The price of Bitcoin has reached 107793, setting a new high. Bitcoin is currently near a critical position, at the upper edge of the rising channel, with a high probability of breaking through; only after a breakout will the next upward space begin.
This recent rise in Bitcoin is mainly due to MicroStrategy's stock entering the NASDAQ 100 index, and their CEO Michael Saylor has announced significant purchases of Bitcoin. Based on the current BTC trend, the volatility around Thursday's interest rate meeting indicates that the lowest limit for a downward spike might be around 103385, with 102800 below as a strong support. This suggests they believe that Bitcoin at $100,000 is just the beginning, so they continue to buy heavily. This is a clear event-driven motivation, but unfortunately, this driving force may not last very long. If new FOMO sentiment does not emerge, there will likely be a demand for short-term market corrections, especially under the influence of the Federal Reserve's interest rate meeting and Christmas market trends, which may lead investors to have risk-averse sentiments and reduce market liquidity.
Additionally, it is worth noting that the registration of the 21Shares XRP Trust has been completed, paving the way for the launch of an XRP spot ETF. FTX is collaborating with BitGo and Kraken to handle claims, with payment methods covering stablecoins and fiat currencies. The restructuring plan is set to take effect on January 3, and the first round of compensation will be distributed within 60 days.
In the altcoin space, most projects are being bled dry by Bitcoin, with general declines around 10%.
In the past week, Bitcoin has begun to gain momentum, pulling 95% of market liquidity out, causing altcoins to decline rather than rise, including ETH which also struggled to rise. This is a normal phenomenon considering that there is currently no inflow of external funds, and all the funds are pulling the market. Next, as Bitcoin approaches the 109300 range, there will be a few days of consolidation; let's see if altcoins can seize the opportunity to stage a strong rebound.
The outbreak of the altcoin season requires ETH's rebound to gain strength. In the past few days, I have observed that ETH has been seeking to break through the 4100 level, and it seems ready to make a move. The upper range of 4250-4350 is still quite reachable. Ethereum's efforts in layer two will naturally follow, so everyone can choose a few low market cap coins to enter.
Today, cat performed the best, rising more than 60% against the trend, mainly because it is about to launch on Binance spot trading.
Binance first launched the AI big data public chain Vana, but its trend is a typical VC coin, first spiking upward, then slowly declining, and finally getting halved and sold off.
Yesterday, Binance announced the launch of the meme coins cat and pengu.
cat is the second sub-coin of the floki airdrop, pengu is the token of the fat penguin NFT on the sol chain.
➜$CAT
$CAT has become the first cat-themed meme coin to launch on major exchanges, marking its rapid challenge to $POPCAT's leading position.
With strong brand recognition, official IP endorsement, and attractive price advantages for retail investors, $CAT shows strong market potential. Most capital in the current market is still on the sidelines, and $CAT may trigger a wave of 'aversion-style rally', paving the way for it to hit a billion-dollar market cap.
➜$VELO
Velo is a blockchain-based global settlement network that provides individuals and businesses with fast, secure, and low-cost cross-border payments. DWF Labs made a strategic investment of $10 million in it last year.
In September this year, Velo announced that it has integrated BlackRock's tokenized BUIDL fund into its USDV stablecoin, providing seamless trading and earning opportunities for over 1 million users in Southeast Asia.
VELO surged 50% last week, breaking $0.03, currently retreating to around $0.029, with a recent rise of over 84%, a market cap of nearly $200 million, and an FDV of nearly $800 million.
➜$AVAX
The Avalanche token Avax is also a newly launched token in the recent altcoin season, and it is one of the better-performing tokens among established public chains. Avax broke through $55 last week, currently retreating to around $50, with over a 37% increase in the past month. Currently, Avax has a market cap exceeding $20.5 billion, with an FDV of nearly $36 billion.
From a news perspective, Avax's recent rise, apart from speculation related to Ava Labs' founder indicating dialogue with the new U.S. government to promote cooperation, may also be related to Avalanche's layout and growth in RWA.
Avalanche has a significant advantage in developing RWA, allowing developers or enterprises to create their own independent subnet.
A fan asked me about the hype ecosystem.
➫The hype concept belongs to the Hyperliquid ecosystem, which is within the primary market scope.
╰ Back then, the VC of the FTX system is currently supporting Hyper, referencing a chart by @AB Kuai Dong.
Personally, I feel that the HYPE profit-making trend is at the fish body stage and has not yet entered the fish tail stage. Wishing everyone great success!
