TL;DR

• On November 18, Ethereum outperformed Bitcoin, with ETH up 4.26% and BTC rising 0.67% in the past 24 hours.
• DeSci, Sports, and Metaverse sectors gained 58.12%, 14.38%, and 13.94%, respectively.
• Vitalik visited a zoo in Thailand, while MOO DENG, an Ethereum-based meme coin, led gains in the meme coin sector.
• Bitcoin’s correlation with the Nasdaq has dropped to 0.46, its lowest level in nearly five years.
• BlackRock’s iShares Bitcoin Trust (IBIT) options are set to launch on November 19.
• Bitcoin miner Marathon plans to issue $700 million in convertible notes, partly to fund Bitcoin purchases.

Market Analysis

According to Gate.io Market Data (as of November 19, 4:00 UTC[1]：

• BTC — The price has increased by 0.26% over the past 24 hours, currently at $91,029.82, with a 24-hour high of $92,584. Yesterday, the price fluctuated within the range of $89,450 to $92,150, reflecting balanced buying and selling forces and forming short-term support and resistance. At 14:00 (UTC+0) on November 18, BTC rebounded after touching the first support level of $89,500. Attention should be paid to whether it can stabilize above $88,680; if it fails to hold this level, it may test the support range of $88,680 to $87,345. If it stabilizes, it is expected to test the resistance near $92,570 to $93,000.

• ETH — The price of ETH has risen by 4.26% over the past 24 hours, currently at $3,207. Yesterday, the price rebounded after reaching a support level near $3,051 but failed to hold above $3,100. The key support zone lies between $3,051 and $3,000. If ETH successfully closes above $3,051, the market may see upward movement, with attention to subsequent resistance levels.[2]

• ETF — On November 18, U.S. BTC ETFs saw net inflows exceeding $254 million, while ETH ETFs experienced outflows totaling $39.08 million. [3]
• Altcoins — Altcoins have continued to perform strongly amid recent market consolidation. Among them, the Decentralized Science (DeSci), Sports, and Metaverse sectors rose by 58.12%, 14.38%, and 13.94%, respectively. Leading meme coins in the DeSci sector, RIF and URO, have been consistently hitting new highs over the past two days, with current market capitalizations of approximately $200 million and $300 million, reflecting growing market interest in emerging fields and innovative concepts. [4]
• U.S. Stock Market Indices — The S&P 500 Index rose by 0.39%, the Nasdaq by 0.60%, while the Dow Jones Industrial Average declined by 0.13%. [5]
• Spot Gold — Spot gold is currently priced at $2,616 per ounce, up 0.16% for the day. [6]
• Fear and Greed Index — The Fear and Greed Index has increased from 83 yesterday to 90 today, indicating extreme greed in the market. Investors should be cautious of short-term correction risks. [7]

Top Performers

According to Gate.io market data[8], the following altcoins have shown significant gains over the past 24 hours based on trading volume and price performance:

MOO DENG — The token surged by approximately 85.6%, with a circulating market capitalization of $60.22 million.
MOO DENG is a community-driven meme coin on Ethereum, inspired by the famous pygmy hippopotamus at Thailand’s Khao Kheow Zoo. The hippo gained viral status due to its playful interactions with its caretaker, attracting widespread attention and evolving into a unique internet cultural phenomenon.

Recently, Ethereum co-founder Vitalik Buterin sold a significant amount of MOO DENG tokens and donated the proceeds to charity. According to a recent post by the MOO DENG administrator, Vitalik was seen wearing a hippo-themed shirt while personally visiting the zoo to see the pygmy hippo MOO DENG. This event sparked significant market interest and may have contributed to a 142% surge in MOO DENG’s token price. Despite the post’s removal, its impact persists, drawing a large number of investors to the token.

BAN — The token recorded a daily increase of approximately 60.46%, with a circulating market capitalization of $279 million.
Comedian (BAN) is a meme coin built on the Solana blockchain, inspired by the famous artwork Comedian, a banana duct-taped to a wall. This project is the first meme coin to introduce the concept of real-world assets, giving the token unique symbolic and tangible value. Additionally, an endorsement from a Sotheby’s Vice President has bolstered BAN’s prominence in both the art and cryptocurrency sectors.

Yesterday, a major exchange announced support for BAN/USDT perpetual contract trading, offering leverage options of up to 75x. This announcement boosted market sentiment, leading to a price surge of over 50% for BAN within a short period. [9]

FB — The token recorded a daily increase of approximately 44.7%, with a circulating market capitalization of $35.97 million.
Fractal Bitcoin (FB) is a Bitcoin-based sidechain that utilizes recursive scaling technology to enhance Bitcoin’s scalability. With a block confirmation time of just 30 seconds—significantly faster than Bitcoin’s 10-minute confirmation —it dramatically improves transaction speed and network throughput. Additionally, Fractal Bitcoin supports the OP_CAT opcode, enabling developers to create advanced smart contracts, which has garnered significant attention from both developers and investors.

Recently, Fractal Bitcoin partnered with a major centralized exchange to launch a joint mining initiative. This news appears to have been a key driver behind FB’s substantial price increase. [10]

Data Highlights

USDC Treasury Burns Over 118.5 Million USDC on Ethereum
At approximately 7:54 AM Beijing Time, the USDC Treasury burned 118,573,070 USDC on the Ethereum blockchain. [11] Such burn operations are a common method used by stablecoin issuers to adjust market supply, often in response to changes in market demand or liquidity management strategies.

The adjustment in USDC supply reflects the issuer’s approach to managing fiat pegging and market liquidity, driven by macroeconomic conditions and user redemption demands. [12]

Raydium Sets Record with $11.31 Million in Fee Revenue
Driven by the memecoin frenzy, Solana ecosystem DApps have recently achieved record-breaking fee revenues. According to DefiLlama data, Solana protocols claimed half of the top ten fee-earning platforms over the past 24 hours.

On November 17, automated market maker Raydium set a new all-time high with $11.31 million in daily fees. Meanwhile, liquid staking protocol Jito also reached a historic peak, recording its third-highest daily fee at $9.87 million.

Additionally, the memecoin launchpad pump.fun and Telegram trading bot Photon recorded daily fees of $1.65 million and $2.36 million, respectively—both setting new records for their highest revenues to date. [13]

U.S. Import and Export Price Indexes Rebound Last Month
According to data released by the U.S. Department of Labor in November, import prices rose by 0.3% month-on-month in October, reversing the downward trend of the past few months, largely driven by higher fuel prices. Over the past year (October 2023 to October 2024), import prices have increased by 0.8%, reflecting fluctuations in energy prices and supply chain pressures.

On the export side, prices rose by 0.8% month-on-month in October, an improvement compared to the 0.6% decline in September. However, export prices were still down 0.1% year-on-year, indicating limited recovery in export demand.

Overall, the asymmetric fluctuations in import and export prices highlight the multiple challenges the U.S. faces in maintaining trade balance, particularly in areas such as supply chain adjustments, energy costs, and demand structure. [14]

Altcoin Weekly Trading Volume Surpasses $300 Billion
According to data from Kaiko, weekly trading volume for altcoins has exceeded $300 billion, reaching its highest level since 2021. This reflects increased market activity and growing investor interest in the altcoin sector.

Key contributors to this volume include DOGE, XRP, SOL, and PEPE, which together account for 60% of the total trading volume. Their dominance is likely driven by factors such as strong community support, established brand recognition, or notable market events. [15]

Bitcoin’s Correlation with U.S. Stocks Drop to Five-Year Low
According to research by Coindesk, the correlation between Bitcoin and U.S. Stocks, as well as Ether, have weakened recently. In 2024, Bitcoin’s correlation with the Nasdaq dropped to 0.46, significantly lower than in the past five years, even turning negative briefly in September.

Additionally, Bitcoin’s correlation with Ether has fallen to 0.35, indicating a divergence in their market performances. As Bitcoin now ranks as the seventh-largest asset by market capitalization, a deeper market understanding of Bitcoin is emerging. This suggests that its trading may no longer be heavily influenced by correlations with other assets. [16]

Spotlight Analysis

U.S. Spot Bitcoin ETF Options Set to Launch
The Options Clearing Corporation (OCC) has announced its readiness to provide clearing and risk management services for the upcoming spot Bitcoin ETF options. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) options are poised to officially launch on Tuesday, November 19, becoming the first option product linked to a spot Bitcoin ETF. These options will be regulated by the U.S. Securities and Exchange Commission (SEC) and will not require approval from the Commodity Futures Trading Commission (CFTC).

OCC’s announcement marks the formal initiation of the derivatives market for spot Bitcoin ETFs, further advancing Bitcoin’s financialization. This development is likely to attract more participation from traditional financial institutions and retail investors.

As option trading gains momentum, Bitcoin’s volatility is expected to increase, offering traders a wider array of investment strategies. Moreover, the growth of the options market will enhance Bitcoin’s derivatives ecosystem, bolstering market liquidity. [17]

Bitcoin Mining Firm MARA Plans to Issue $700 Million in Convertible Notes, Partly to Buy Bitcoin
On November 18, Bitcoin mining company Marathon Digital Holdings (NASDAQ: MARA) announced plans to issue $700 million in convertible senior notes to qualified institutional investors, with an option to issue an additional $105 million. The notes are set to mature on March 1, 2030, with semi-annual interest payments starting from March 1, 2025.

According to the company’s statement, up to $200 million of the raised funds will be used to repurchase existing convertible notes maturing in 2026. The remaining funds will be allocated to strategic Bitcoin acquisitions and general corporate purposes, including working capital, strategic acquisitions, asset expansion, and debt repayment.

This move reflects MARA’s bullish outlook on the future of the Bitcoin market and aims to optimize its debt structure, reducing the pressure from upcoming maturities. By increasing its Bitcoin holdings, the company seeks to strengthen its strategic position in the cryptocurrency industry.

However, the issuance of convertible notes could lead to future stock dilution, potentially impacting the value of shares held by current shareholders. Following this announcement, MARA’s stock price fell by over 14% on the same day. [18]

Ai16z and Ryze Labs Announce Partnership to Launch AICombinator Program with $5 Million Fund for Developers
On November 18, Ai16z and Ryze Labs jointly announced the launch of the AICombinator program, backed by a $5 million fund to drive the growth of the Ai16z ecosystem. As the world’s first AI agent-led venture capital firm, Ai16z, in collaboration with Ryze Labs, will focus on investing in projects at the intersection of AI and cryptocurrency.

Founders participating in the program will gain early access to new features of Ai16z’s Eliza framework, a versatile AI tool widely used to create crypto AI agents capable of interacting with platforms like Discord and X.

The convergence of AI and crypto technologies is becoming a key development trend. Through this partnership, the AICombinator program offers a transformative opportunity in the crypto space, particularly in verticals like trading and asset management. Early access to the Eliza framework will provide developers with powerful tools, while the $5 million fund will support emerging projects, fostering the growth of this nascent ecosystem.

However, the rigorous project selection process underscores the investors’ commitment to ensuring the ecosystem’s sustainability and innovation. [19]

Airdrop Opportunities

Lisk — Lisk is an innovative Ethereum Layer 2 network designed to offer an efficient and scalable blockchain platform. Built on the Optimism OP Stack development framework and Gelato service platform, Lisk focuses on real-world assets and decentralized physical infrastructure. As the first Layer 1 application to transition to Layer 2, Lisk aims to make blockchain technology more accessible and impactful.

Since launching its testnet in February, Lisk officially went live on its mainnet last week. The first phase of Lisk’s airdrop campaign is set to begin on November 21, 2024, and will last for four months. Users can earn LSK tokens by completing tasks on the Lisk platform, with token distribution based on accumulated points.[20]

How to Participate:

1. Duration: November 21, 2024, to March 21, 2025 (UTC+8).
2. Total Distribution: 10 million LSK tokens.
3. Unlock Method: Two-thirds (2/3) unlocked upon claiming.
4. Participation: Users can complete platform tasks to earn points, which determine the amount of LSK tokens received.

Notes:
Airdrop plans and participation rules are subject to updates. Users are advised to follow Lisk’s official channels for the latest information. Participants should exercise caution, conduct thorough research, and be aware of potential risks before engaging in the airdrop. Gate.io does not guarantee the issuance of subsequent airdrop rewards. [20]


Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. Soso Value, https://sosovalue.com/assets/etf
4. CoinGecko, https://www.coingecko.com/en/categories
5. Investing, https://investing.com/indices/usa-indices
6. Investing, https://investing.com/currencies/xau-usd
7. Gate.io, https://www.gate.io/bigdata/homeindex
8. Gate.io, https://www.gate.io/price
9. X,https://x.com/RWA_Ban/status/1858470078125080649
10. X,https://x.com/fractal_bitcoin/status/1858410594598343105
11. Dune, https://dune.com/queries/2190836/3594286
12. X,https://x.com/whale_alert/status/1858660065114288190
13. Defillama, https://defillama.com/fees/simple
14. Bls gov, https://www.bls.gov/news.release/ximpim.nr0.htm
15. Kaiko, https://www.kaiko.com/products/market-data
16. Coindesk, https://www.coindesk.com/markets/2024/11/18/bitcoins-correlation-to-us-equities-and-ether-weakens-van-straten/
17. CFTC, https://www.cftc.gov/PressRoom/PressReleases/9008-24
18. MARA, https://ir.mara.com/
19. Decrypt, https://decrypt.co/292115/ai16z-and-ryze-labs-partner-to-launch-aicombinator-program-announce-5m-fund-to-support-developers
20. Lisk，https://portal.lisk.com/airdrop

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click the Link to learn more

Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.