Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $3.54 trillion, with BTC accounting for 54.2491% of $1.92 trillion. The market capitalization of stablecoins is $196.8 billion with a 7-day increment of 4.3%, of which USDT accounts for 69.64%.

The price of BTC has shown a tremendous upside growth this week, with BTC now at $100,266; ETH has also shown an increase, with a current price of $3,993.

Most of the top 200 items on CoinMarketCap are up, including CVX, which is up 141.33% in 7 days, CRV, which is up 132.92% in 7 days, and HBAR, which is up 105.01% in 7 days.

This week, BTC broke the $100,000 mark, then fell and stabilized, with its market share declined whereas the Ether-dominated track leaders all posted gains.

For the week, U.S. Bitcoin spot ETF net inflows: $2.775 billion; U.S. Ether spot ETF net inflows: $803.4 million.

The ‘Fear & Greed Index’ on Dec. 7 was 75 (the index was lower than last week’s), and this week’s sentiment: 5 days of greed and 2 days of extreme greed.

Market Trend Forecast: BTC may be range-bound, and you can focus on projects such as new public chains or protocols that are making profits.

Understanding Now

Looking back at the week’s big events

1. On December 2, South Korea announced to postpone the 20% cryptocurrency tax for the third time;

2. Sonic Labs: six different Sonic Shard holder wallet snapshots have been completed;

3. Coinbase integrates Apple Pay into its deposit service;

4. 10x Research: South Korea’s crypto market has seen a surge in retail trading volumes, with torrents now in the market spotlight;

5. Sonic Labs’ mainnet has generated its first block and the token airdrop snapshot is complete;

6. Nike’s crypto-fashion hipster brand RTFKT has announced that it will be phasing out its operations;

7. Analysis: the U.S. government’s transfer of bitcoin to Coinbase may be an act of escrow;

8. The Trump administration may open the IPO market to cryptocurrency companies;

9. South Korea’s presidential office chief of staff and chief secretary resigned en masse;

10. On December 4, South Korea’s Martial Law Command issued Martial Law Order №1;

11. On December 5, Trump confirms the selection of Paul Atkins as Chairman of the U.S. SEC;

12. Meteora launched the M3M3 model, which encourages users to pledge meme coins to earn rewards;

13. OpenAI: will have 12 new product launches in 12 days;

14. On December 5, the Magic Eden airdrop eligibility and allocation lookup tool is now live;

15. Trump appoints David Sacks as head of crypto;

16. Pudgy Penguins launches native token PENGU, based on the Solana network;

17. Molecule led the formation of the DeSci Ecosystem Fund and has repurchased RIF and URO to support Pump.science.

Macroeconomics

1. On December 2, global ETF provider WisdomTree filed an S-1 registration document with the U.S. Securities and Exchange Commission (SEC) for an XRP ETF, according to market sources. On December 6, WisdomTree filed an S-1 registration document with the SEC for an XRP ETF, according to market sources;

2. On December 6, according to FOX Business reporter Eleanor Terrett, the SEC has notified at least two of five potential issuers that it will reject their 19b4 filings for the SOL spot ETF. The current situation is that the SEC will not accept any new crypto ETFs under the current administration;

3. On December 6, according to CME’s “FedWatch”, the probability of a 25 bps rate cut by the Fed in December is 72.1% and the probability of a 50 bps rate cut is 27.9% ahead of the non-farm payrolls data;

4. On December 6, Eric Mullis, Managing Director and Co-Head of Global Markets at Citizens, said that the non-farm payrolls report for November showed an expected rebound in hiring with no major surprises. The modest rise in the unemployment rate and decline in the participation rate should convince the Fed to continue its gradual easing path at its December meeting.

ETF

Statistically, during the period of Dec 2 to Dec 6, the U.S. Bitcoin Spot ETF saw a net inflow of $2.775 billion; GBTC (Grayscale) had a total outflow of $20.778 billion as of Dec 6, and is currently holding $21.619 billion, while IBIT (BlackRock) is currently holding $52.173 billion. The total market capitalization of the U.S. Bitcoin Spot ETF is worth $114.346 billion.

The U.S. Ether Spot ETF had a net inflow of $803.4 million.

Foreseeing the Future

Upcoming Events

1. The Bitcoin MENA Summit will be held in Abu Dhabi on December 9–10, and Trump’s second son will attend the December Bitcoin MENA Summit;

2. Bitcoin MENA 2024 will be held on December 9–10 at the Abu Dhabi National Exhibition Center;

3. Blockchain Season Finale 2024 will take place in Dubai from December 12 to December 13;

4. Blockchain Week Taipei will be held from December 12 to 14, 2024.

Project Progress

1. Magic Eden Foundation announced that the ME Token will undergo a TGE on December 10th.

2. Bitcoin repledging protocol Babylon will open for Cap-3 pledging on December 10, 2024 at 19:00 for 1000 blocks, with a minimum pledge of 0.005 BTC per transaction, increasing to a maximum pledge of 5,000 BTC;

3. Suilend, Sui’s ecological lending protocol, will launch its token SEND on December 12th.

Important Events

1. Brazilian digital bank NuBank suspended trading of its native token Nucoin, offering customers the option to convert it to Bitcoin or the stablecoin USDC by December 9th.

Token Unlocking

1. Bitget Token (BGB) will unlock 5.38 million tokens valued at approximately $8.6 million, or 0.38% of the outstanding volume, on December 10;

2. Cheelee (CHEEL) will unlock 11.66 million tokens on December 10, valued at approximately $114 million, or 1.17% of the outstanding volume;

3. Aptos (APT) will unlock 11.31 million tokens on December 12, valued at approximately $169 million, or 1% 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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