Unhosted Weekly: Crypto Market Overview #7

Alts are running 🚀

November 29, 2024

🆕 News Breakdown

Bitcoin Edges Toward $100,000—But Hold the Confetti

Well, look at that—Bitcoin is less than 5% away from the elusive $100,000 mark after a hefty 38% rise in the past month. Impressive, right? Sure, but let's not get carried away just yet. Market sentiment is lounging in the "Belief — Denial" zone, which means we're either gearing up for more gains or staring down the barrel of a correction. Bullish vibes? Definitely. But remember, Bitcoin has a knack for humbling the overly enthusiastic.

Justin Sun Buys 100,000 Bananas—Because Crypto Just Isn't Weird Enough

In today's episode of "Things I Didn't See Coming," TRON's founder Justin Sun plans to purchase 100,000 bananas from a New York fruit stand. This follows a banana auction that sold for a jaw-dropping $6.2 million. The goal? Merging art with everyday life. Bullish for the fruit economy, perhaps? Jokes aside, it's a quirky move that keeps crypto culture as unpredictable as ever.

XRP Nears $100 Billion Market Cap—Déjà Vu from 2018

XRP is on the cusp of hitting a $100 billion market cap for the first time since 2018, needing to climb to $1.75 to get there. That's a significant milestone that could boost its market perception. Bullish signals are flashing, but let's not forget XRP's rollercoaster history. Achieving this could reignite interest, but caution is always a good companion in these volatile waters.

CARV (CARV): Giving You Control in Gaming & AI—Finally

CARV introduces a modular data layer that lets users control and monetize their data in gaming and AI. In an age where your data is everyone else's goldmine, this is a refreshing change. Bullish? I'd say so. Enhancing privacy and ownership isn't just a good move—it's about time.

Taiwan Cracks the Whip: AML Registration Deadline Looms for Crypto Providers

Taiwan has moved the AML (Anti-Money Laundering) registration deadline for crypto exchanges up to November 30, with strict penalties for those who don't comply. This is a bearish development for any crypto firms dragging their feet. Regulatory hurdles are getting higher, and noncompliance isn't a charming look for anyone.

SecondLane Lists 1% Equity of Pump.fun for $15 Million—Time to Raise an Eyebrow?

Private trading platform SecondLane has listed 1% equity of Pump.fun for a cool $15 million, valuing the company at $1.5 billion. Sure, Pump.fun is raking in revenue in the blockchain space, but such lofty valuations can be a double-edged sword. Bearish or bullish? Let's just say skepticism is healthy when numbers start climbing into the stratosphere.

Akash Network (AKT): Decentralized Supercloud Takes on the Big Guns

Akash Network is shaking things up by facilitating the exchange of computing resources, now expanding into AI-focused GPU capacity trading. Offering a cost-effective alternative to traditional cloud services is a bullish move. Decentralization meeting AI computing needs? That's a combo worth watching.

$30 Million DEXX Hack Hits Over 8,620 Solana Wallets—Ouch

A significant security breach connected to the DEXX hack has impacted over 8,600 Solana wallets, with losses nearing $30 million. This is decidedly bearish and underscores the vulnerabilities still present in DeFi platforms. It's a not-so-gentle reminder that in the quest for high yields, security can't be an afterthought.

Game On: UAE Bets Big on Blockchain—and It's Paying Off

The UAE is going all-in on blockchain gaming, with a market already valued at over $420 million. Strategic investments aim to contribute $1 billion to its economy by 2025. That's bullish news if I've ever seen it. When entire nations start embracing blockchain technology, it adds a layer of legitimacy that's hard to ignore.

Ethereum Developers Agree to Boost Scalability—Blob What Now?

Ethereum's core developers have tentatively agreed to increase the Blob target/maximum as part of the Proto-Danksharding upgrade. Translation: they're working on making the network more scalable. This is bullish for Ethereum enthusiasts tired of high gas fees and network congestion. It might sound like sci-fi jargon, but it's a step toward a more efficient Ethereum.

📰 Macro

Not much to see here—move along.

FOMC minutes are dropping, GDP growth rates are coming in, and a sprinkling of EU inflation metrics is on the menu. But let’s be real—unless there’s a surprise plot twist, this is probably snooze-worthy.

Oh, and Thursday? Thanksgiving. Shoutout to our American friends stuffing themselves with turkey while markets take a nap. That means no ETFs, no major trading volumes, and price action as dead as a weekend chart. Don’t expect any fireworks.

🪙 Token Catalysts

Avalanche (AVAX)
Mark your calendars: Avalanche’s Fuji9000 upgrade is set to go live on November 25th. Think of it as the appetizer before the main course—Avalanche9000, their biggest update ever. Will this pump AVAX? Hard to say, but upgrades like these tend to nudge tokens in the right direction.

Fantom (FTM)
Ah, Fantom’s Sonic chain—it’s like waiting for a long-promised sequel. Launching in December, with the team hinting it’ll likely drop before Christmas (no awkward holiday surprises, thank you very much). So, keep your eyes peeled during the first couple of weeks. If you’re an FTM fan, this might be worth the hype.

StarkNet (STRK)
Staking is finally here! Users can now lock up their STRK tokens instead of, you know, dumping them. This could tighten supply and, theoretically, help the token price. But hey, don’t take that as financial advice—I’m just the messenger.

🔥 Market Insights:

RSI Heatmap Analysis

RSI Heatmap Analysis

Overbought (RSI > 70):

Cryptocurrencies in this category are overbought, signaling potential price corrections.

Tokens include:

Strong (RSI 60-70):

Tokens in this range are showing strong performance and may continue their upward momentum but are nearing overbought conditions.

Tokens include:

Neutral (RSI 40-60):

The majority of cryptocurrencies fall into this range, indicating relative stability with no strong buy or sell signals.

Tokens include:

Weak (RSI 30-40):

These tokens are underperforming and could present buying opportunities if momentum reverses.

Tokens include:

Oversold (RSI < 30):

No cryptocurrencies are in this range, indicating the market does not currently have heavily undervalued tokens.

Observations:

The crypto market leans heavily toward neutral RSI levels, signifying stability without any dramatic price movements. However, the presence of some tokens in the overbought zone suggests caution, as they might face corrections. Meanwhile, weaker tokens in the RSI 30-40 range could provide potential entry points if a bullish reversal occurs. Investors should maintain a close watch on market momentum to identify upcoming trends.

Fundraise 💸

1️⃣ U2U Network

2️⃣ Bleap

4️⃣ Astherus

  • Round: Seed

  • Date: November 2024

  • Raised: TBD

  • Category: BNB Chain Ecosystem, DeFi, Ethereum Ecosystem, Scroll Ecosystem, Staking, Yield Aggregator

  • Investors: Binance Labs

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 Sandwatch

  • Action: Create a profile, complete social tasks, and refer friends.

2️⃣ Bluefin

  • Action: Trade.

3️⃣ MortgageFi

  • Value: Not disclosed

4️⃣ Deriverse

  • Action: Participate in the testnet.

5️⃣ Hyperliquid

  • Action: Trade, provide liquidity, and refer friends.

6️⃣ Supra

  • Value: Not available.

  • Additional Info: KYC required

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