Bitget Daily Digest | DeSci buzz on the rise; altcoin weekly trading volume hits highest since 2021 (November 19)

Market highlights

1. DeSci-themed tokens like $RIF and $URO, the academia-inspired token $SCIHUB, and quantum entanglement tokens $PRO and $ANTI are generating significant on-chain buzz.Bitget has taken the lead by listing several of these tokens. Given the positive wealth effects of Bitget's recent high-potential memecoin selections, users are advised to stay tuned to a second wave of rallies.

2. The weekly trading volume for the top 50 altcoins (excluding stablecoins) surpassed $300 billion, the highest since 2021.  As BTC fluctuates following its recent highs, keep an eye on Bitcoin's dominance and the potential onset of an altcoin season. 

3. DogeDesigner, Dogecoin's UI designer, shared an audio clip of Elon Musk saying he still holds a significant amount of Dogecoin (DOGE). Additionally, SpaceX reportedly holds substantial BTC reserves.

4. Tether Treasury minted an additional 1 billion USDT on the Ethereum network. U.S. listed companies like Cosmos Health and Genius Group building their BTC reserves. Trump Media is reported in talks to acquire crypto trading firm Bakkt, further boosting the positive market sentiment.

Market overview

1. BTC consolidates at highs, while the market remains mixed, with trading activity focused on mature established tokens like XRP, DOGE, PEPE, and ADA.

2. The S&P and Nasdaq indices saw recovery, but the Dow Jones hit a new low since the U.S. election. NVIDIA dropped over 1% following reports of BlackwellAI server issues, bringing the Dow Jones lower.

3. Currently at 90,600 USDT, BTC faces significant liquidation risks. If BTC drops by 1000 points to around 89,600 USDT, cumulative long position liquidations will exceed $1 billion. Conversely, if BTC rises to around 91,600 USDT, cumulative short position liquidations will exceed $300 million. With long liquidation volumes far surpassing short positions, it's advisable to manage leverage carefully to avoid large-scale liquidations. 

4. Over the past day, BTC saw $5.44 billion in inflows and $5.3 billion in outflows, resulting in a net inflow of $140 million.

5. Over the past 24 hours, $BTC, $DOGE, $SOL, $ETH, and $XRP led in futures trading net outflows, signaling potential trading opportunities. 

 

Highlights on X

1. Rico: $RIF's path to a $500 million market cap in two phases

Rico (@Hotpot01) analyzes the potential and growth trajectory of $RIF, highlighting the following key points:

Phase 1: Laying the foundation for $BIO

Boosting market cap: By increasing the market cap of the secondary token $RIF, the project aims to build momentum for the main token $BIO's launchpad promotions on major exchanges. As a Binance-backed project, $BIO has garnered extremely high market expectations.

Scientific empowerment: $RIF is positioned as a supporter of scientific research and a flagship project in the DeSci sector. If the Pump Science platform proves successful, $RIF and $BIO are expected to develop a synergistic relationship akin to the dynamics seen with GMT and GST.

Phase 2: Engaging the scientific community

Research funding via Pump Science: If the platform succeeds in attracting scientists worldwide to launch experimental tokens to fund research, it could significantly expand the $RIF ecosystem.  This model is being referred to as "Pump.fun for science," creating new opportunities for the intersection of crypto and scientific research.

Market outlook:

Hints on a future listing: A major exchange has already listed a token under the name "RIF", The current $RIF, distinguished by its dollar sign prefix, may signal preparations for a future listing on an exchange.

High utility and expectations: With its science-related use case, Binance backing, and ecosystem potential, Rico predicts that $RIF is poised to surpass the $500 million market cap milestone.

@Hotpot01 emphasizes that $RIF is not just a meme project. As a pioneer in the DeSci sector, it boasts innovative fundamentals deserving close attention.

X post: https://x.com/Hotpot01/status/1858489979388969404

 

2. Eugene Ng Ah Sio: Crypto For Dummies (2024 edition)

Eugene Ng Ah Sio (@0xENAS) shares key principles and practical approaches for navigating the crypto market, presenting a beginner-friendly 2024 crypto guide:

Golden rules:

Protect your capital: Well-protected capital is the key to ensuring profits. Leverage is not needed for success.

Plan your investment: Determine your investment amount in advance and avoid adding funds during a bull market to reduce risks associated with late-stage buying.

Risk management:

Max loss tolerance: Allocate your positions based on your acceptable maximum loss levels:

Low conviction: 1%

Normal conviction: 2%

High conviction = 5%

Ultra-high conviction: 10%

Avoid margin traps: High levels of leverage (>5x) will only increase volatility and potential loss. Users are advised to set clear entry and stop-loss targets to limit potential losses.

Trading strategy:

Fund management: Follow your initial plan and avoid increasing positions late in a bull market to prevent overexposure and potential liquidation.

Trading approach:

CEX trading: Focus on tight stop-losses and high-probability trades to achieve 3–10x growth through compounding.

On-chain trading: Invest early in undervalued projects with small, diversified positions to target potential 10x or greater returns.

Recommended strategies:

For small accounts: Start with on-chain trading, diversifying into early-stage projects to build capital.

For large accounts: Transition gradually to CEX trading, emphasizing precise execution and consistent compounding.

@0xENAS emphasizes that while beginners may have missed the early adopter advantage, now is the most favorable time to profit since early 2021 With a beginner's unencumbered mindset coupled with a well-planned investment strategy, newcomers can outperform even seasoned traders.

X post: https://x.com/0xENAS/status/1858386367321182652

 

3. FaceBig Brothers: Q4 market outlook and a potential meme season

FaceBig Brothers (@Wilsonchen1101) provides an in-depth analysis of BTC's performance and the potential onset of a meme season, highlighting the following key points:

BTC performance and dominance: BTC remains the market's dominant force, with its dominance (BTC.D) expected to increase. Short-term dips are seen as prime opportunities to accumulate quality meme tokens. BTC's next rally  is likely to precede that of other assets.

Catalysts for meme season:  ETH is anticipated to play a pivotal role as the primary catalyst for  the meme season and could emerge as the best-performing asset in this cycle. SOL and BNB are also poised for breakout performances.

SPX's impact on crypto: SPX's short-term volatility has limited impact on on-chain memecoins. A potential SPX rebound to a new high could trigger market-wide positive sentiment.

Market outlook

Macro trends:

After 1–2 weeks of consolidation, BTC could potentially hit the psychological threshold of $100,000, fueled by growing election-related optimism and its perception as being widely undervalued.

Traditional altcoin season may not return, with meme season taking its place and dominating the market narrative.

@Wilsonchen1101 advises investors to focus on long-term opportunities and avoid exiting positions prematurely before the market’s ‘real summer‘ arrives. He concludes that this phase is a test of time, energy, and resource allocation, emphasizing that patience and vision are essential.

X post: https://x.com/Wilsonchen1101/status/1858526014055620975

 

4. @Yuyue_chris explores the DeSci and meme narrative of $RIF and its potential

@Yuyue_chris provides an in-depth analysis of $RIF’s potential as a hybrid of Decentralized science (DeSci) and meme narratives, highlighting the following key points:

Market environment and demand: In the current bull market, there’s a strong appetite for fresh narratives and buzzworthy stories to capture attention. DeSci, with its focus on longevity and genetic research, appeals to high-net-worth individuals and could spark significant interest.

The uniqueness of DeSci + meme

DeSci delivers transformative incentives to the research economy, fostering significant scientific breakthroughs.

Meme models simplify complex issues, capturing market attention and bringing energy to emerging sectors.

$RIF as a market leader: $RIF has garnered support from both funding sources and its community. Its success not only reflects its intrinsic value but also plays a pivotal role in shaping the DeSci + meme narrative.

Market outlook

The long-term nature of narratives: Meme-driven models are projected to dominate over the next decade. Sectors tackling 'ultimate human questions'—such as longevity, immortality, and scientific research—are likely to align with meme narratives.

Investment logic: $RIF’s value lies not only in its acceptance by mainstream exchanges but also in its potential to lead the DeSci + meme sector, supporting and driving this world-class narrative.

@Yuyue_chris believes that the current market is brimming with opportunities, and $RIF’s success could pave the way for a new sector at the intersection of DeSci and meme, positioning it as a key focus for the next phase.

X post: https://x.com/0xENAS/status/1858149367078912033

 

Institutional insights

1.CryptoQuant CEO: Bitcoin’s retail trading volume hits a 3-year high

X post: https://x.com/ki_young_ju/status/1858383043700064299

2.Bitwise: The election is a game-changer for crypto and we are going to see an institutional investment boom

X post: https://x.com/Matt_Hougan/status/1858324633176728034

3.Bernstein: Trump’s pro-crypto promises, combined with rising institutional demand, could propel Bitcoin to $200,000 next year

Article: https://www.theblock.co/post/326994/bernstein-200000-bitcoin-price-target-catalysts-nears-all-time-high

 

News updates

1. Taiwan: Authorities are considering taxing profits from cryptocurrency trading.

2. South Korea: The ruling party’s whip has proposed a two-year delay in crypto asset taxation to establish a fair system.

3. Paju City, South Korea: Plans are underway to sell seized crypto assets from tax evaders to recover unpaid dues.

4. Hunan Court, China: A loan repayment using cryptocurrency was ruled invalid in a lending dispute.

5. Insider sources: Trump’s team has sought advice from BlackRock’s CEO on potential Treasury secretary candidates.

 

Project updates

1. Ryze Labs collaborates with a16z to launch the AICombinator program, backed by a $5 million fund for developers.

2. Tether announces plans to invest in Quantoz Payments to launch MiCAR-compliant stablecoins.

3. Lido co-founders prepare to launch ‘Y,‘ a blockchain identity platform aimed at competing with World Network.

4. PancakeSwap burns approximately $18 million worth of CAKE.

5. Monad, an EVM-compatible blockchain network, launches its testnet.

6. Chainbase enters a strategic partnership with Carv to accelerate AI-driven data utilization.

7. Virtual mining project Cellula announces the launch of CELA token burn.

8. SlowMist updates its report on the DEXX incident, revising the stolen amount to $21 million.

9.The first consumer-facing Layer DuckChain Mainnet based on TON launches, introducing the innovative ISO concept.

10. Google searches for ‘memecoins‘ surge to an all-time high.

 

Token unlocks

Oasis (ROSE): Unlocking 170 million tokens worth $14.64 million, representing 2.6% of circulating supply.

 

Recommended reads

How long will the DeSci boom last? A deep dive Into the sector's hottest tokens

From finance to art, and now DeSci,  this emerging field is captivating the market with its unique narrative and technological promise. From longevity research to hair loss treatment and ecological preservation, DeSci projects are revolutionizing research funding and collaboration through blockchain. This article explores the top tokens in the sector, their underlying stories, and investment logic, offering insights into which tokens could become the market’s next big focus.

Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604356343

 

Bitcoin at $90,000: Is retail FOMO kicking In? 

As Bitcoin approaches its all-time high, is retail FOMO truly underway? By analyzing active addresses, new address creation, Google search trends, and whale behavior, this article sheds light on the market’s future trajectory. Current data suggests that while Bitcoin’s surge has attracted new interest, the market is still dominated by Hodlers and whales. Retail mania has yet to fully unfold, signaling that this bull market’s potential is far from exhausted.

Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604353852