TL;DR

• As of 4:00 AM GMT on November 6, BTC’s price has increased by 8.9%, currently reaching $74,284. ETH’s price has risen by 7%, now at $2,590.
• Donald Trump has been elected as the 47th President of the United States, a development widely perceived as bullish for cryptocurrencies, leading to a broad rally in the crypto market.
• DOGE has seen a daily increase of approximately 24.63%, driven by the ongoing engagement between Trump and Elon Musk, which has boosted its price.
• The market cap ratio of ETH to BTC has dropped to 24.52%, its lowest point since April 2021.
• Bitcoin mining difficulty has surpassed 100T for the first time, which may lead smaller mining operations to exit the market due to unsustainable operating costs.
• Gate.io has been recognized among Fortune Magazine’s “Fintech Innovators Asia Top 60,” ranking within the top ten in the blockchain and crypto category.

Market Analysis

According to Gate.io market data, as of 4:00 AM GMT on November 6[1]:

• BTC — The price of BTC has risen by 8.9% over the past 24 hours, currently sitting at $74,284, with a 24-hour high of $75,135 and a low of $68,126. Donald Trump’s lead in the vote count, viewed as crypto-friendly, has boosted BTC, propelling it to a new all-time high of $75,135.Although the crypto industry may be entering a period of potential policy support, investors should remain cautious of short-term corrections and market volatility once sentiment returns to normal[2].

• ETH — The price of ETH has increased by 7% over the past 24 hours, currently at $2,590, with a 24-hour high of $2,633 and a low of $2,401. The ongoing election and Bitcoin’s rise have driven up both ETH’s trading volume and price. If it can break through the short-term resistance level of $2,769, it may be set for a new round of gains[3].

• ETF — According to SoSoValue data, on November 5, U.S. Bitcoin spot ETFs saw a total net outflow of $72.67 million[4], while U.S. Ethereum spot ETFs recorded a net inflow of $0 million[5].
• Altcoins — With Bitcoin’s strong performance boosting overall market sentiment, meme coin sectors among altcoins have shown particularly robust gains, with the Pump.fun Ecosystem, Elon Musk-Inspired, and AI Meme sectors rising by 36.2%, 33.1%, and 29.3%, respectively[6].
• U.S. Stock Market Indices — The three major U.S. indices saw gains: the S&P 500 rose by 1.23%, the Nasdaq by 1.43%, and the Dow Jones by 1.02%[7].
• Spot Gold — The price of spot gold dropped 0.3% during the day, currently at $2,736 per ounce[8].
• Fear & Greed Index — The Fear & Greed Index stands at 70, indicating that the market remains in a state of greed[9].

Top Performers

According to Gate.io market data[1], based on trading volume and price performance over the past 24 hours, the following altcoins are currently popular:

DOGE — Daily increase of approximately 24.63%, with a circulating market cap of $24.6 billion.
Dogecoin (DOGE) currently holds the top spot among “dog-themed” meme coins by market cap. The Doge community highly values Tesla CEO Elon Musk’s support, as he has been vocal in endorsing its cultural appeal and popularity. During this year’s U.S. election, Musk publicly backed candidate Donald Trump, attending events to campaign on his behalf. As a result, DOGE has become a speculative asset for those betting on the election outcome.

During the vote count on November 6, Trump consistently led in vote tallies. As a crypto-friendly candidate, Trump’s election would be beneficial for the cryptocurrency industry and for Elon Musk. This anticipation has fueled enthusiasm within the DOGE community, driving up its price steadily.

PNUT — Daily increase of approximately 143.33%, with a circulating market cap of $120 million.
Peanut the Squirrel (PNUT) is a meme coin based on the Solana network that quickly gained popularity following a viral social media incident. The token’s release was inspired by the public outcry over the arrest of a famous American squirrel named Peanut, which sparked widespread attention, anger, and extensive discussion and petitions on social media. Riding this wave of public sentiment, PNUT rapidly attracted substantial investor interest, becoming a hot topic in the crypto market.

Today (November 6), X platform user DogeDesigner posted that “Memes will thrive over the next 4 years,” to which Tesla CEO Elon Musk responded with a “💯😂” emoji. This interaction seemingly triggered a brief price surge of over 30% for $PNUT.

CETUS — Daily increase of approximately 72.53%, with a circulating market cap of $95.33 million.
Cetus Protocol is a decentralized exchange (DEX) and liquidity protocol built on the Sui and Aptos blockchains, utilizing a concentrated liquidity market maker (CLMM) model. This approach aims to provide users with a more efficient trading experience and higher capital efficiency.

Currently, Gate.io leads other major centralized exchanges in 24-hour trading volume and trade depth for Cetus, establishing itself as the primary trading platform for Cetus.

Data Highlights

Bitcoin Mining Difficulty Surpasses 100T for the First Time, Small Miners Face Greater Survival Challenges
According to Glassnode data, Bitcoin’s mining difficulty has surpassed 100T for the first time, reaching a record high of 101.65T. The 7-day moving average of hash rate has also hit an all-time peak of 755 EH/s. The increasing competitive pressure in mining affects small mining operations more significantly, as they face greater financial constraints compared to publicly traded mining companies and are therefore under higher financial stress[10].

This rise in difficulty could push some smaller mining operations out of the market due to their inability to bear rising operating costs or force them to sell mined Bitcoin to meet funding needs, potentially creating short-term selling pressure in the market. Currently, the overall operational stability of miners remains relatively sound, and some miners may adopt proactive strategies to optimize mining costs in response to difficulty adjustments.

In the long term, this trend might drive smaller miners to seek cooperative mining arrangements or adopt innovative operational strategies, while larger mining operations will likely strengthen their market dominance, potentially leading to further centralization in the market ecosystem.

ETH to BTC Market Cap Ratio Drops to 24.52%, Hitting Lowest Point Since April 2021
According to data from The Block[11], the market cap ratio of Ethereum (ETH) to Bitcoin (BTC) has dropped to 24.52%, its lowest level since April 2021, marking a significant decline from 32.7% at the beginning of 2024. Amid growing investor participation in the crypto market through ETF products, this downward trend reflects shifts in relative market sentiment and capital flows between the two leading crypto assets, highlighting Bitcoin’s increasing dominance in price performance and institutional interest.

Bitcoin ETF Records $72.67 Million Net Outflow Yesterday
According to SoSoValue data, U.S. Bitcoin spot ETFs saw a net outflow of $72.67 million on November 5, with a total daily trading volume of $2.39 billion. The cumulative net inflow stands at $23.54 billion, and the total value of BTC managed by ETFs is $68.51 billion, representing 5.05% of Bitcoin’s total market cap.

Ethereum ETF Records $0 Net Outflow Yesterday
According to SoSoValue data, U.S. Ethereum spot ETFs recorded a net outflow of $0 on November 5, with a total daily trading volume of $164 million. The cumulative net outflow stands at $555 million, and the total value of ETH managed by ETFs is $6.64 billion, representing 2.27% of Ethereum’s total market cap.

Spotlight Analysis

Trump Elected as the 47th U.S. President, Triggering a Major Surge in the Cryptocurrency Market
According to Fox News, former U.S. President Donald Trump secured 270 electoral votes on November 6, defeating current Vice President Harris and winning his second term in the White House, becoming the first U.S. president since Grover Cleveland in 1892 to serve two non-consecutive terms. In this election, Trump received strong support from the crypto industry due to his favorable stance toward digital assets[12].

Throughout his campaign, Trump expressed support for cryptocurrency innovation and proposed easing regulations to foster industry growth. He also suggested making Bitcoin a strategic reserve asset for the United States to legitimize and increase market recognition of crypto assets. Additionally, Republican Senator Cynthia Lummis introduced the “Bitcoin Strategic Reserve Act,” aiming to establish a national Bitcoin reserve and ensure transparent management of federal Bitcoin holdings, potentially using the Federal Reserve System to manage associated costs. If Bitcoin were adopted as a strategic reserve asset, it would not only enhance its legitimacy but might also encourage other countries to consider Bitcoin in their reserves, driving broader crypto adoption.

Gate.io Listed in the Asia Fintech Innovators Blockchain and Cryptocurrency Rankings
Gate.io, along with several other exchanges, has been listed in the Asia Fintech Innovators ranking, compiled by the Fortune editorial team. This list highlights leading companies driving the future of fintech in Asia across five categories—Blockchain & Cryptocurrency, Payments, Digital Banking, Insurtech, and Wealthtech. The Fortune editorial team evaluated companies based on their innovation, application of advanced technology, financial performance, market impact, scalability, compliance, security measures, and unique features that enhance consumers’ lives.

This recognition not only underscores Gate.io’s leading position in Asia’s fintech sector but also reflects the market’s acknowledgment of Gate.io’s commitment to innovation and security. Moving forward, Gate.io aims to continue enhancing compliance and risk management, increasing transparency and security in fintech innovation, and laying a foundation for the long-term healthy development of the industry[13].

Asset Management Firm VanEck Launches Pyth ETN, Now Available for Trading in 15 European Countries
VanEck has listed its new VanEck Pyth ETN on Euronext Amsterdam and Paris, an exchange-traded note (ETN) that allows investors to gain exposure to the $PYTH cryptocurrency without directly purchasing it. The Pyth ETN will be available for trading in 15 European countries, including Austria, Switzerland, Germany, Denmark, Spain, Finland, France, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal, and Sweden.

Pyth Network is a decentralized oracle protocol that provides real-world data for smart contracts, supporting applications in DeFi and focusing on high-frequency data essential for financial markets.

With the listing of the VanEck Pyth ETN, Pyth Network’s influence and market demand are expected to grow, potentially attracting more institutional and individual investors. Additionally, as Pyth Network specializes in real-time, high-frequency data and incentivizes data providers for accuracy and value, its oracle service quality and stability may further advance DeFi and other applications. Finally, the listing of this product on regulated exchanges enables investors to trade it similarly to traditional financial products, which could enhance trust in crypto assets and improve market liquidity[14].

Paxos and Robinhood Launch Global Dollar Network to Promote Stablecoin Adoption
Paxos and Robinhood have announced the launch of the Global Dollar Network, a new fintech platform that has garnered significant attention in the stablecoin space. This initiative is supported by companies such as Anchorage Digital, Bullish, Galaxy Digital, Kraken, and Nuvei, all focused on advancing the use of stablecoins globally. The network will center around the USDG stablecoin issued in Singapore, aiming to boost stablecoin adoption and expand its real-world applications. Notably, it aligns with Singapore’s upcoming regulatory framework for stablecoins, offering businesses a safer transaction environment.

This announcement signals potential shifts within the stablecoin market. Unlike fiat-backed stablecoins like USDC and USDT, where reserve income is typically retained by the issuer, USDG distributes these reserve-generated returns to network participants, allowing more users to benefit from reserve-related income. This innovative approach may attract more businesses and users, accelerating stablecoin adoption in practical applications. Furthermore, approval from the Monetary Authority of Singapore (MAS) provides regulatory assurance for USDG, enhancing its competitiveness in the market. As the stablecoin market evolves, other stablecoin issuers and financial institutions may need to adapt their strategies to navigate this new competitive landscape[15].

Funding News

PAWS

PAWS is an interactive game within the TON (The Open Network) ecosystem on Telegram, offering users with a reward-driven experience. Players can complete various tasks and interact on Telegram to collect “pawprints,” which they can then convert into tokens. In the game, users’ Telegram account age, task engagement, and other activities are recorded as pawprints, helping them unlock achievements and rewards. By participating in the PAWS community, players can increase their token balance and level through continuous interaction.[16]

How to Participate:

1. Launch the PAWS Airdrop Bot on Telegram and connect your TON wallet.
2. Allow the bot to analyze your Telegram account data to determine your PAWS rewards.
3. Complete tasks and invite friends to earn an additional 10% of points as a bonus.

Notes:
The airdrop plan and participation methods may change at any time, so users are encouraged to follow PAWS’s official channels for the latest updates. Users should participate cautiously, be mindful of risks, and conduct thorough research before participating. Gate.io does not guarantee future airdrop rewards distribution.


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. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate.io , https://www.gate.io/bigdata/homeindex
10. glassnode, https://studio.glassnode.com/workbench/btc-difficulty-adjustment-pct-change
11. The Block, https://www.theblock.co/data/crypto-markets/prices/ethereum-vs-bitcoin-and-traditional-finance-market-cap-ratios
12. Fox News, https://www.foxnews.com/live-news/2024-presidential-election-day-results-polls-news-trump-harris
13. Fortune, https://fortune.com/asia/ranking/fintech-innovators-asia/2024/
14. X, https://x.com/vaneck_eu/status/1853754960951075093?s=46&t=l_f1dbQemB2B2sCpEayXcQ
15. Paxos, https://paxos.com/blog/introducing-global-dollar-network-an-open-network-to-accelerate-and-reward-global-stablecoin-adoption-driven-by-anchorage-digital-bullish-galaxy-digital-kraken-nuvei-paxos-and-robinhood/
16. X, https://x.com/PawsUpFam

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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.