TL;DR

• BTC price has increased by 1.42% in the past 24 hours, currently trading at $96,341. ETH has risen by 1.39%, now trading at $3,578.
• 90.8% of ETH holders are in profit, the highest since June this year.
• The total amount of contract liquidations across the entire network is approximately $181 million, with long position liquidations exceeding $101 million.
• Base chain has attracted a net inflow of $1.2 billion, surpassing Solana, with AI agents contributing to the shift of funds within the crypto market.
• Ethereum Layer 2 ecosystem has experienced a strong rebound, with TVL surpassing $50 billion.
• 21Shares has launched PYTH, ONDO, RNDR, and NEAR ETPs in Europe.

Market Analysis

According to Gate.io market data, as of 4:00 AM UTC on November 29 [1]:

• BTC — The BTC price has increased by 1.42% in the past 24 hours, currently trading at $96,341. The highest price in the past 24 hours was $96,550, and the lowest was $94,660. Despite a slight pullback on the 1-hour chart, the overall trend on the daily chart remains upward. The resistance zone above is at $97,000, and breaking through this level could open up further upside potential. If the price fails to break this level, there is a risk of a retracement back to the support zone near $94,000. The overall market sentiment is stable, with steady trading volume, and it is likely to maintain a sideways upward trend, especially during the Thanksgiving holiday period in the U.S., when market volatility may decrease. [2]

• ETH — The ETH price has increased by 1.39% in the past 24 hours, currently trading at $3,578. The highest price in the past 24 hours was $3,662, and the lowest was $3,531. Despite a slight pullback, the overall trend for Ethereum remains strong. The price has found support around the $3,500 level, and if it successfully holds this position, it may continue to challenge the resistance at $3,700. On the other hand, if it fails to break through, there is a possibility of a further retracement to he $3,500 support level.[3]

• Altcoins — The market is overall in an adjustment phase, with the sectors showing relatively strong performance being AI Agents, Decentralized Identifiers (DIDs), and Simulation Games, which increased by 10.6%, 7.4%, and 4.3%, respectively. [4]
• Spot Gold — The price of spot gold is $2,636 per ounce, down 0.04% for the day. [5]
• Fear and Greed Index — The Fear and Greed Index has increased from 77 yesterday to 78, indicating that the market remains in an extreme greed phase. [6]

Top Performers**

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

AMP — The price increased by approximately 47.6% in a single day, with a circulating market capitalization of $659 million.
Ampera (AMP) is a new digital collateral token designed to provide instant, verifiable collateral for any type of value transfer. Projects like Flexa use AMP to secure transactions and build a network that can generate value securely and transparently.
Recently, AMP partnered with Flexa to use AMP as collateral to secure transactions on the Flexa network, offering instant and verifiable collateral. This collaboration strengthens Flexa’s payment solutions and further drives the use of AMP in the digital payments ecosystem. The price surge of AMP may have been influenced by this partnership news, reflecting the market’s growing demand for decentralized payment solutions and privacy-focused transactions[8].

SWFTC — The price increased by approximately 44.1% in a single day, with a circulating market capitalization of $52.57 million.
SWFT Blockchain (SWFTC) is a cross-chain exchange aggregator, and SWFTC serves as its native token. It focuses on cross-chain transactions for blockchain assets such as DeFi, NFTs, GameFi, and the Metaverse. One of the key functions of SWFTC is to serve as a membership token for all SWFT Blockchain products. By holding SWFTC, users are entitled to benefits such as trading fee discounts, community voting, and governance rights.
Recently, SWFTC was listed on a new centralized exchange, which has sparked increased market interest and demand for the token, potentially driving its price surge[9].

MAJOR — The price increased by approximately 37.6% in a single day, with a circulating market capitalization of $47.02 million.
Major Frog (MAJOR) is a “play-to-earn” game on Telegram, featuring a unique concept and implementation aimed at increasing the popularity of the TON platform and blockchain. The $MAJOR token is used within the game mechanics and serves as a payment method when exchanging NFT numbers and Telegram usernames.
Recently, the news of MAJOR’s initial listing on Gate.io, as well as its listing on several other popular centralized exchanges, has attracted widespread attention, which may have contributed to the surge in the token’s price[10].

Data Highlights

Funding Rate, Long/Short Ratio, and Liquidations
As of 4:00 AM UTC on November 29, according to Coinglass data, the funding rate for Bitcoin long positions is 0.0197%[11], and 0.00298% for Ethereum long positions[12].
In the past 24 hours, the total amount of contract liquidations across the entire network is approximately $181 million, with over $101 million in long position liquidations. Ethereum saw the largest liquidation, with a total of $32.4 million in liquidations, followed by Bitcoin at $31.65 million. Liquidations have mainly been concentrated in Ethereum long positions and Bitcoin short positions. A few altcoins, such as XRP and ENS, saw a predominance of short position liquidations[13].

90.8% of ETH Holding Addresses Are in Profit
According to data from IntoTheBlock (IBT), approximately 90.8% of ETH holders are currently in profit, the highest level since June of this year.
For any address holding token balances, ITB identifies the average purchase price (cost) of those tokens and compares it to the current price. If the current price is higher than the average cost, the address is considered to be “in profit”; if the current price is lower, the address is considered to be “in loss.” This data suggests that Ethereum’s market performance is strong, with the majority of investors benefiting from the recent price increase. Notably, 9.2% of holders still lost only account for only 2.8% of the total supply[14].

Base Chain Sees $1.2 Billion Net Inflow, Surpassing Solana, Driven by AI Agents
Base Chain has recently become a hotspot in the crypto market, particularly with the influx of funds driven by AI agents. According to Artemis data, Base has seen a net inflow of $800 million over the past month, far surpassing Solana’s $300 million, ranking first and second, respectively. Meanwhile, Ethereum experienced a net outflow of $400 million. This trend indicates that Base has become the main destination for fund flows, especially driven by AI agent-related tokens.
On the Base chain, platforms like Virtuals and Clanker are fueling a new investment surge with AI agents. Virtuals’ tokenized AI agents and Clanker’s Token Bot simplify the process of token creation, enabling anyone to easily deploy their own tokens. Tokens such as $aixbt and $bug have seen explosive price increases, showcasing the market’s strong interest in AI-related projects. Although these tokens may not have actual AI products behind them, they have quickly attracted a large number of investors due to the hype and market expectations, becoming hot topics within the crypto space[15].

Bitcoin’s Market Cap Growth Rate of 37% Far Exceeds Large-Cap and Mid/Small-Cap Coins
According to data from CryptoQuant, Bitcoin’s market capitalization growth rate is 37% (the 30-day moving average of its market cap compared to the 365-day moving average), a strong performance that far outpaces large-cap coins (top 20 by market cap) and mid/small-cap coins. While Bitcoin’s large-cap counterparts have only risen by 16%, mid/small-cap coins have grown by 10%. This data highlights Bitcoin’s dominant position in the market, particularly in comparison to other cryptocurrencies, as Bitcoin’s growth continues to lead.
Notably, the only time mid/small-cap coins outpaced Bitcoin’s market cap growth was during the meme coin craze in April 2024. This phenomenon suggests that while mid/small-cap coins may experience explosive growth in the short term, Bitcoin’s market dominance remains unshaken in the long run. From another perspective, this may also imply that the much-anticipated “altcoin season” has not yet truly arrived[16].

Spotlight Analysis

TON Launches TON Teleport BTC, Seamlessly Integrating Bitcoin into the TON Ecosystem
The TON Foundation has launched TON Teleport BTC, which integrates Bitcoin with the TON blockchain. Through tgBTC (tokenized Bitcoin), users can now easily send and receive Bitcoin within Telegram and TON’s Web3 applications. This initiative not only allows Bitcoin to play a role in the decentralized finance (DeFi) ecosystem but also provides users with trust assurance without relying on traditional exchanges or third-party custodians. The introduction of tgBTC transforms Bitcoin from a simple store of value into an asset that can be used for staking, lending, yield farming, and other financial growth activities, expanding Bitcoin’s utility within the TON ecosystem.

Moreover, TON Teleport BTC ensures transparency and security of transactions through innovative cryptographic techniques and blockchain consensus mechanisms. By utilizing Bitcoin’s Taproot upgrade, TON has successfully reduced transaction costs to a minimum while enhancing its decentralized characteristics. With low-cost and efficient transaction processing, TON Teleport BTC provides a solid foundation for Bitcoin’s entry into the DeFi space, marking a new chapter for Bitcoin in decentralized finance.

As Bitcoin’s liquidity is unlocked, TON Teleport BTC not only improves Bitcoin’s cross-chain interoperability but also lays the groundwork for future financial innovations, pushing Bitcoin towards broader adoption and application[17].

Ethereum L2 Ecosystem Sees Strong Rebound, TVL Surpasses $50 Billion
The total value locked (TVL) in Ethereum L2 networks has increased by 35.9% over the past 30 days, rising from approximately $34.1 billion to $51 billion. From the chart’s trend, the growth appears to be a steady upward curve rather than a sharp spike, indicating that the demand for L2 networks is continuously growing. This trend may be driven by the rising activity on-chain, the ongoing expansion of DeFi and NFT applications, as well as lower transaction costs and improved scalability. Overall, this suggests that market confidence in Ethereum L2 solutions is strengthening, while also reflecting an increased demand in the crypto market for efficient, low-cost scaling solutions[18].

21Shares Launches PYTH, ONDO, RNDR, and NEAR ETPs in Europe
21Shares has launched four new Exchange-Traded Products (ETPs) in Europe, focusing on price oracles, asset tokenization, decentralized computing, and artificial intelligence. These products also allow NEAR staking rewards to be reinvested into the ETPs to enhance performance. Trading will be available in multiple cities, including Amsterdam and Paris.

Previously, 21Shares called on European regulators to establish unified rules for ETFs and ETPs to fill the gaps in the current regulatory framework. Additionally, the company has launched an Ethereum Core Staking ETP, further leveraging Europe’s flexible staking policies to optimize product returns.

ETPs (Exchange-Traded Products) are investment tools that trade on exchanges, much like stocks. They offer exposure to various asset types, such as cryptocurrencies, gold, or stocks, allowing investors to diversify their portfolios more easily. Compared to the more commonly known ETFs (Exchange-Traded Funds), ETPs cover a broader range of assets, making them a flexible investment option for those looking to access different markets[19].

Funding News

According to RootData, in the past 24 hours, 5 projects announced funding rounds, with the highest funding amount reaching $13.8 million. The total funding raised exceeded $22.6 million, covering sectors such as Layer 1, stablecoins, AI, and debit cards. Below are the top three funding rounds:[20]

U2U Network — U2U Network has raised $13.8 million in funding, with participation from Chain Capital, Cointelegraph, UB Ventures, and others. U2U Network is a blockchain based on Directed Acyclic Graph (DAG) and compatible with EVM, focused on providing infinite scalability and on-demand decentralization.

Avant — Avant has completed a $6.5 million seed round, with a valuation of $25 million. Investors include Superlayer, Avalaunch, and others. Avant is a DeFi platform launched in June 2024, with the mission of creating a more inclusive financial system through DeFi-driven stable value tokens. The platform has launched the stable value token avUSD and its staking yield token savUSD.

Bleap — Bleap has raised $2.3 million in a Pre-seed round, led by Ethereal Ventures, with participation from Maven11, Alliance DAO, Robot Ventures, and others. Bleap is a debit card connected to wallets. With the Bleap card, users can directly spend funds from any EVM non-custodial wallet without withdrawing or locking/transferring on-chain balances.

Airdrop Opportunities

Hyperliquid

Yesterday, Hyperliquid officially announced that it will launch the HYPE token on November 29, 2024, at 07:30 UTC. Hyperliquid is a high-performance blockchain platform focused on providing a low-latency trading experience. Its decentralized exchange has become one of the largest in the world, with stable liquidity and an active user base. The platform combines the ideals of decentralized finance (DeFi) while offering a seamless trading experience comparable to that of centralized exchanges (CEX), driving the development of full-chain finance. The HYPE token, as the native token of the platform, will officially launch during this event[21].

HYPE Token Distribution and Issuance Plan:

• 31%: Allocated to the Genesis distribution, totaling 310 million tokens that will be fully unlocked and distributed to eligible participants.
• 38.88%: Allocated for future issuances and community rewards.
• 23.8%: Allocated to current and future core contributors, with these tokens locked for one year.
• 6%: Allocated to the Hyper Foundation budget.
• 0.3%: Allocated to community grants.
• 0.012%: Allocated to HIP-2.
• Undistributed tokens: Reserved for future community rewards and token issuances.

Note:
The airdrop plan and participation methods are subject to change at any time. Users are advised to follow Hyperliquid’s official channels for the latest information. Additionally, users should participate with caution, be aware of the risks, and conduct thorough research before getting involved. Gate.io does not guarantee the distribution of subsequent 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. Coingecko, https://www.coingecko.com/en/categories
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. X, https://x.com/ampera_xyz/status/1862156115657752590
9. Gate.io, https://www.gate.io/post/Gate%20News/status/7927880
10. Gate.io, https://www.gate.io/announcements/article/41098
11. CoinGlass, https://www.coinglass.com/pro/AvgFunding/BTC
12. CoinGlass, https://www.coinglass.com/pro/AvgFunding/ETH
13. CoinGlass, https://www.coinglass.com/LiquidationData
14. IntoTheBlock, https://app.intotheblock.com/coin/ETH/deep-dive?group=financials&chart=inAndOut
15. Artemis, https://app.artemisanalytics.com/flows
16. Cryptoquant, https://cryptoquant.com/analytics/query/67485bcc3f3c6a3c5870fa1c?v=67486ee63f3c6a3c587147d7
17. X, https://x.com/ton_blockchain/status/1862157939865227645
18. l2beat, https://l2beat.com/scaling/summary
19. Crypto.news, https://crypto.news/21shares-unveils-four-new-european-crypto-etps/
20. Rootdata, https://www.rootdata.com/Fundraising
21. X, https://x.com/HyperFND/status/1862007773191708760

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