Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.5 trillion, with BTC accounting for 59.94% of the total at $1.5 trillion. The market capitalization of stablecoins is $178.1 billion.

This week, the price of BTC showed a shock upward movement, the current price of BTC is $76,460, and the current price of ETH is $3,028. Most of the top 200 projects on CoinMarketcap are up and a small part is down, among which: RAY is up 53.31% in 7 days, NEIRO is up 55.63% in 7 days, and the popular project DRIFT is up 299.21% in 7 days.

For the week, U.S. Bitcoin spot ETF net inflows: $1.615 billion and U.S. Ether spot ETF net inflows: $154.7 million.

On Nov. 6, Trump was elected the 47th president of the U.S，according to the Associated Press.

On Nov. 8, the Federal Reserve cut its benchmark interest rate by 25 basis points to 4.50%-4.75%, its second consecutive interest rate cut; and on Nov. 7, the Bank of England cut its interest rate by 25 basis points, lowering its benchmark interest rate from 5% to 4.75%.

Cryptocurrency-friendly Bitcoin Google searches spiked after Trump’s election win, signaling increased interest in digital assets among retail investors, bullish on the market’s subsequent growth.

The ‘Fear & Greed Index’ on November 8th was 75 (higher than last week) and this week’s sentiment: 7 days of greed.

Understanding the Now

A look back at the week’s big events

1. Bitcoin’s market share rose to touch 60.52% on Nov. 4, renewing the current bull market high;

2. Jupiter founder: never personally sold a JUP, big news to come;

3. Two ethereum researchers resigned from their positions as advisors to EigenLayer, citing complaints over neutrality issues;

4. On November 4, the NYSE filed with the SEC to convert the Grayscale Digital Large Cap Fund to an ETP;

5. On November 5, the Mt. Gox address transferred 32,371 bitcoins, or approximately $2.19 billion;

6. Prediction market Kalshi topped the Apple App Store’s free app charts, with Polymarket coming in second;

7. Bloomberg ETF Analyst: BTC Rise Driven by Election, Indicator More Definitive Than Stocks;

8. Lumoz opens esMOZ airdrop inquiries and publishes details of the airdrop;

9. ZachXBT responds to “its deployment of ERC-20z tokens”: Zora did not inform that ERC 20 tokens would also be launched at the end of the open NFT minting, and never intended to speculate on the subject of the survey;

10. Former White House staffer says Democrats won’t fight cryptocurrencies to the end anymore;

11. Registration for Arkham’s derivatives trading platform is open, trading to launch in 1 week;

12. pump.fun’s October revenues hit $30.5 million, an all-time high;

13. SushiSwap launches Vesting Launch, a linearly attributed Memecoin distribution platform;

14. Sui Eco Meme Token Launch Platform Turbos.Fun Officially Launched, with Over 560 Projects Online in 6 Hours. 15;

15. Analysis: Bitcoin Premium Turns Positive on Coinbase, Indicating Rising Demand for Bitcoin from U.S. Investors;

16. On November 7, the Federal Reserve cut interest rates by 25 basis points, as expected, dropping the ‘more confident’ phrase;

17. Republican SEC Commissioner Uyeda: SEC’s Duty in 2025 Is to End Biden Administration’s ‘Cryptocurrency War’.

Macroeconomics

1. On November 5, the Australian Federal Reserve kept interest rates unchanged at 4.35% for the eighth consecutive meeting, in line with market expectations. 2;

2. On November 6, Donald Trump was elected the 47th President of the United States, according to the Associated Press;

3. On November 7, the Bank of England cut interest rates by 25 basis points, lowering the benchmark interest rate from 5% to 4.75%, in line with market expectations;

4. On November 7, the U.S. Securities and Exchange Commission (SEC) has filed a motion in the U.S. District Court for the Northern District of California seeking to dismiss key defenses raised by Kraken in the parties’ ongoing legal dispute;

5. On November 8, the Federal Reserve Board lowered its benchmark interest rate by 25 basis points to 4.50%-4.75%, the second consecutive rate cut in line with market expectations;

6. On November 8, according to Cointelegraph, market observers said that a surge in Google searches for Bitcoin after Trump’s election victory indicated increased interest in digital assets among retail investors;

7. On November 9, according to official sources, the U.S. SEC deferred a decision on whether to approve the Ether Spot ETF Option to allow for additional analysis and to gather public comment, particularly on whether the proposed rule change would comply with the requirements of the Securities Exchange Act. The SEC highlighted concerns about the potential impact of the proposal on preventing market manipulation, protecting investors and ensuring a fair trading system.

ETF

According to statistics, between Nov. 4 and Nov. 8, U.S. bitcoin spot ETFs saw a net inflow of $1.615 billion; as of Nov. 8, GBTC (Grayscale) had a total outflow of $20.141 billion, and is currently holding $16.838 billion, while IBIT (BlackRock) is currently holding $33.232 billion. Total market capitalization of U.S. Bitcoin Spot ETF: $79.165 billion.

U.S. Ether spot ETF net inflows:$154.7 million.

Looking Ahead

Upcoming Events

1. Devcon 2024 will be held from November 12 to November 15, 2024 in Bangkok, Thailand. Devcon is an ethereum conference for developers, thinkers, and creators with a mission to bring decentralized protocols, tools, and culture to the people, and has been held in Berlin, London, Shanghai, Cancun, Prague, Osaka, and Bogota;

2. The Australian Crypto Convention, which will be held in Sydney on November 23–24, is one of the largest cryptocurrency events in the Southern Hemisphere and is held annually in Australia to connect investors and decision makers in the cryptocurrency and blockchain industries;

3. The Block will host the Web3 Summit “Emergence” on December 5–6 at the Prague Congress Center in the Czech Republic, which will promote the connection between technology and capital, bridging Wall Street and the crypto space. The Summit will bring together a diverse group of representatives from across industries and chains to discuss ETF and asset management, the uncertainty of crypto regulation, and more.

Project Progress

1. BounceBit will launch CeDeFi V2 on November 11th, and after November 11th, all user’s parts will be automatically migrated to V2. 2;

2. Coinbase Derivatives, Coinbase’s derivatives trading platform, will launch Silver (SLR) and Stellar (XLM) futures on Nov. 11th;

3. The U.S. Securities and Exchange Commission (SEC) has postponed its resolution on Bitwise’s Ether Spot ETF option trading application, with the latest deadlines of November 11, respectively;

4. The Ether L2 network Taiko’s first quarterly reward collection is open until November 12 at 8:00 p.m.;

5. The stablecoin agreement Usual is expected to TGE in mid-November, with 90% of the USUAL to be allocated to the community and only 10% to teams, advisors and investors. The airdrop will be rewarded based on the number of Pills held by participants in the pre-release phase. Pills holders will receive a total of 7.5% of the total supply. Starting with the TGE, USUAL holders will be able to pledge their tokens as USUALx. Pledgers will also receive 10% of any future USUALs issued under the agreement.

Important Events

1. Alex Mashinsky, former CEO of Celsius, will return to court on November 13th, after failing to appear in person since February, according to court records. In addition to the Nov. 13 hearing, U.S. District Court Judge John Koeltl of the Southern District of New York ordered the parties to hold a pretrial conference on Jan. 16, with a jury trial scheduled to begin on Jan. 28, according to court records;

2. The Mango Markets attackers have asked for a dismissal of the fraud and manipulation-related charges and a new trial, with the next sentencing scheduled for November 13th.

Token Unlocking

1. Aptos (APT) will unlock 11.31 million tokens worth approximately $92.4 million, or 2.18% of the outstanding volume, on November 11th;

2. Sei (SEI) will unlock 124 million tokens on November 15, valued at approximately $53.19 million, or 1.24% of the outstanding volume;

3. Cyber (CYBER) will unlock 2.98 million tokens on November 15, valued at approximately $9.97 million, or 2.98% of the outstanding volume.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing comprehensive and professional analysis of the crypto market. Our goal is to offer clear market insights and practical operational guidance for investors at all levels. Our professional content includes “Play to Earn Web3” tutorial series, in-depth analysis of crypto market trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto world or a seasoned investor seeking deep insights, Hotcoin is your reliable partner for understanding and seizing market opportunities.

Risk Disclaimer

The crypto market is highly volatile, and investment involves risks. We strongly advise investors to fully understand these risks and operate within a strict risk management framework to ensure the safety of their funds.

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