Weekly Overview

The overall Fluctuation of the encryption market was more obvious this week, with the actual performance being a slight pullback after a slight rise, which is the mainstream trend. Although the prices of most Mainstream Tokens have fallen this week, there have been relatively high price levels. The overall performance showed peaks continuously until midweek, followed by a downward shake. BTC mainly continues to be influenced by the external Options market last week, with the price reaching a relatively high point within the week and currently falling back to around $68,000, but has re-entered an upward trend. Overall, the prices of various key Mainstream Tokens fluctuated significantly this week, with little change in the overall market capitalization. It is expected that the encryption market will face a key market trend around the US election. The overall market capitalization of the encryption market has risen slightly compared to the same period last week, reaching around $2.33 trillion, with a 2.32% pump in the past 24 hours. Market sentiment has fallen to 52, with relatively minor changes compared to the same period last week. It is expected that the prices of key Mainstream Tokens will experience significant changes at the closing period of the weekend.

Compared to last week, the overall performance of the Cryptocurrency market this week is in the same fluctuation cycle, with continuous fluctuations being the mainstream trend for the week. There is a high probability that there will be no new key trends in the short term. The price of BTC reached around $69,400, and as of the time of the statistics, after experiencing a rapid decline in the short term, it has entered a new upward trend, with a weekly increase of about 1.62%, and the current price is maintained at $68,126. ETH, on the other hand, experienced a certain decline of about 2.88% in the past week and is currently maintained around $2,528.

The overall performance of the crypto market in the past week is impressive, with most currencies continuing to be influenced by the market trends of the previous week, and there are also emerging currencies that have performed well. This week, GOAT has seen a 102% pump in the past 7 days, with a significant increase in price. The Market Cap of this currency is currently rapidly rising and is favored by many industry insiders. GOAT has the largest increase among mainstream currencies this week, and the price is currently maintained at around $0.68.

The probability of a large-scale overall market trend in the Cryptocurrency market this weekend is relatively small. It is expected that there will be a small pump trend in the overall market during the weekend period.

encryption crypto market

🔥Vitalik replied on Twitter: Technically, any currency is licensed. You need to obtain permission from an existing holder to become a holder.

🔥According to SoSoValue data, the net inflow of Bitcoin Spot ETF in the past week was $2.13 billion.

🔥Co-founder of World (formerly Worldcoin) Alex Blania announced on X that Worldcoin has officially evolved into World and launched a series of new features.

🔥The BitVol (BTCFluctuation) index launched by the financial index company T3 Index in conjunction with the Options trading platform LedgerX rose to 58.17 on Monday, with a daily increase of 2.03%.

🔥Pump.fun announced the launch of 'Pump Advanced' and plans to launch Token in the future. 'Pump Advanced' is a trading terminal that provides advanced features for advanced users.

🔥Sushi CEO Jared Grey announced that Sushi is about to announce a strategic acquisition that will allow it to introduce built-in invisible innovative Decentralized Finance primitives into AMM and perps and other vertical tracks.

🔥 According to Cointelegraph, the Computing Power of the BTC network has reached a record high of 769.8 EH/s (769.8 quintillion hash calculations per second).

🔥The Avalanche Foundation has launched the Avalanche Card, which can be used to pay with tokens such as WAVAX, USDC, sAVAX, etc. at places that accept Visa, and comes with physical and virtual cards.

🔥According to Farside Investors monitoring, the US BTCSpot ETF has accumulated a total net inflow of 213.03 billion US dollars since its launch, setting a new historical high. Among them: BlackRock IBIT accumulated a net inflow of 231.69 billion US dollars; Fidelity FBTC accumulated a net inflow of 103.1 billion US dollars; Grayscale GBTC accumulated a net outflow of 200.55 billion US dollars.

🔥RWAprotocolOndo Finance stated on social media that the one-stop LiquidityprotocolNAVI Protocol in the SUI ecosystem has become its official lending partner in the SUI network.

🔥According to Cointelgraph, Chainlink has launched two new privacy protection features for Financial Institutions who want to use blockchain applications while ensuring end-to-end privacy.

🔥According to DefiLlama data, Solana TVL has risen to $64.68 billion, reaching the highest level in 2 years (from January 2022 to date).

🔥The Grass Foundation announced the Airdrop plan in X, which will distribute 1 billion GRASS tokens to eligible users, accounting for 10% of the total supply.

🔥QCP pointed out in its market analysis that ETH pumped 2% during the low Liquidity period last Sunday. Although ETH outperformed BTC last week (11% increase vs. 9.6%), its performance in October this year still lags behind BTC (4% increase vs. 8%).

🔥According to Bloomberg, two cryptocurrency hedging fund management companies, JellyC and Trovio Asset Management, have announced a merger aimed at attracting institutional investors, including pension funds. JellyC, headquartered in Australia, will become the major shareholder of the merged entity.

🔥Vitalik Buterin, co-founder of Ethereum, mocked the marketing copy of the XSIAM project using Zero-Knowledge Proof technology, which is described as an 'unverified solution,' in response to software company Splunk. 'This is what ZK projects' ads look like to ordinary people.'

🔥 According to deFiLlama data, Solana Blockon-chain daily Money Laundering has risen to its highest level since early May 2024.

🔥Arkham believes that last week's TSL transfer of BTC belonged to an internal Wallet transfer. At that time, TSL transferred 11,509 BTC (USD 7.769 billion) to 7 new Wallets, each holding 1100 to 2109.3 BTC.

🔥a16z founder Marc Andreessen discusses the origin of Truth Terminal and the creation process of Meme coin GOAT on a podcast. He describes how the AI robot started promoting the GOAT meme and then created a Meme Token for it, which quickly rose to a valuation of $500 million.

🔥ETH founder Vitalik Buterin posted on social media: "I believe the ideal solution is to selectively reduce Gas fees by Depth: reduce the gas cost of all EVM opcodes currently in the 2-5 range to 1, and those in the 6-10 range to 2. Reduce the gas cost of log operations by 4 times. Drop the gas cost of precompiled contracts (except those we plan to deprecate). In this way, it may increase TPS by 1.5 times without compromising any 'key worst-case' metrics (such as calldata size, IO)."

🔥According to Lookonchain monitoring, Moonshot generated $498,000 in revenue in the past 30 days, a rise of 1657% compared to the previous period. The number of daily active users is around 4000.

🔥According to The Block, Variational, a Cryptocurrency Derivatives trading protocol based on Arbitrum, completed a $10.3 million seed round of financing, led by Bain Capital Crypto and Peak XV Partners (formerly Sequoia India and Southeast Asia).

🔥Lending protocol Radiant Capital Hacker has transferred all stolen funds to the ETH network, totaling approximately 20,500 ETH, worth about $52 million.

🔥Solana Mobile announced that Solana Seeker will be shipped in mid-2025, with 145,000 pre-orders received so far. Decentralized Finance giant Jupiter on Solana has launched a mobile trading platform, while DRiP, Birdeye, and Cube Exchange are also developing mobile versions.

🔥According to TSL's Q3 earnings report, the company did not sell any BTC during the quarter. (Watcher.Guru)

🔥According to Fortune, the large bets from several mysterious accounts on the prediction market Polymarket have significantly boosted Donald Trump's chances of winning on the platform.

🔥An institution conducted a $25 million Hedging transaction on the on-chain BTC Options market of Derive, betting that BTC will continue to pump after the US election on November 5. This transaction involves long positions Options strategy, aiming for the BTC price to rise to $80,000 before November 29, making it the largest on-chain Options trade related to the US election to date.

Regulation & Macro Policies

🔥The US SEC has approved Options trading for multiple BTC Spot ETFs, and analysts expect this to increase market volatility for BTC.

🔥The Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, congratulated the 16th anniversary of the release of the BTC White Paper (released on October 31, 2008) in an interview, using the term “sweet sixteen”. However, Gensler also stated that the SEC will continue its consideration of the risks of digital assets to investors and its “enforcement supervision”.

encryption market highlights

⭐️In the past week, the Crypto Assets market has continued to fluctuate, still influenced by the approaching US election and the trend of US stocks. In addition, there has been a rapid inflow of funds into spot ETFs. Although the market has not shown a significant upward trend, the overall market has improved compared to previous periods. Most mainstream currencies have entered a clear bullish cycle, although most currencies have shown small fluctuations within a narrow range this week. Currently, the encryption market is in a state before a crucial market situation arrives, and it is difficult to have a large-scale upward movement in the short term. It is expected to see a further turning point after the external key information becomes clear.

⭐️Within this week, there have been a significant pump in the prices of a large number of mainstream coins, with most of the top rises maintaining a pump magnitude of over 50%. As an emerging currency, GOAT's price has been rising all the way since its listing, with a seven-day increase of around 101.8%, and the current price is around $0.6821. The highest price of this currency in the past week was around $0.8722, and there has been a pullback in the current price. It is expected that there will be further price changes in the following week, and short-term Fluctuation will be the main state.

BTC & ETH Weekly Performance

BTC (BTC)

BTC's price this week started at $69,400, fluctuated downwards to a weekly low above $65,000, and then rebounded to enter a state of fluctuation. Due to recent external news and the rapid pump of the US stock market, as well as the rapid inflow of Spot ETF, the BTC price has shown relative strength, with fluctuations above $65,000. Currently, the price of this cryptocurrency is in a clear upward phase, with a high point around $69,500 and a low point around $65,156 this week.

Analysts believe that the overall price changes of BTC this week have followed the general trend of the market. As the US election approaches, the market changes in all aspects are relatively frequent. Currently, the crypto market is still dominated by the bullish expectation, and it is expected that a new round of significant price changes will occur again near the weekend closing period.

Ethereum (ETH)

The high point of ETH's price this week was around $2760 during the opening session, and although it has risen somewhat during the week, it has mainly been oscillating and falling continuously thereafter, consistent with the overall trend of the market. Currently, the price is maintained at around $2550 with some fluctuations. The weekly decline of ETH is about 2%. Currently, the currency is in a phase of small price fluctuations, and it is expected to have a small rebound over the weekend.

This week, the total market capitalization of seven types of projects has pumped across the board, but compared to the same period last week, there is a significant pump. The overall market performance is still mainly fluctuating upward this week. There is a pullback trend in the closing period of the approaching weekend, but the probability of further upward movement during the weekend is greater.

Author: Charles This article represents only the author's point of view and does not constitute any trading advice. This article is original, and the copyright belongs to Gate.io. Please indicate the author and source if you need to reprint, otherwise legal liability will be pursued.