TL;DR

• Cryptocurrency market shows strong momentum, BTC price increased by 4.31% in 24 hours, and ETH price increased by 9.33% in 24 hours.
• Total cryptocurrency market capitalization reached an all-time high of $3.24 trillion.
• Solana spot ETF approval is progressing smoothly, with SOL price rising nearly 7%, reaching its all-time high.
• Stablecoin monthly inflows hit a record high, potentially driving Bitcoin price increases.
• Stripe and USDC join the Aptos ecosystem, marking a new milestone for cross-chain payments and DeFi.

Market Analysis

According to Gate.io market data, as of 4:00 (UTC+0) on November 22[1]:

• BTC — The price of BTC rose by 4.31% in 24 hours, currently priced at $98,320. Over the past 24 hours, the highest price was $98,953, and the lowest was $94,024. BTC has strongly broken through its previous all-time high, approaching $99,000, and maintains an upward trend in the short term. The market is eagerly anticipating the $100,000 threshold; if trading volume expands and resistance is broken, it could trigger a new wave of price surges. Moreover, the accumulation of several favorable events has created an optimistic market sentiment, but short-term pullback risks should still be monitored[2].

• ETH — The price of ETH increased by 9.33% in 24 hours, currently at $3,356. Yesterday, ETH broke through the $3,200 resistance level, reaching $3,387 before consolidating around $3,300. Technically, ETH shows short-term strength; however, MACD bullish momentum is weakening, and RSI is approaching overbought levels, suggesting a potential need for consolidation. Key levels to watch are the $3,200 support and the $3,400-$3,450 resistance range. If the support level is breached, ETH may test the $3,130 support. Confirmation of a bullish trend will depend on an increase in trading volume[3].

• ETF — U.S. Bitcoin spot ETFs saw a net inflow of $1 billion yesterday, while Ethereum spot ETFs recorded a total net outflow of $9 million[3].
• Altcoins — Notable sector gains include AI Meme (+18.4%), Blockchain Capital Portfolio (+17.6%), and Optimism Superchain Ecosystem (+16.9%)[4].
• U.S. Stock Market — The three major indices posted mixed results—S&P 500 rose by 0.53%, Nasdaq by 0.03%, and Dow Jones by 1.06%[5].
• Spot Gold — Spot gold prices climbed to $2,678 per ounce, marking a daily increase of 0.30%[6].
• Fear & Greed Index — The Fear & Greed Index increased from 82 yesterday to 94, indicating extreme market greed, setting a new all-time high[7].

Top Performers

Based on Gate.io market data, considering the trading volume and price performance over the past 24 hours, the following altcoin is trending:

TROY — TROY saw a daily gain of approximately 71.0%, with a circulating market capitalization of $64.08 million.
TROY provides services such as GameFi, centralized and decentralized exchanges (CEX and DEX), staking, and NFT trading, aiming to build a metaverse ecosystem. The TROY token is used for purchasing NFTs and as a medium of exchange within the GameFi ecosystem. It also supports spot and leveraged trading, derivatives, data analysis, asset custody, and lending services.

Recently, TROY launched a meme-token launchpad and introduced perpetual contracts for TROY on major exchanges, which may have sparked heightened market interest and demand, driving the token’s significant price increase[8][9].

SOLO — SOLO experienced a daily increase of approximately 42.8%, with a circulating market capitalization of $146 million.
Sologenic (SOLO), a token built on the XRP Ledger, facilitates transactions between cryptocurrencies and traditional assets such as stocks, funds, and commodities from over 30 global stock exchanges, covering more than 40,000 assets. By tokenizing these assets, SOLO bridges traditional financial markets with the cryptocurrency ecosystem, driving notable industry engagement.

On November 21, Sologenic announced a partnership with Texture to launch SoloTex, aiming to redefine tokenized stocks in the U.S. Through this collaboration with Texture Capital, SOLO seeks to integrate traditional finance and crypto markets further by offering tokenized stock trading services. This strategic announcement has likely amplified market attention on SOLO, highlighting its potential to lead tokenized stock offerings in the U.S., which has boosted investor confidence and contributed to the recent price surge[10].

SLERF— SLERF posted a daily gain of approximately 36.77%, with a market capitalization of $172 million.
$SLERF is a meme token built on the Solana blockchain. As a classic meme token, $SLERF not only embodies the humor and culture of the crypto community but also attracts significant attention from investors and users with its playful and engaging brand image.

In the past 24 hours, $SLERF surged by over 36% following the announcement from a major centralized exchange (CEX) regarding the launch of SLERFUSDT perpetual contracts (USD-denominated). This news sparked strong interest among investors across the crypto market.

Data Highlights

Stablecoin Monthly Inflows Hit Record High, Potentially Driving Bitcoin’s Price Surge
According to data from Glassnode, stablecoin inflows to crypto exchanges reached a historic monthly high of $9.7 billion, Potentially driving Bitcoin’s price toward the $100,000 mark. A surge in stablecoin inflows typically reflects increased demand for crypto assets like Bitcoin. Amid heightened global economic uncertainty, Bitcoin’s appeal as a hedge has grown significantly.

With rising institutional investor participation, the resulting buying pressure may push Bitcoin’s price higher, further accelerating the growth of the cryptocurrency market. This trend strengthens the likelihood of Bitcoin achieving the $100,000 milestone[11].

Weighted Funding Rates, Contract Long/Short Ratio, and Liquidation Volume
As of 4:00 (UTC+0) on November 22, Coinglass data indicates that Bitcoin’s weighted funding rate for open interest is 0.0129%[12], while Ethereum’s is 0.0346%[13]. In terms of contract long/short ratios, both Bitcoin and Ethereum futures show slightly more short positions[14].

Over the past 24 hours, the total liquidation amount across the network reached approximately $466 million, with short liquidations accounting for over $259 million. Bitcoin saw the highest liquidation volume at $151 million USDT, followed by Ethereum at $83.32 million USDT. For major cryptocurrencies, liquidations were predominantly short positions, while altcoins also showed short-dominated liquidations. This indicates that Bitcoin’s recent price surge has not yet significantly spilled over to altcoins[15].

Ethereum On-Chain Transaction Volume Surges to $7.13 Billion, Reaching 2024 Peak
On November 15, Ethereum’s daily on-chain transaction volume soared to $7.13 billion, marking a 2024 high and a 1% increase compared to its March peak. This surge highlights a significant rise in network activity.

Over the past year, Ethereum’s on-chain transaction volume has generally followed a downward trend. However, since the beginning of November, it has shown a strong rebound. In just two weeks, transaction volume has increased by 85%, climbing from $3.84 billion to $7.13 billion[16].

Total Cryptocurrency Market Cap Hits Record High of $3.24 Trillion
According to data from CoinGecko, the total cryptocurrency market capitalization has reached an all-time high of $3.24 trillion, reflecting increased recognition of crypto assets. The significant price surge of mainstream cryptocurrencies like Bitcoin has been a primary driver of this growth.

The rise in institutional investments and a progressively clearer regulatory environment have brought additional capital inflows and stability to the cryptocurrency market, contributing to its long-term expansion. Alongside the record-breaking market cap, trading volumes have also grown, indicating a notable increase in market activity and liquidity[17].

Spotlight Analysis

U.S. SEC Chair Gary Gensler to Officially Step Down on January 20, 2025
On November 22, the U.S. Securities and Exchange Commission (SEC) announced that Chair Gary Gensler will formally step down on January 20, 2025. Since taking office on April 17, 2021, Gensler has led the SEC through significant reforms to enhance efficiency, resilience, and integrity in the capital markets.

During his tenure, the SEC carried out thousands of enforcement actions, recovering approximately $21 billion in penalties and returning $2.7 billion to harmed investors. In the cryptocurrency sector, enforcement actions intensified, targeting fraudulent activities and registration violations. Gensler also spearheaded several regulatory reforms, including shortening the stock settlement cycle, improving cybersecurity and climate risk disclosures, and strengthening oversight of investment advisors.

Gensler’s extensive career includes serving as Chair of the CFTC, a professor at MIT, and roles in the Obama administration and on Wall Street.

His departure could signal a shift in the SEC’s regulatory approach. The appointment of a new SEC chair and potential adjustments in U.S. government cryptocurrency policies may profoundly influence the direction of the SEC’s future oversight[18].

FOX Journalist Reports Smooth Progress on Solana Spot ETF Approval; SOL Price Surges Nearly 7% Toward an All-Time High

On November 21, FOX Business journalist Eleanor Terrett reported on social media that negotiations between the U.S. Securities and Exchange Commission (SEC) and several issuers aiming to launch Solana (SOL) spot ETFs are progressing smoothly. Issuers such as VanEck, 21Shares, Canary Funds, and Bitwise have filed S-1 applications and are actively communicating with SEC staff.

In the coming days, related exchanges are expected to submit Form 19b-4, a critical step in the ETF approval process, indicating the SEC is reviewing these listing applications. While the submission of Form 19b-4 marks progress, it does not guarantee immediate SEC approval, especially given previous withdrawals of similar applications.

Despite uncertainties, issuers remain optimistic about Solana spot ETF approval, anticipating potential breakthroughs in 2025 as regulatory conditions and policies evolve. Following the announcement, SOL’s price experienced a significant surge, rising from $242 to $259, an increase of nearly 7%[19].

Stripe and USDC Enter the Aptos Ecosystem, Marking a New Milestone in Cross-Chain Payments and DeFi
Payment giant Stripe has officially expanded its crypto services to the Aptos (APT) blockchain, now supporting the native issuance of Circle’s stablecoin USDC on the network. This marks a significant advancement for Aptos in the decentralized finance (DeFi) and global payments. Previously, Aptos only supported a bridged version of USDC, but this upgrade integrates Aptos into Circle’s Cross-Chain Transfer Protocol (CCTP), enabling seamless USDC transfers across multiple blockchains, including Ethereum, Solana, and others.

Stripe will offer direct fiat-to-USDC conversion services, allowing merchants to bridge traditional payment systems with blockchain-based solutions effortlessly. The Aptos Foundation states that development will significantly enhance the ecosystem’s usability and capital efficiency, supporting the development of more payment solutions, cross-border remittances, and DeFi applications.

The collaboration is expected to have a profound impact on Aptos. The introduction of native USDC not only improves the security of stablecoin transactions on the network but also provides developers with simpler integration methods. This paves the way for the growth of DeFi applications and other cross-chain solutions built on MoveVM, strengthening Aptos’s position in the blockchain space[20].

Funding News

According to RootData, three projects publicly announced funding rounds in the past 24 hours, with the largest amount being $16.8 million. The total funding exceeded $33.1 million, focusing on wallets and gaming sectors. The top three funding rounds are as follows[21]:

Deblock — Raised $16.8 million in a seed round led by Headline and Hoxton. Deblock offers an integrated non-custodial wallet with a current account, allowing users to deposit, withdraw, spend, and exchange euros or cryptocurrencies seamlessly.

Kratos Gaming Network — Secured $10 million in funding from Aptos, Polygon Labs, and others. Since 2022, Kratos Studios has aimed to onboard millions of micro-gaming communities from emerging markets into Web3. Their Proof of Gamer (POG) engine powers the Kratos Gaming Network (KGeN), enabling global gamers and developers to interact seamlessly via a multi-chain gaming data network.

Rise — Completed a $6.3 million Series A round led by Draper Associates and Polymorphic Capital. Rise provides an all-in-one compliance and payroll solution for global hiring companies, supporting automatic routing between fiat and cryptocurrencies. The platform helps businesses onboard, manage, and pay local and international contractors, ensuring full compliance and simplifying tax processes.

Airdrop Opportunities

SuiNS — Sui Name Service is a domain name project within the Sui ecosystem. On November 14, it announced the availability of NS token airdrop claims. NFT holders of SuiNS can claim the token airdrop through its official website.

Sui Name Service completed a funding round on October 14, 2022, with participation from Sui/Mysten Labs, though the funding amount was undisclosed[22].

How to Participate:

1. Apply for testnet tokens.
2. Visit the domain name website and mint a domain name.
3. Complete Crew3 tasks.

Notes:
The airdrop plans and participation methods are subject to change. Users are advised to follow SuiNS’s official channels for the latest updates. Additionally, users should exercise caution, be aware of potential risks, and conduct thorough research before participating. Gate.io does not guarantee the subsequent distribution of airdrop rewards.


References:

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/indices/usa-indices
6. Investing, https://investing.com/currencies/xau-usd
7. Investing, https://investing.com/currencies/xau-usd
8. X, https://x.com/TROY_DAO/status/1859145388936065308
9. X, https://x.com/krakenpro/status/185888197496789406
10. X, https://x.com/realSologenic/status/1859597783998550019
11. glassnode, https://studio.glassnode.com/home
12. CoinGlass, https://www.coinglass.com/pro/AvgFunding/BTC
13. CoinGlass, https://www.coinglass.com/pro/AvgFunding/ETH
14. CoinGlass, https://www.coinglass.com/LongShortRatio
15. CoinGlass, https://www.coinglass.com/LiquidationData
16. The Block, https://www.theblock.co/post/327343/ethereum-onchain-volume-hits-7-13-billion-amid-novembers-market-surge
17. CoinGecko, https://www.coingecko.com/en/global-charts
18. SEC, https://www.sec.gov/newsroom/press-releases/2024-182
19. X, https://x.com/EleanorTerrett/status/1859611713579999366
20. Circle, https://www.circle.com/blog/usdc-and-cctp-are-coming-to-aptos
21. Rootdata, https://www.rootdata.com/Fundraising
22. SuiNS，https://suins.io

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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.