Bitget Daily Digest | BTC hits new all-time high, DOGE and other dog-themed memecoins show impressive performance (November 11)
Market highlights
1. The long-standing memecoin $DOGE is rallying powerfully, while $NEIRO's market cap has surpassed $1 billion. As Musk's Department of Government Efficiency (D.O.G.E) narrative gains traction, it's recommended to watch $DOGE and other dog-themed memecoins.
2. Layer-1 token $SUI reaches a new all-time high, while $APT, another token using the Move programming language, has a much lower circulating market cap and fully diluted valuation (FDV) than $SUI. This has sparked speculative interest in $APT and other leading projects in the ecosystem.
3. The market cap of $GOAT, a AI meme token, is approaching $1 billion, while other hyped memecoins in the same sector have largely faded. It's recommended to focus on the consensus advantage and market cap range of leading projects. Meanwhile, popular token $PNUT (Squirrel Peanut) has rebounded after a dip, with further performance worth monitoring.
4. As of yesterday, Tether has minted an additional 4 billion USDT over recent days. The cumulative net inflows for Bitcoin spot ETFs have surpassed $25.8 billion, reaching a new high and bolstering market sentiment.
Market overview
1. BTC hits a new all-time high, with DOGE surging strongly. Altcoins display mixed performance, while the TON ecosystem coin $X has surged over ten folds from its low on November 4.
2. The U.S. stock market records the largest weekly gain of the year, with Tesla rising sharply last Friday, pushing its market cap past $1 trillion. International oil prices fell by more than 2%.
3. Currently at 80,471 USDT, BTC faces significant liquidation risks. If BTC drops by 1000 points to around 79,471 USDT, cumulative long position liquidations will exceed $390 million. Conversely, if BTC rises to around 81,471 USDT, cumulative short position liquidations will exceed $350 million.Both long and short positions should exercise caution and manage leverage prudently to avoid large-scale liquidations.
4. In the past day, BTC saw $5.8 billion in spot inflows and $5.1 billion in spot outflows, resulting in a net inflow of $700 million.
5. Over the last 24 hours, $ETH, $DOGE, $SOL, $PEPE, and $ADA lead in futures trading net outflows, signaling potential trading opportunities.
Highlights on X
1. Rocky: Simple strategies for this bull market cycle
@Rocky shares his insights on strategies for navigating this crypto bull market cycle, suggesting the following Beta and Alpha strategies to refine investment decisions:
Beta strategy: In a U.S.-dominated market, it is recommended to hold large positions in $BTC and $DOGE, while paying attention to the top four U.S.-based public chains: Solana (SOL), NEAR Protocol (NEAR), Sui (SUI), and Aptos (APT).
Alpha strategy: Look for high-potential projects within these chains' ecosystems, such as:
DePIN AI projects supported by Solana
Projects related to the Bitcoin ecosystem
RWA and GameFi projects backed by Sui
Market outlook:
@Rocky recommends a simplified approach to achieve a balanced and effective investment strategy: "Hold trending assets and explore top ecosystem projects".
X post: https://x.com/Rocky_Bitcoin/status/1855669352114123107
2. Analysis of key factors behind the current rally of memecoins like $DOGE, $FLOKI, and $BONK
@Unipcs examines the recent surge in the memecoin market, presenting two major observations:
"This move is only just starting": Unipcs believes that the memecoin rally is just beginning, with potentially stronger momentum ahead.
"This does not mean there won't be dips.": He warns that even with a general market rise, memecoins like $DOGE, $FLOKI, and $BONK, as well as major coins like $BTC, could still see pullbacks.
Market background
Widespread liquidation of short positions fueling the rally: The rally's rapid momentum has been driven by extensive short liquidations, which have artificially boosted prices. Although the market may cool briefly after these liquidations, the demand behind this rally remains genuine and strong.
Sustained demand: @Unipcs anticipates that demand for memecoins will continue to rise, driving prices upward.
Risk warning:
@Unipcs warns users to be cautious with leverage as prices rise rapidly. He observes that many users face liquidations due to excessive greed amid sharp market swings, urging everyone to avoid being liquidated during major rallies, as this could mean missing out on substantial gains. @Unipcs concludes, "The memecoin supercycle is very real," recommending a focus on long-term potential while maintaining disciplined trading practices.
X post: https://x.com/theunipcs/status/1855693505785385302
3. @百萬Eric: Analysis of the five stages of altcoin season during a crypto bull market
@百萬Eric outlines five typical stages of altcoin cycles during a crypto bull market, aimed at helping investors to recognize shifts in market sentiment and key turning points in trends:
Bitcoin phase: At the start of a bull market, capital flows into $BTC, driving its price to new highs and boosting overall market sentiment.
High-quality major coins phase: As Bitcoin rises, capital gradually shifts to large-cap and quality coins like $ETH and $SOL, reinforcing the market's bullish trend.
Strong altcoins phase: Next, funds flow into strong-performing altcoins like $YGG, $NEAR, $FTM, and $INJ. Positive news is plentiful, while negative news is often disregarded or spun positively, fueling substantial price surges.
Mid/low-cap altcoins phase: Capital then moves into smaller-cap coins such as $SHIB, $DOGE, $PEPE, and $BONK. The market enters a frenzy, with prices soaring, technical indicators becoming distorted, and analysts' forecasts often exaggerated.
Final stage: Bitcoin consolidates at high price levels with reduced volatility, and most altcoins either plateau or pull back. Micro-cap coins may attract dramatic inflows, bringing in new retail investors—a typical sign that the bull market may be nearing its end.
Market outlook:
@百萬Eric advises investors to stay rational in the late stages of a bull market, even as market enthusiasm continues to rise. He urges users to avoid blindly chasing after price surges, especially during low-cap altcoin frenzies, and to remain cautious of market risks.
X post: https://x.com/CycleStudies/status/1855111585557336415
4. @杰尼 kungfu: Is the current crypto market in the early, mid, or late stage of a bull run?
KOL @杰尼 kungfu offers an in-depth analysis of the current crypto market cycle stage, sharing the following key insights:
Price is not the only bull market indicator: Many people interpret recent price increases as signs of a mid or late bull market, but this can lead to misjudgment. Market cycles are determined not only by price but also by capital inflows and an expanding user base.
Key bull market signals
Reflecting on 2021, the market frenzy was fueled by a surge in interest from crypto normies. He highlights several key bull market signals that haven't fully materialized this time:
Mainstream attention: Crypto normies (or non-crypto users) have yet to show widespread interest in the crypto market.
Large capital inflows: Primary market funding has not reached the levels seen in 2021.
Media coverage: Mainstream media platforms like The Economist and The Times have not extensively reported on or hyped crypto topics.
Variable factors: @杰尼 kungfu notes that external factors, such as Trump's election win and Musk's involvement, may keep the crypto market in the spotlight. The current macro environment leans toward looser financial regulation, which could attract additional capital and interest.
@杰尼 kungfu suggests that while price should be considered in rational trading, a better indicator of market peaks lies in external capital inflows and market hype. He advises everyone to stay calm during periods of extensive mainstream attention, just as sobriety is needed during crypto market lows.
X post: https://x.com/kungfu_crypto/status/1855629618495246446
Institutional insights
1.Greeks.live: Trump's election victory and rate cuts push Bitcoin to a new all-time high, boosting crypto market sentiment.
X post: https://x.com/BTC__options/status/1855569428022514099
2.CryptoQuant CEO: Bitcoin enters price discovery phase.
X post: https://x.com/ki_young_ju/status/1855539300441686525
3.Santiment: ETH sees a surge in whale transactions, exceeding $100,000 per transaction.
X post: https://x.com/santimentfeed/status/1855432416770290081
4.Deribit: Current pricing in the Bitcoin options market suggests that the BTC price will be between $68,000 and $95,000 by the end of the year.
X post: https://x.com/LinChen91162689/status/1855498409207287962
News updates
1. Donald Trump expresses willingness to cover some campaign expenses for the Democratic Party in the name of unity.
2. FTX sues SkyBridge Capital and its founder, seeking to recover over $100 million in funds.
3. European Central Bank Governing Council member Holzmann states that rate cuts in December are a possibility.
4. Bank of Korea signs an agreement with the Financial Services Commission and other institutions to test the feasibility of a central bank digital currency (CBDC) and tokenized deposits.
5. Chile's regulatory agency orders World and Rappi to halt iris scanning activities in the country.
Project updates
1. ADA founder expresses interest in assisting the Trump administration with cryptocurrency legislation.
2. Farcaster is set to introduce App Frames feature to enhance the development and distribution of social applications.
3. In the past seven days, Solana's DEX transaction volume surpasses Ethereum, reaching $14.533 billion.
4. Google Cloud has become the primary cloud provider for the Cronos ecosystem.
5. SOEX finishes the first phase of pre-mint for the CVT asset.
6. Scam Sniffer: Malware "EdtiProAI" may lead to theft of user wallet private keys.
7. NEAR AI launches its Alpha version.
8. Polymarket's monthly active users hit an all-time high of 235,000 in October, with plans for a token airdrop.
9. NFT data: Weekly NFT trading volume rises by 14.99% to $95.72 million, though the number of buyers dropped by over 90%.
10. The decentralized storage platform MEMO will undergo a network upgrade and launch AI data cloud services.
Recommended reads
Bitcoin hits a new high, can altcoins keep up? (featuring quality altcoin picks)
Following the U.S. election and Trump's victory, the crypto sector could be entering a new chapter. This article explores the potential impacts on the altcoin market, particularly as Bitcoin reaches a new high, and examines altcoin market performance and future trends. Could Trump's "crypto-friendly" policies spark an altcoin market revival, and which tokens might see gains in the coming months?
Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604337963
CoinGecko: Who dominates the NFT market?
Competition is intensifying between classic and emerging projects in the NFT space. CryptoPunks continues to lead with a stable market share, while established names like BAYC face increasing rivalry from newcomers like Pudgy Penguins and Milady Maker. Meanwhile, Bitcoin and Solana NFTs are also making an impact. In the domain of NFT art, generative artworks show resilience and steady growth. This article provides a deep dive into shifts among leading NFT collections and the rise of ecosystems across different chains.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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