Weekly Web3 Research | Market Rose Rapidly; Trump's Election Victory Drove a Widespread Rise in Crypto Market; BlackRock IBIT Achieved Record High Daily Trading Volume

2024-11-08, 03:09

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall market trend showed a rapid upward trend this week, which is reflected in the impact of the US election public opinion, and the <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> has begun to rise across the board. Specifically, there has been a continuous short-term rise before and after the announcement of the election results. Due to Trump's successful election victory, the overall crypto market has been boosted, with major coins rapidly rising. As of this article's statistics, the market has entered a new stage of market capitalization, with BTC prices above $76,000 and most other mainstream coins also rising. BTC has a market share of over 60% and reached a historic high of around $76,650 within a week. Overall, the price fluctuations of key mainstream coins this week are in a rapid upward trend, and there will be further increases in the future. The market's overall value will rise rapidly, and market sentiment will reach around 70. It is expected to further rise during the weekend closing period. The overall market cap of the crypto market has shown significant growth, reaching around $2.52 trillion, with a 0.4% increase within 24 hours. It is in a more obvious upward phase.

Compared to last week, the overall performance of the crypto market this week has been greatly affected by external news, especially after the US made a major decision. The <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has reached a high point near the current price of $76,550 within a week and is expected to further rise, with a weekly increase of around 9.6%. ETH has seen a significant increase in price over the past week, with a rise of around 15%, and currently remains around $2,903.

The overall performance of the crypto market this week has become more clear compared to the past, with most coins still experiencing a rapid upward trend due to the overall rise in the market. This week, GOAT's 7-day increase reached around 63.95%, with the largest price increase, currently around $0.85, and the market showing strong chasing sentiment.

There is a high probability that the overall crypto market will continue to rise this weekend, and it is expected to continue until the next critical point arrives.

## Crypto Market
🔥DeFiLlama Data shows that the transaction volume of DEX on <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s chain in the past 7 days was $12.728 billion, ranking first for four consecutive weeks, with a decrease of 19.91% on the 7th day.

🔥 According to data disclosed by DefiLlama on the X platform, the total financing of the crypto market in October 2024 increased by about 30% compared to September 2024, reaching $860 million.

🔥 According to data disclosed by SolanaFloor on the X platform, over $600 million in tokens were bridged from other chains to Solana in October, with over 90% coming from <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>.

🔥 Hitesh Malviya (@hmalviya9), founder of crypto analysis platform DYOR, shared The Block data on X and stated that DEX trading volume has increased by 50% in the past 30 days, and the DEX/CEX spot trading volume indicator has also jumped from 10% to 22.53% in 3 months, setting a new historical high.

🔥 <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> speculators are preparing to deal with potential market volatility after the US election day. Since the global market crash in August, Bitcoin's 30-day implied volatility indicator has reached its highest level. This index is compiled by CF Benchmarks Ltd. and is derived from CME Bitcoin options pricing. The Bitcoin volatility index has decreased.

🔥 According to GlobeNewswire, Grayscale announced that NYSE Arca's proposal to list Grayscale Digital Large Asset Fund (GDLC) as an Exchange Traded Product (ETP) has been published in the Federal Register, officially initiating a review process that can take up to 240 days.

🔥CloverPool Data shows that this week, the difficulty level of Bitcoin mining has been adjusted at block height 868,896, with an increase of 6.24% to 101.65 T, setting a new historical high.

🔥 Medical device company Semler Scientific (SMLR) disclosed during the release of its third-quarter earnings that it has moderately increased its Bitcoin holdings.

🔥SUN.io published an official announcement stating that the 35th SUN token repurchase and burning was completed. Between October 3 and November 4, a total of 7,417,943.9019 SUN tokens were destroyed and have now been transferred to the Black Hole address.

🔥FoxBusiness Journalist Eleanor Terrett wrote that, in fact, the first “crypto president” will now be Trump.

🔥Daos.fun The market cap of the main Memefund has shown a significant decline in the past week, with leading funds such as ai16z and Norm Capital experiencing a market cap shrinkage of over 80%. Analysts suggest that the initial hype surrounding these funds may be rapidly subsiding.

🔥Magic Eden Announced that it will expand from NFT trading to token trading, and on-chain assets such as Bitcoin and Solana will be tradable on Magic Eden. In addition, Magic Eden's vision is to provide features covering all assets and all on-chain transactions, debt, startup boards, lending, and more.

🔥 The re-staking protocol Swell Network announced that the application for SWELL will be open at 17:00 (Beijing time) on November 7, and announced the SWELL token economic model. The total supply of SWELL is 10 billion pieces, with an initial circulation supply of 13%.

🔥 On November 7, the Ethereum Foundation announced that after a scope assessment of the Pectra fork, a successful interoperability event, and four development networks, they have launched their first short-term Pectra testnet, Mekong. The Mekong testnet includes all EIP proposals that will be used for the upcoming Pectra fork of Ethereum.

🔥 On November 7, JPMorgan analysts stated that if Trump wins the US presidential election, gold and Bitcoin are expected to perform well, and pointed out that "currency devaluation trading" may be strengthened. The subsequent market performance still needs time for further verification.

🔥 According to Bloomberg ETF analyst Eric Balchunas, BlackRock's IBIT recorded its largest trading volume ever on November 6, with a trading volume of $4.1 billion.

🔥On the X platform, it was announced that the derivative trading platform Arkham perpetual contract exchange has opened registration, and trading is expected to start in one week. Arkham stated that registration eligibility depends on the jurisdiction, and users residing in certain areas (including the United States) cannot access the platform.

🔥Wintermute At the Ethena Governance Forum, a proposal for "ENA fee conversion" was put forward, suggesting approval of some protocol revenue flows to sENA and providing clear parameters for future implementation.

🔥 According to SoSoValue data, the total net inflow of Ethereum spot ETFs was $52.2884 million yesterday (November 6, Eastern Time).

🔥Ripple CEO Brad Garlinghouse congratulated Trump on his victory in the 2024 election and listed the priorities for the Trump administration's 100-day tenure. He called for reshaping the US SEC and clarifying crypto regulation, including dismissing SEC Chairman Gary Gensler and appointing Giancarlo, Brooks, or Gallagher to replace him. They will significantly contribute to rebuilding the SEC's rule of law (and reputation); Promote the Senate to pass the Digital Asset Market Structure Act.

## Regulatory & Macro Policies
🔥 The Hong Kong government aims to submit the stablecoin issuer system to the Legislative Council for review before the end of the year, and major international stablecoin issuers have expressed interest in it.

🔥 Bloomberg senior ETF analyst Eric Balchunas revealed that the Michigan State Pension Fund has purchased Ethereum ETFs. The state pension fund had previously purchased Bitcoin ETFs, but the funds for purchasing an Ethereum ETF were larger at $10 million, while the Bitcoin ETF was $7 million.

🔥On November 6, Spot On Chain summarized on social media the 11 commitments made by Trump regarding Bitcoin and cryptocurrency:

· Dismiss SEC Chairman Gary Gensler on Trump’s first day in office

· Establish a “National Bitcoin Reserve”

· Make the United States the “Capital of Bitcoin and Cryptocurrency in the World”

· Retain the 203,650 BTC ($14.95 billion) currently held by the US government

· Abolish the capital gains tax on Bitcoin

· Support Bitcoin mining in the United States

· End regulatory crackdown ("anti-crypto movement")

· Establish the Presidential Advisory Committee on Bitcoin and Cryptocurrency

·  Protect the right of individuals to self-manage digital assets

· Refue to issue CBDC

·Reduce the double life sentence of Ross Ulbricht, the founder of the Silk Road trading platform.

## Crypto Market Highlights
⭐️Last week, the crypto market showed a rapid upward trend, influenced by the US election results and the rapid inflow of external funds. As the weekend closing period approaches, the market is still in an upward channel and is expected to see further gains in the future. The overall bullish outlook is already quite evident.

⭐️There are many mainstream coins with significant price increases in the market this week, and due to the overall rise in the market, the top-growing coins have seen a significant price increase. After two consecutive weeks of chasing gains, GOAT has seen further growth after this week's election, with a seven-day increase of around 64%. The short-term upward trend is still ongoing. The coin price is currently maintained at around $0.86 and is expected to experience further price changes later this week, but there is a high probability of a slight price correction during the closing period.
![](https://gimg2.gateimg.com/image/article/17310346811.jpeg)
(Data Courtesy Of coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17310347222.jpeg)
(Data Courtesy Of TradingView)

The price of BTC has risen significantly this week, fluctuating from above the $67,000 level to rapidly rising before the US election. The bullish trend is very clear, influenced by the US election and Trump's election. In addition, the overall crypto market is in an upward trend, and the coin price has reached a historical high above $75,000. The weekly high point is around $76,850, while the low point is around $66,976 before the US election.

Analysis suggests that BTC's price changes this week align with multiple predictions for the market after Trump's victory. The overall sentiment in the crypto market is clear, and external funds are rapidly flowing in. There is a strong bullish expectation for BTC, and it is highly likely to break through the historical high of $80,000 in the short term.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17310348003.jpeg)
(Data Courtesy Of TradingView)

This week, ETH's price trend has increased more than BTC's, thanks to the overall rise in the market. ETH has experienced continuous price increases in a short period of time, and ETFs have performed better than in previous weeks. The coin price remains around $2,905. ETH's weekly increase is around 15.47%. The coin is in a continuous upward channel and is expected to have further gains over the weekend.

Analysis suggests that the rise in ETH coin price is slightly lagging behind other mainstream coins, and there was no particularly significant increase before the election results were announced. The subsequent continuous rise is more in line with the market trend, closely related to the rapid inflow of spot ETF funds. The price change of ETH remains within a small range, and the probability of following the market trend to rise again is relatively high, with the possibility of breaking through the key price of $3,000.

## Web3 Project Trend
This week, the total market cap of seven types of projects rose across the board, but there was a significant increase compared to last week’s period. The overall market performance remained mainly volatile this week, with a downward trend towards the weekend closing period, but there is a high probability of further upward movement during the weekend.

| Project Category | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 6.2% | PAC,HUAHUA,CPH |The Layer 1 track slightly increased this week, with the top-rising coins showing relatively restrained gains. However, this is already a relatively obvious recent uptrend, and there is a high probability of a subsequent rebound in the market.|
| Layer 2  | 2.0%  |ICBX,MNT,AIX|The performance of Layer 2 sector this week is mainly characterized by a slight increase, with relatively limited gains for top-growing coins, but it is significantly affected by the overall market downturn.|
| DeFi  | 8.4%  | SQT,NAVX,TANGO | The DeFi track saw a significant increase this week, but overall growth is more concentrated, with top-rising coins experiencing increased liquidity.|
| NFT  | 1.3% | STARS,NEUROS,HUAHUA |The total value of the NFT market remained relatively stable this week, with STARS continuing to lead the way among the top-rising coins.|
| MEME  | 10.6%  | FTW,OGGY,GROGGO| The MEME coin market saw a significant increase this week, and due to the overall market situation, the top MEME coins have all experienced a certain degree of price rise, with FTW continuing to lead the way.|
| Liquid Staking  |9.5% | DVT,UNIBTC,ZKCRO | This sector follows the trend of top mainstream coins, and due to the overall market's rise this week, the actual increase is significant.|
| AI  | 5.6% | SOLARIS,WMM,VMINT | The AI track increased this week, but it is more influenced by the overall market rise, and the top high growth coins are not typical AI projects.|

<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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