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- Unhosted Weekly: Crypto Market Overview #6
Unhosted Weekly: Crypto Market Overview #6
Don't stop me noooow 🚀
🆕 News Breakdown
1. Bitcoin Nears $100,000
Bitcoin surged 5% over the past 24 hours to reach a new all-time high of $99,000.
The rally is driven by growing institutional interest and bullish market momentum.
Ethereum (ETH) soared 10% to $3,347.43.
Solana (SOL) jumped 11% to $254.09.
2. SEC Chair Gary Gensler Resigns
Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), announced his resignation effective January 20, 2025.
Over the past two years, Gensler and the SEC faced criticism for employing "regulation by enforcement" tactics against the crypto industry.
3. Bitwise Files for Spot Solana ETF
Bitwise Asset Management, overseeing $5 billion in assets, filed for approval to launch a spot exchange-traded fund (ETF) investing in Solana.
On November 20, Bitwise registered the "Bitwise Solana ETF" entity in Delaware.
4. Phantom Wallet Tops iOS Rankings Amid Solana Surge
On November 21, Phantom became the top-ranked app in the "free utility apps" category on iOS.
It surpassed major apps like Google's search app and Chrome browser.
Phantom also ranked sixth overall among free iPhone apps for the first time.
5. Solana Ecosystem Gains Market Share from Ethereum
The Solana vs. Ethereum weekly decentralized exchange (DEX) volume percentage hit an all-time high of 266%.
Solana DEXs are now processing more than double the volume of Ethereum DEXs, indicating a significant shift in market share.
6. Litecoin Distances Itself from Lester Memecoin
Litecoin issued a public statement clarifying it has no connection to the LESTER memecoin.
The announcement aims to resolve confusion within the Litecoin community regarding any association with the token.
7. Elsewhere in the News
Trump Team Considers Creating First-Ever White House Crypto Role
MicroStrategy Falls 16% Despite New Bitcoin Record as Some Question Valuation
Logan Paul Accused of Misleading Fans Over Crypto Investments
Bitcoin Rallies After SEC Approves First Spot ETF
The SEC has approved the first Bitcoin spot ETF, leading to a surge in Bitcoin's price and increased market optimism.
Ethereum Upgrade Boosts Network Efficiency, Reduces Gas Fees
Ethereum's latest upgrade has improved transaction speeds and lowered gas fees, enhancing user experience on the network.
Ripple Wins Partial Victory in SEC Lawsuit
Ripple has secured a partial win against the SEC, positively impacting XRP's market performance.
Binance Faces New Regulatory Challenges in Europe
Binance encounters fresh regulatory hurdles in European markets, affecting its operations and user access.
Solana Network Outage Resolved, Resumes Normal Operations
Solana has resolved its recent network outage, with operations returning to normal and user confidence rebounding.
8. Trending Topics
MicroStrategy Stock Soars After Buying $4.6 Billion Worth of Bitcoin
StarkNet Activity Hits Highest Level Since March
AI Tokens Rebound Amid Bitcoin Rally
Markets Rally as Bitcoin ETF Options Go Live
Polter Finance’s Entire $12M TVL Wiped Out in Exploit
On-Chain Metrics
Key Data Points (24H Change)
Ethereum's Daily Average Gas Price: 9.048 Gwei (-31.98%)
Thanks to the latest ethereum upgrade
Daily Active Entities on Ethereum: 389,311 (+0.45%)
Total DEX Volume: $17.08 Billion (-0.01%)
Total Value Locked (TVL): $115.92 Billion (+4.16%)
Ethereum's network activity remains relatively stable, with a notable decrease in gas prices, potentially making transactions more affordable for users. The slight increase in TVL suggests growing engagement in decentralized finance (DeFi) platforms.
Perpetual Contract Data
Important Metrics (24H Change)
Open Interest: $118.07 Billion (+5.89%)
24H Futures Volume: $325.92 Billion (+23.29%)
24H Liquidations: $391.96 Million (-11.86%)
The significant rise in futures volume and open interest indicates increased participation in derivatives markets, with traders potentially positioning themselves ahead of anticipated market movements.
Macroeconomic Calendar
Upcoming Major Events
US Core PCE Price Index m/m
Date & Time: November 27, 2024, at 15:00 EST
Previous: 0.3%
Forecast: 0.3%
US FOMC Meeting Minutes
Date & Time: November 27, 2024, at 19:00 EST
Investors should monitor these upcoming events, as they may impact global financial markets and, by extension, the cryptocurrency sector.
Top 5 Token Narratives
Rank | Narrative | Market Cap | 24h Change |
|---|---|---|---|
1 | AI Meme | $5.03 Billion | +17.88% |
2 | Layer 3 (L3) | $977.83 Million | +13.53% |
3 | Farcaster Ecosystem | $581.95 Million | +14.46% |
4 | XAI Ecosystem | $183.67 Million | +12.84% |
5 | Animal Racing | $134.49 Million | +14.06% |
Emerging narratives like AI Meme coins and Layer 3 solutions are gaining traction, reflecting shifting investor interests.
Top 5 VC Buys
Rank | Token | Chain | Buy Volume |
|---|---|---|---|
1 | FTM | Ethereum | Not Disclosed |
2 | AETHUSDC | Ethereum | Not Disclosed |
3 | AETHUSDT | Ethereum | Not Disclosed |
4 | USDC | Ethereum | $26.7 Million |
5 | SHIB | Ethereum | $14.37 Million |
Top 5 Smart Money Buys
Rank | Token | Chain | Buy Volume |
|---|---|---|---|
1 | AARBUSDCN | Arbitrum | $4.9 Billion |
2 | WETH.E | Avalanche | $2.23 Million |
3 | TBTC | Optimism | $1.99 Million |
4 | AARBWETH | Arbitrum | $1.86 Million |
5 | JOE | Avalanche | $1.71 Million |
Significant investments from venture capital and smart money indicate confidence in specific tokens and ecosystems, particularly on Ethereum, Arbitrum, and Avalanche.
🔥 Market Insights:
RSI Heatmap Analysis
Overbought (RSI > 70):
Cryptocurrencies in this category are in overbought conditions, which could signal a potential price correction soon.
Tokens include:
Strong (RSI 60-70):
These tokens exhibit strong performance and may continue their upward momentum, but they are approaching overbought levels.
Tokens include:
Neutral (RSI 40-60):
Most cryptocurrencies are within this range, indicating stability with no strong buy or sell signals.
Tokens include:
Weak (RSI 30-40):
These cryptocurrencies are underperforming and could present buying opportunities if reversal signals appear.
Tokens include:
Oversold (RSI < 30):
No cryptocurrencies were detected in this range, suggesting the market lacks heavily undervalued tokens.
Observations:
The crypto market currently leans toward neutrality, with most tokens hovering in the neutral RSI zone, signifying a lack of decisive trends. A few tokens in the overbought and strong regions indicate potential corrections or continuation of bullish trends, while weaker tokens may present buying opportunities if momentum shifts. Investors should remain cautious and monitor closely for market dynamics that could signal changes in trend.
📊 A scoop of the latest market movements
Here's what's been shaking up the crypto market lately:
Recent developments in the crypto space have triggered impressive price surges for several key tokens, fueled by strategic partnerships, global expansions, and high-profile collaborations.:
1) Solana (SOL)
On [November 21, 2024], the price of Solana (SOL) increased by 10.1% following negotiations between the SEC and prospective issuers regarding a Solana ETF. This development led to a positive market reaction as expectations for the ETF approval grow.
2) Hedera (HBAR)
The price of Hedera (HBAR) surged by 26.8% around [November 19, 2024]. This significant increase was amid speculation that a Hedera board member might be a candidate for the position of SEC Chairman, generating optimistic sentiment around the project.
3) Akash Network (AKT)
Akash Network (AKT) saw a price jump of 24.7% on [November 19, 2024]. This spike followed the listing of Akash Network futures on Binance, allowing up to 75x leverage, which greatly attracted speculative traders and enhanced market activity for the token.
Fundraise 💸
Here’s a snapshot of the latest projects making waves in the crypto world through funding rounds and strategic acquisitions:
1️⃣ Lnfi Network
Round: Pre-seed
Date: November 2024
Raised: TBD
Category: Bitcoin Ecosystem, DeFi, Infrastructure, Layer 2
Investors: HashKey Capital, UTXO, Waterdrip Capital, and others
2️⃣ Deblock
Round: Seed
Date: November 2024
Raised: $16.81M
Category: Payment, Wallet
Investors: Headline, Hoxton Ventures, 20VC
4️⃣ Exponent
5️⃣ Gunzilla Games
Round: Unknown
Date: November 2024
Raised: Undisclosed
Category: Gaming, NFTs, Play-to-Earn (P2E)
Investors: Coinbase Ventures
Airdrops 🎉
Here’s a curated list of the hottest confirmed airdrops happening right now! Don’t miss your chance to earn free crypto by completing simple tasks.
1️⃣ 🎁 Latest Airdrops
1️⃣ Zircuit
Action: Stake tokens
Status: ✅ Confirmed
2️⃣ Yala
Action: Earn testnet berries
Status: ✅ Confirmed
3️⃣ Anzen
Action: Hold or stake USDz, provide liquidity & refer friends
Status: ✅ Confirmed
4️⃣ Pipe Network
Action: Earn Points by Running the Chrome Extension
Status: 🔥 Ongoing
5️⃣ OKX Racer
Action: Earn Points
Status: 🔥 Ongoing
6️⃣ MineCow
Action: Play the Telegram Mini-Game
Status: ✅ Confirmed
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