Gate Research Institute: BTC market share reaches 60.5%, a nearly three-year high, and the total volume of Non-fungible Tokens in October rose 18% compared to the previous month.
BTC and ETH prices fell over the weekend, with BTC falling below $70,000.
The S&P 500 index pumped 0.41%, the Nasdaq index pumped 0.80%, and the Dow Jones index pumped 0.69%.
In October, the total volume of Non-fungible Tokens reached 3.56 billion US dollars, up 18% from September.
BTC market share reached 60.5%, hitting a near three-year high.
Radiant Capital resumes lending market on Base network.
Market Review
According to gate market data, as of 4:00 on November 4th (GMT+0) 【1】:
BTC - BTC price has increased by 1.61% in the past 24 hours, currently trading at around $69,200. The highest price in the past 24 hours was $69,338, and the lowest price was $67,482. After failing to reach a new high last week, the BTC price has pulled back by more than 3,000 points and is oscillating within the range of $67,500 to $70,000 during the day.
ETH —— ETH 24-hour increase is 1.97%, currently priced at $2,484, with a 24-hour high of $2,491 and a low of $2,410. After failing to effectively break the previous high resistance, the price dropped more than 200 points during the weekend pullback, retracing to the trend support line. A new high for ETH is still pending.
ETF - According to SoSoValue data, the total net outflow of US BTCSpot ETF on November 1st was $54.94 million【2】, and the total net outflow of US ETHSpot ETF was $10.93 million【3】.
AltCoin —— With the decline of BTC, AltCoin generally performed poorly. Among them, Pump.fun ecosystem, AI Meme, and other zones rose by 5.9% and fell by 0.1% respectively. [4]
US stock market three major indexes - on Friday, the S&P 500 index pumped 0.41%, the Nasdaq index pumped 0.80%, and the Dow Jones index pumped 0.69%. [5]
Spot Gold - The spot gold price rose to $2,742 per ounce, pumping 0.25% within the day.【6】
Fear and Greed Index - The Fear and Greed Index has dropped from 74 to 70, indicating that the market is still in a greedy state, but the greed sentiment is weakening. [7]
Popular Token
According to gate market data [1], combined with the volume and price performance in the past 24 hours, the following popular altcoins are:
**KYVE —— Daily increase of about 159.0%, with a market capitalization of 23.17 million US dollars.
KYVE is a Decentralization data archiving and caching solution designed to provide fast and easy Decentralization data validation, immutability, and retrieval tools. It operates on a Cosmos-based Layer 1 blockchain, addressing data accessibility and integrity issues in the Web3 ecosystem. The project is backed by top venture capital firms such as Hypersphere Ventures, Coinbase Ventures, and multiple blockchain companies.
Recently, KYVE launched Beta testing phase 2, testing the new storage provider Turbo. This feature allows protocol validators to use $KYVE to pay for permanent storage fees, no longer limited to $AR, further simplifying operations and improving fund management efficiency. This update may be the reason for the recent pump of KYVE Token.【8】
UDS —— Single-day increase of approximately 136.6%, with a circulating market value of $28.11 million.
Undeads Games (UDS) focuses on developing survival and entertainment games. The company has collaborated with Warner Bros and Wabi Sabi Sound to rekindle the market of zombie-themed games. Undeads aims to create a player community and economic system, provide various activities to enhance the gaming experience, and integrate GameFi with traditional gaming modes. The project also offers Non-fungible Tokens as playable characters and assets, supporting players in resource collection and trading in the virtual world.
BZZ - The daily increase is about 17.0%, with a circulating market value of $26.34 million.
Swarm (BZZ) is a storage and communication system for Decentralization, designed to support a sovereign digital society. It consists of a series of interconnected peer-to-peer networks, Nodes, providing Decentralization storage and communication services. The system implements built-in incentive mechanisms through Smart Contracts on the ETH blockchain, making it self-sustaining.
Recently, the Swarm community announced several major developments, including doubling the reserve size, core upgrades with multi-chain support, and the launch of the Swarm Fellowship program to support Node operation. This series of developments has not only attracted high attention from the community, but also driven the rapid pump of Swarm Token BZZ in the encryption market, reflecting the market's high expectations for its technological innovation and application prospects. [9]
Highlights Data
BTC market share reached 60.5%, reaching a new high in nearly three years
BTC's market capitalization reached 60.5%, reaching a new high in nearly three years, demonstrating its further consolidation of its dominant position in the cryptocurrency market, and also showing the mainstream funds' preference for its safe-haven properties in the context of increasing global economic uncertainty. This trend may stem from investors' growing recognition of BTC as digital gold and increased uncertainty surrounding other digital money.
At the same time, this may also indicate that the market is transitioning to a mature stage, and investors are more inclined to choose assets with a solid foundation and widespread acceptance. In the future, other cryptocurrencies may need to demonstrate unique value to attract investors' attention again. [10]
In October, the total volume of Non-fungible Tokens reached $356 million, an 18% rise from September
CryptoSlam data shows that the volume of Non-fungible Tokens in September 2024 is only about 300 million US dollars, a decrease of 20% compared to August. Although the monthly sales volume of Non-fungible Tokens in 2024 continued to decline, there was a brief rebound in October. In October 2024, the total volume of Non-fungible Tokens reached 356 million US dollars, an increase of 18% compared to the previous month. The surge in sales of Non-fungible Tokens broke the seven-month consecutive decline in monthly sales of digital collectibles.
In addition, the volume of Non-fungible Token transactions has also increased. In October, the volume of Non-fungible Token transactions was 7.2 million, a rise of 42% compared to 5 million in September. In addition to the monthly increase in volume, the weekly volume of Non-fungible Token in October also reached a new high. From September 30th to October 6th, the weekly sales of Non-fungible Token reached the highest level since August, reaching a maximum of $84 million.【11】
Contract Long-Short Ratio, Liquidation Volume.
As of November 4th, 4:00 (UTC+0), according to Coinglass data, the weighted funding rate for BTC Holdings is 0.0107% [12]; the weighted funding rate for ETH is 0.0009% [13]. In terms of the long/short ratio of contracts, BTC contracts are mainly short, while ETH contracts are mainly long [14].
In the past 24 hours, the total amount of liquidation in the entire network contract is about 363 million US dollars, of which the liquidation of long orders exceeds 263 million US dollars. BTC has the largest amount of liquidation, reaching 98.14 million USDT, and ETH is 44.91 million USDT. The liquidation is mainly concentrated in long orders, while a few altcoins such as GOAT and GRASS are mainly liquidated in short orders.[15]
Hotspot Comments
Radiant Capital Resumes Base Network Lending Market
On November 3, 2024, Radiant Capital announced that the Base network lending market has resumed operation. Previously, the platform encountered a Hacker attack on October 17, resulting in a loss of about 58 million US dollars. To ensure the security of user funds, the project party immediately closed the lending function. Key measures for this recovery include completing additional transactions through the Timelock mechanism and transferring emergency management permissions to a new multisig Wallet, which is only used for market pause and restart operations when necessary.
However, although the Base market has recovered, Radiant Capital announced that the RIZ market on Arbitrum (ARB) and Binance Smart Chain (BNB) will be suspended this weekend to prevent potential liquidation risks for users due to market changes. This measure demonstrates Radiant's emphasis on user fund security, but also reflects the fragility and uncertainty of the current market. The challenges faced by Radiant Capital reflect the common problems of security and user trust in Decentralized Finance platforms. Decentralized Finance projects should reduce risks, rebuild trust, and improve user experience by strengthening Smart Contract security audits and permission management, flexibly adjusting risk control mechanisms, enhancing information transparency, and valuing community governance and user feedback mechanisms. [16]
Paxos releases ComplianceStable Coin global USDG in collaboration with DBS Bank to ensure fund safety
Paxos launched Global Dollar (USDG) on November 1st, which is a USD-backed Stable Coin designed to comply with the Monetary Authority of Singapore (MAS) Stable Coin framework. Paxos Digital Singapore Pte. Ltd. is the issuer of USDG, and this Stable Coin is pegged to high-quality liquid assets such as USD deposits and US government short-term securities, ensuring a 1:1 exchange ratio with the US dollar and can be converted to Fiat Currency at any time. Paxos has partnered with DBS Bank to ensure the management and security of USDG funds.
This move demonstrates Paxos' focus on the Stable Coin market, especially in the context of increasing demand for compliant Stable Coins. The launch of USDG provides a compliant and secure choice, enhancing trust in Stable Coins and promoting widespread adoption. The growing number of Stable Coins will enrich the ecosystem, prevent monopolies, drive fintech innovation, and lay the foundation for enterprises to enter the Cryptocurrency field.【17】
TON introduces a new governance model, Society DAO, to enhance community participation and Decentralization
On November 1st, TON Foundation launched a new governance model, Society DAO, marking an important step in the Decentralization process of the TON community. The model aims to address the challenges of traditional centralized governance by reallocating resources, promoting community competition, and enhancing transparency, encouraging community members to participate more actively in the construction of the ecosystem. This move will help the TON ecosystem cultivate more autonomous and competitive projects, and support the continuous innovation and rise of the TON ecosystem.
DAO has advantages in providing resources and governance support, but faces challenges such as centralization, transparency, and compliance. To achieve a balance between decentralization and management efficiency, DAO needs to improve transparency and risk management to win community support. In the coming months, Society DAO is expected to release specific goals and key performance indicators to promote community participation and ensure the competitiveness and sustainable development of TON. [18]
Financing Information
According to RootData, from November 1st to 4th, a total of 3 projects announced financing, with the highest financing amount of $4.5 million, totaling over $9 million in financing, involving security solutions, infrastructure, DAO solutions zone. The specific details of the projects are as follows: [19]
Llama - On November 1, Llama was acquired by River. Llama is an on-chain governance and access control framework for Smart Contracts. It aims to make blockchain protocol governance more effective by enabling protocols to encode roles and permissions to take on-chain actions such as transferring funds or changing protocol parameters.
OpenOrigins - On November 1st, OpenOrigins completed a $4.5 million seed round of financing with participation from Galaxy Interactive. OpenOrigins is a blockchain content verification platform that uses blockchain technology to verify the authenticity of photos, videos, and other digital content to combat fake media. The relevant information is recorded on the Hyperledger blockchain.
**Phylax **—— On November 1st, Phylax completed a $4.5 million seed round of financing, with participation from Nascent, Figment Capital, and others. Phylax is an Open Source security protocol that protects Decentralization applications (DApps) on blockchain networks by actively inspecting Hacker behavior on the underlying network.
Airdrop Opportunity
Gradient is an Edge Computing open layer based on Solana, which provides distributed computing resources. This project has received investments from Multicoin Capital, Pantera Capital, and Sequoia Capital, demonstrating a strong investment background. In the early promotion stage, the project is similar to the early Grass project, and the first batch of tokens have potential value.【20】
Participation Method
Register on the Gradient official website. [21]
Bind Twitter and follow the official account.
Download Sentry Node plugin.
Start the plug-in and hang up to mine points.
The sidebar allows you to view points and referral rewards.
Note:
Airdrop plans and participation methods may be updated at any time. It is recommended that users follow Gradient's official channels to get the latest information. At the same time, users should participate cautiously, pay attention to risks, and conduct sufficient research before participating. gate does not guarantee subsequent Airdrop rewards.
Reference:
**gate Research Institute**
Gate Research Institute is a comprehensive blockchain and cryptocurrency research platform that provides readers with Depth content, including Technical Analysis, hot insights, market reviews, industry research, trend predictions, and macroeconomic policy analysis.
DisclaimerInvesting in the cryptocurrency market carries high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Gate Research Institute: BTC market share reaches 60.5%, a nearly three-year high, and the total volume of Non-fungible Tokens in October rose 18% compared to the previous month.
Summary
Market Review
According to gate market data, as of 4:00 on November 4th (GMT+0) 【1】:
BTC - BTC price has increased by 1.61% in the past 24 hours, currently trading at around $69,200. The highest price in the past 24 hours was $69,338, and the lowest price was $67,482. After failing to reach a new high last week, the BTC price has pulled back by more than 3,000 points and is oscillating within the range of $67,500 to $70,000 during the day.
ETH —— ETH 24-hour increase is 1.97%, currently priced at $2,484, with a 24-hour high of $2,491 and a low of $2,410. After failing to effectively break the previous high resistance, the price dropped more than 200 points during the weekend pullback, retracing to the trend support line. A new high for ETH is still pending.
ETF - According to SoSoValue data, the total net outflow of US BTCSpot ETF on November 1st was $54.94 million【2】, and the total net outflow of US ETHSpot ETF was $10.93 million【3】.
AltCoin —— With the decline of BTC, AltCoin generally performed poorly. Among them, Pump.fun ecosystem, AI Meme, and other zones rose by 5.9% and fell by 0.1% respectively. [4]
US stock market three major indexes - on Friday, the S&P 500 index pumped 0.41%, the Nasdaq index pumped 0.80%, and the Dow Jones index pumped 0.69%. [5]
Spot Gold - The spot gold price rose to $2,742 per ounce, pumping 0.25% within the day.【6】
Fear and Greed Index - The Fear and Greed Index has dropped from 74 to 70, indicating that the market is still in a greedy state, but the greed sentiment is weakening. [7]
Popular Token
According to gate market data [1], combined with the volume and price performance in the past 24 hours, the following popular altcoins are:
**KYVE —— Daily increase of about 159.0%, with a market capitalization of 23.17 million US dollars. KYVE is a Decentralization data archiving and caching solution designed to provide fast and easy Decentralization data validation, immutability, and retrieval tools. It operates on a Cosmos-based Layer 1 blockchain, addressing data accessibility and integrity issues in the Web3 ecosystem. The project is backed by top venture capital firms such as Hypersphere Ventures, Coinbase Ventures, and multiple blockchain companies.
Recently, KYVE launched Beta testing phase 2, testing the new storage provider Turbo. This feature allows protocol validators to use $KYVE to pay for permanent storage fees, no longer limited to $AR, further simplifying operations and improving fund management efficiency. This update may be the reason for the recent pump of KYVE Token.【8】
UDS —— Single-day increase of approximately 136.6%, with a circulating market value of $28.11 million. Undeads Games (UDS) focuses on developing survival and entertainment games. The company has collaborated with Warner Bros and Wabi Sabi Sound to rekindle the market of zombie-themed games. Undeads aims to create a player community and economic system, provide various activities to enhance the gaming experience, and integrate GameFi with traditional gaming modes. The project also offers Non-fungible Tokens as playable characters and assets, supporting players in resource collection and trading in the virtual world.
BZZ - The daily increase is about 17.0%, with a circulating market value of $26.34 million. Swarm (BZZ) is a storage and communication system for Decentralization, designed to support a sovereign digital society. It consists of a series of interconnected peer-to-peer networks, Nodes, providing Decentralization storage and communication services. The system implements built-in incentive mechanisms through Smart Contracts on the ETH blockchain, making it self-sustaining.
Recently, the Swarm community announced several major developments, including doubling the reserve size, core upgrades with multi-chain support, and the launch of the Swarm Fellowship program to support Node operation. This series of developments has not only attracted high attention from the community, but also driven the rapid pump of Swarm Token BZZ in the encryption market, reflecting the market's high expectations for its technological innovation and application prospects. [9]
Highlights Data
BTC market share reached 60.5%, reaching a new high in nearly three years BTC's market capitalization reached 60.5%, reaching a new high in nearly three years, demonstrating its further consolidation of its dominant position in the cryptocurrency market, and also showing the mainstream funds' preference for its safe-haven properties in the context of increasing global economic uncertainty. This trend may stem from investors' growing recognition of BTC as digital gold and increased uncertainty surrounding other digital money.
At the same time, this may also indicate that the market is transitioning to a mature stage, and investors are more inclined to choose assets with a solid foundation and widespread acceptance. In the future, other cryptocurrencies may need to demonstrate unique value to attract investors' attention again. [10]
In October, the total volume of Non-fungible Tokens reached $356 million, an 18% rise from September CryptoSlam data shows that the volume of Non-fungible Tokens in September 2024 is only about 300 million US dollars, a decrease of 20% compared to August. Although the monthly sales volume of Non-fungible Tokens in 2024 continued to decline, there was a brief rebound in October. In October 2024, the total volume of Non-fungible Tokens reached 356 million US dollars, an increase of 18% compared to the previous month. The surge in sales of Non-fungible Tokens broke the seven-month consecutive decline in monthly sales of digital collectibles.
In addition, the volume of Non-fungible Token transactions has also increased. In October, the volume of Non-fungible Token transactions was 7.2 million, a rise of 42% compared to 5 million in September. In addition to the monthly increase in volume, the weekly volume of Non-fungible Token in October also reached a new high. From September 30th to October 6th, the weekly sales of Non-fungible Token reached the highest level since August, reaching a maximum of $84 million.【11】
Contract Long-Short Ratio, Liquidation Volume. As of November 4th, 4:00 (UTC+0), according to Coinglass data, the weighted funding rate for BTC Holdings is 0.0107% [12]; the weighted funding rate for ETH is 0.0009% [13]. In terms of the long/short ratio of contracts, BTC contracts are mainly short, while ETH contracts are mainly long [14].
In the past 24 hours, the total amount of liquidation in the entire network contract is about 363 million US dollars, of which the liquidation of long orders exceeds 263 million US dollars. BTC has the largest amount of liquidation, reaching 98.14 million USDT, and ETH is 44.91 million USDT. The liquidation is mainly concentrated in long orders, while a few altcoins such as GOAT and GRASS are mainly liquidated in short orders.[15]
Hotspot Comments
Radiant Capital Resumes Base Network Lending Market On November 3, 2024, Radiant Capital announced that the Base network lending market has resumed operation. Previously, the platform encountered a Hacker attack on October 17, resulting in a loss of about 58 million US dollars. To ensure the security of user funds, the project party immediately closed the lending function. Key measures for this recovery include completing additional transactions through the Timelock mechanism and transferring emergency management permissions to a new multisig Wallet, which is only used for market pause and restart operations when necessary.
However, although the Base market has recovered, Radiant Capital announced that the RIZ market on Arbitrum (ARB) and Binance Smart Chain (BNB) will be suspended this weekend to prevent potential liquidation risks for users due to market changes. This measure demonstrates Radiant's emphasis on user fund security, but also reflects the fragility and uncertainty of the current market. The challenges faced by Radiant Capital reflect the common problems of security and user trust in Decentralized Finance platforms. Decentralized Finance projects should reduce risks, rebuild trust, and improve user experience by strengthening Smart Contract security audits and permission management, flexibly adjusting risk control mechanisms, enhancing information transparency, and valuing community governance and user feedback mechanisms. [16]
Paxos releases ComplianceStable Coin global USDG in collaboration with DBS Bank to ensure fund safety Paxos launched Global Dollar (USDG) on November 1st, which is a USD-backed Stable Coin designed to comply with the Monetary Authority of Singapore (MAS) Stable Coin framework. Paxos Digital Singapore Pte. Ltd. is the issuer of USDG, and this Stable Coin is pegged to high-quality liquid assets such as USD deposits and US government short-term securities, ensuring a 1:1 exchange ratio with the US dollar and can be converted to Fiat Currency at any time. Paxos has partnered with DBS Bank to ensure the management and security of USDG funds.
This move demonstrates Paxos' focus on the Stable Coin market, especially in the context of increasing demand for compliant Stable Coins. The launch of USDG provides a compliant and secure choice, enhancing trust in Stable Coins and promoting widespread adoption. The growing number of Stable Coins will enrich the ecosystem, prevent monopolies, drive fintech innovation, and lay the foundation for enterprises to enter the Cryptocurrency field.【17】
TON introduces a new governance model, Society DAO, to enhance community participation and Decentralization On November 1st, TON Foundation launched a new governance model, Society DAO, marking an important step in the Decentralization process of the TON community. The model aims to address the challenges of traditional centralized governance by reallocating resources, promoting community competition, and enhancing transparency, encouraging community members to participate more actively in the construction of the ecosystem. This move will help the TON ecosystem cultivate more autonomous and competitive projects, and support the continuous innovation and rise of the TON ecosystem.
DAO has advantages in providing resources and governance support, but faces challenges such as centralization, transparency, and compliance. To achieve a balance between decentralization and management efficiency, DAO needs to improve transparency and risk management to win community support. In the coming months, Society DAO is expected to release specific goals and key performance indicators to promote community participation and ensure the competitiveness and sustainable development of TON. [18]
Financing Information
According to RootData, from November 1st to 4th, a total of 3 projects announced financing, with the highest financing amount of $4.5 million, totaling over $9 million in financing, involving security solutions, infrastructure, DAO solutions zone. The specific details of the projects are as follows: [19]
Llama - On November 1, Llama was acquired by River. Llama is an on-chain governance and access control framework for Smart Contracts. It aims to make blockchain protocol governance more effective by enabling protocols to encode roles and permissions to take on-chain actions such as transferring funds or changing protocol parameters.
OpenOrigins - On November 1st, OpenOrigins completed a $4.5 million seed round of financing with participation from Galaxy Interactive. OpenOrigins is a blockchain content verification platform that uses blockchain technology to verify the authenticity of photos, videos, and other digital content to combat fake media. The relevant information is recorded on the Hyperledger blockchain.
**Phylax **—— On November 1st, Phylax completed a $4.5 million seed round of financing, with participation from Nascent, Figment Capital, and others. Phylax is an Open Source security protocol that protects Decentralization applications (DApps) on blockchain networks by actively inspecting Hacker behavior on the underlying network.
Airdrop Opportunity
Gradient is an Edge Computing open layer based on Solana, which provides distributed computing resources. This project has received investments from Multicoin Capital, Pantera Capital, and Sequoia Capital, demonstrating a strong investment background. In the early promotion stage, the project is similar to the early Grass project, and the first batch of tokens have potential value.【20】
Participation Method
Note: Airdrop plans and participation methods may be updated at any time. It is recommended that users follow Gradient's official channels to get the latest information. At the same time, users should participate cautiously, pay attention to risks, and conduct sufficient research before participating. gate does not guarantee subsequent Airdrop rewards.
Reference:
**gate Research Institute** Gate Research Institute is a comprehensive blockchain and cryptocurrency research platform that provides readers with Depth content, including Technical Analysis, hot insights, market reviews, industry research, trend predictions, and macroeconomic policy analysis.
Click here to go now.
Disclaimer Investing in the cryptocurrency market carries high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.