about 6.4%, currently maintaining around $3553.

The overall performance of the encryption market was relatively stable within this week, which can be understood as a pullback in the market within a larger cycle. Although the overall Market Cap is still pumping, the leading BTC and ETH have been somewhat weak in essence, but this does not affect the momentum of altcoin trading. XLM has achieved a 7-day increase of about 99% this week, with the largest pump in price among mainstream currencies, currently maintaining around $0.4764, and the downward trend continues to be more obvious.

The probability of the overall trend of the Cryptocurrency market continuing to rise this weekend is small, but there is still a small room for Market Cap growth.

Encryption Market

🔥The non-profit organization Dogecoin Foundation announced on the X platform that it plans to promote the support of DOGE payments by the first one million grassroots retailers through the Dogebox system by 2025.

🔥Since October 17th, the market capitalization of USDe has pumped by $1.46 billion, an increase of nearly 61%, reaching a historical high of $3.87 billion, second only to Sky's DAI ($4.25 billion Market Cap).

🔥In November, the Decentralized Exchange (DEX) volume on the Solana network exceeded 100 billion US dollars for the first time, reaching 109.8 billion US dollars, a rise of over 100% compared to the previous period.

🔥In recent days, Pump.fun has been criticized by the community for violent and threatening behavior during live broadcasts, sparking calls for the suspension of live broadcast functionality.

🔥CryptoQuant CEO Ki Young Ju wrote on X that "the 2021 Bull Market is the world of Cryptocurrency Newbies, while 2024 will be the world of TradFi and Crypto Seasoned Traders. This is a different game, and the likelihood of absurd events happening is much smaller."

🔥JPMorgan recently released a report evaluating the Department of Government Efficiency (DOGE) in the United States. The department, established by President-elect Trump and led by Elon Musk and Vivek Ramaswamy, aims to streamline federal operations and reduce wasteful spending.

🔥Co-founder of Ethereum Vitalik expressed his concern in an interview with Tencent's 'Deep Vision', that if particularly intelligent people do not engage in Crypto, those who remain in the Crypto field may not have any interesting ideas, and the only application is financial applications that have been done for many years.

🔥Galaxy Digital trading team stated that the debut of the Bitwise IBIT ETF Options was a great success, with 353,716 contracts traded on the first day.

🔥Bloomberg ETF analyst James Seyffart outlined the possible timetable for the approval of SOL, XRP, LTC, and HBAR ETFs.

🔥On November 26th, data shows that the BTC stablecoin USDa with Circulating Supply issued by Avalon Labs has exceeded 200 million coins just two weeks after its launch, with a growth rate of 100% in seven days. At the same time, USDa has become the world's third largest over-collateralization stablecoin (CDP) after MakerDAO (DAI) and JustStable (USDJ).

🔥On November 26, pump.fun issued a community announcement, announcing the indefinite suspension of the platform's live broadcast function until the content review infrastructure is improved.

🔥 On November 26th, the GMX community proposed a new proposal to increase the current buyback and distribution (BB&D) coverage rate from 27% to 90%.

🔥Cardano core developer Sebastian Guillemot revealed that its first zero-knowledge (ZK) transaction Halo2 is now live on the Mainnet.

🔥Orbiter Finance today launched the 'Orbiter Small Coin Collector' tool, providing users with convenient and efficient collection services for ultra-small funds (less than 3U).

🔥VanEck announced an extension of the fee waiver for its Bitcoin ETF (HODL) to attract investors. The management fee waiver applies to the first $2.5 billion in net assets until January 10, 2026. Previously, the fee waiver was set to expire in March 2025 and applied only to the first $1.5 billion in assets.

🔥 According to official news, Bitwise Asset Management, an encryption asset management company, announced that NYSE Arca, a subsidiary of the New York Stock Exchange, has submitted a 19b-4 application file to list a Bitwise exchange-traded product (ETP). The product will hold BTC and Ethereum Spot weighted by market cap, providing exposure to both assets.

🔥10x Research stated in its market analysis that during this correction period, BTC is expected to find support at two key levels, first at $89,000, and if it falls below that level, it may be at $75,000.

🔥Ondo Finance has integrated LayerZero to achieve the transfer of its tokenized US Treasury product. Users can now access Ondo USD Yield Token (USDY) and its tokenized US Treasury product in multiple blockchain ecosystems without minting new tokens or exchanging assets between chains.

🔥Bloomberg ETF analyst Eric Balchunas said that unless there is a major crash, the pending AltCoin-related ETFs will make the cryptocurrency "quite crazy".

🔥On November 28, the Japanese listed company Metaplanet was included in the Amplify Transformational Data Sharing ETF 'BLOK', with an estimated initial weight of about 2.9%.

🔥Stable Coin issuer Tether announced in a statement on November 27th that it plans to end support for its Euro Stable Coin EURt.

On November 28th, according to court documents, after filing for bankruptcy in July 2022, Celsius Network is distributing $127 million to eligible creditors in the second round of its bankruptcy proceedings.

🔥 On November 28th, Base announced support for Cross-Chain Interaction Intent Message Standard ERC-7683, which will allow users to perform Cross-Chain Interaction operations (such as Token exchange or transfer) and unify Ethereum's Liquidity.

🔥According to Crowdfund Insider, Robinhood announced the launch of Ethereum stake service, allowing European users to earn ETH holding income through the service.

Regulation & Macro Policies

🔥The Financial Conduct Authority (FCA), a UK regulatory body, has released a new research report showing that currently 12% of UK adults own Crypto Assets, up from the previous survey's 10%.

🔥This Tuesday, the court ruled that immutable Smart Contracts do not constitute property and cannot be sanctioned under existing laws. Some observers claim this is a significant victory for privacy advocates.

🔥The Federation Council of the Russian Parliament approved on Wednesday a government-initiated bill outlining the tax framework for Digital Money. The legislation was passed at a plenary session, following its approval in the State Duma, the lower house of the National Assembly, a day earlier. The new law classifies Digital Money (including currencies used as payment instruments under an experimental legal regime) as property under the Russian domestic tax law.

encryption market highlights

⭐️In the past week, although the cryptocurrency market has continued the recent upward trend, it has entered a relatively stable period of fluctuation, mainly due to the excessive rise of various head mainstream tokens earlier, and a small pullback in the subsequent market is highly probable. Currently, approaching the weekend closing period, the overall market still presents a state of small fluctuation, and the possibility of a significant pump is relatively low.

⭐️ The altcoin market performed relatively well this week, with the overall market continuing to pump and the leading rise coins experiencing significant pumps. XLM has seen another round of price doubling this week, with a seven-day rise of about 95%, showing a short-term falling trend, but with a relatively small magnitude. The price of this coin is currently around $0.47 and is expected to continue to decline further in the following week.

(Data Source: coinmarketcap)

Weekly Performance of BTC & ETH

BTC (BTC)

(Data Source: TradingView)

The price of BTC has basically shown a fluctuating downward trend this week, starting to fluctuate around the $99,000 price level and almost falling below $90,000 at the low point of the week. BTC has failed to continue the trend of the past two weeks this week, and it is a high probability event that it will not be able to break through $100,000 in the near future. The high point of BTC's price for the week is around $99,500, and the low point is around $90,800 during the midweek period.

Analysts believe that the price changes of BTC this week are more due to the market entering a new cycle, combined with the better performance of the Altcoin market, leading to a decrease in BTC's market share. In the long term, the trend of BTC pump is still relatively clear, but there is a high probability of pullback in the short term.

Ethereum (ETH)

(Data Source: TradingView)

ETH's price movement trend within this week has shown a more obvious increase. Compared to the past two weeks, ETH has once again surpassed the $3600 mark. ETH has been adjusting in line with the overall market trend, and the current price is around $3580. The weekly increase in ETH is about 5.8%. Currently, this cryptocurrency is in a continuous oscillation phase, and it is expected to experience a new price decline during the weekend, but the magnitude should remain within the mainstream market fluctuation range.

Web3 Project Trends

This week, the total market capitalization of seven types of projects has shown a continuous pump trend. Some markets have shown extremely exaggerated gains. There is a certain probability of a pullback in the overall market towards the end of the week, and it is expected to enter a new round of price movement (PA) range during the weekend.

Author: Icing This article represents only the author's point of view and does not constitute any trading advice. Investment carries risk, so decisions should be made carefully. This content is original and the copyright belongs to Gate.io. If you need to reproduce, please indicate the author and source, otherwise legal liability will be pursued.