NFTs will become the main investment choice for AI, and the market will welcome the most prosperous NFT bull market in history.
Author: Deep Tide TechFlow
Market Dynamics
This week, tokens such as JTO, ADA, and ENA will see significant unlocks, with JTO unlocking approximately $517 million.
According to Token Unlocks data, this week, tokens such as JTO, ADA, and ENA will see significant unlocks, totaling a value of $644 million. Among them:
Ethena (ENA) will unlock 12.86 million tokens on December 4 at 15:00, valued at approximately $10.6 million, accounting for 0.45% of the circulating supply;
Cardano (ADA) will unlock 18.53 million tokens on December 6 at 8:00, valued at approximately $21.12 million, accounting for 0.05% of the circulating supply;
Jito (JTO) will unlock 135 million tokens on December 8 at 0:00, valued at approximately $517 million, accounting for 103.03% of the circulating supply;
Bitget Token (BGB) will unlock 5.38 million tokens on December 10 at 8:00, valued at approximately $8.66 million, accounting for 0.38% of the circulating supply.
Analysis: Bitcoin's market share is about to fall below a long-term support level, possibly signaling the arrival of Altseason.
According to TradingView data, Bitcoin's market share (BTC.D) has dropped to 56.75%, down 8.15% from 61.78% on November 21. Additionally, the total market cap of cryptocurrencies excluding Bitcoin (TOTAL2) has seen a one-sided upward trend, rising about 70% since November 5, currently reported at $1.46 trillion.
According to crypto.news, analysts point out that Bitcoin's dominance is about to break below a long-term support trend line. Meanwhile, Ethereum's dominance has also dropped to 12.9%, while the dominance of other cryptocurrencies has risen from 28.1% last month to 31.5%. This may indicate the arrival of "Altseason."
XRP's market cap surpasses $130 billion, overtaking SOL/USDT to rank third in the cryptocurrency market cap leaderboard.
Yesterday, XRP rose to $2.35, reaching a new high since January 2018; it is currently reported at $2.3104, with a 24H increase of 21.49%.
XRP's market cap has surpassed $130 billion, overtaking SOL (market cap $113.1 billion) and USDT, ranking third in the cryptocurrency market cap leaderboard.
Ethereum Foundation researcher: Ethereum L1 will gradually improve in the coming years, while L2 will see significant performance enhancements within months.
Ethereum Foundation researcher Justin Drake posted on X that four years ago today, the Ethereum beacon chain was born, with only 500,000 ETH staked in the initial phase. Although it did not bring direct benefits to users at first, it has gradually grown to become one of the most powerful foundations in blockchain history.
Looking ahead, Drake believes Ethereum has the opportunity to become the settlement layer of the value internet. Although the beacon chain is still not perfect, the upgrade path in the coming years will remain challenging, including improving censorship mechanisms and MEV handling, reducing staking deposits, increasing finality speed, smart issuance, achieving smartwatch-level full-chain verification, and post-quantum security. Meanwhile, outside the consensus layer, there is hope to achieve full sharding at the data layer and native Rollup at the execution layer.
Drake stated that many L1 improvements will be gradually released in the coming years, and improvements like post-quantum security may require a complete redesign. L2 solutions will provide significant performance enhancements within months, including fast user experiences, low fees, and unlimited throughput, along with synchronous composability.
Spectral: Syntax platform encounters security vulnerabilities, access to the application is currently suspended.
According to Spectral's official statement, some tokens on the launched Syntax platform have security vulnerabilities during trading, which will lead to approximately $200,000 in liquidity being removed. In response to this issue, the Spectral team has quickly taken measures to ensure the safety of the platform and users, including:
Temporarily disabling access to the Syntax application;
Suspending all smart contracts to prevent further program interactions.
Currently, the Spectral team is working with top security experts in the industry to identify the root cause of the problem and develop a repair plan to restore the platform's normal operation as soon as possible. The Syntax team stated that these measures are the most effective way to protect the community's interests and promised to provide detailed follow-up updates in a timely manner.
NFT sales in November exceeded $562 million, reaching a six-month high.
According to Cointelegraph, NFT sales in November exceeded $562 million, surpassing the record of $356 million set in October. Data from CryptoSlam also shows that November's NFT monthly sales are the highest since May, when digital collectibles sales reached $599 million. Despite the significant increase in sales, the monthly sales of NFTs are still far from reaching the peak of 2024.
Andrew Kang: NFTs will become the main investment choice for AI, and the market will welcome the most prosperous NFT bull market in history.
Mechanism Capital partner Andrew Kang posted on social media, predicting that the market is about to welcome the most prosperous NFT bull market in history. He pointed out that AI will become extremely wealthy, and due to the inability to purchase physical luxury goods, AI will turn to buying NFTs.
In terms of the valuation of NFT trading platforms, Kang believes that the current pre-IPO valuation of Magic Eden at $3 billion highlights that Blur, which has a larger market share, is severely undervalued. He expects that the fee distribution mechanism that Blur is about to activate will bring substantial benefits to token holders, effectively balancing the impact of mining rewards on the market.
Arthur Hayes: South Korea's capital gains tax postponed for two years, the bull market can continue.
According to the Korea Economic Daily, a representative of the Democratic Party in South Korea has agreed to postpone the taxation of virtual assets for two years. In response, BitMEX co-founder Arthur Hayes posted that the bull market can continue, as South Korea's capital gains tax has been postponed for two years.
Base protocol director: Base has no token issuance plan, the team will focus on product development.
Base protocol director Jesse Pollak stated on social media that the Base network has no plans to issue tokens. Referring to the facts of Hyperliquid, he believes that the top priority is to create a product that users love before injecting token economics. Not issuing tokens allows the team to focus on solving real problems and gaining user recognition through tangible contributions.
He further pointed out that this is not just an isolated case; experiences in the history of entrepreneurship also indicate that creating a world-class product is the most important. He stated that the Base team will continue to focus on product development, addressing practical issues that can help developers build better.
Bitwise CEO: Being bearish on ETH will not be a long-term choice, L1 categories will grow significantly.
Bitwise CEO Hunter Horsley posted on X that being bearish on Ethereum (ETH) will not be a long-term choice. This does not mean that one cannot be bullish on other L1 projects; he believes the answer is both: the L1 category will grow significantly, and the success of one project does not need to be based on the decline of another project.
Market Dynamics
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