Weekly Web3 Research | Overall Market Trend is Relatively Stable; Solana's Monthly DEX Trading Volume Exceeded $100 Billion for the First Time

Weekly Trend Overview

This week’s crypto market trend entered a major oscillation cycle, with most mainstream cryptocurrencies experiencing varying ups and downs throughout the week. Due to the overall market activity and frequent updates on various track projects, the mainstream sentiment in the market is still relatively optimistic, but the overall market cap growth has slowed down. BTC prices have fallen slightly and are currently at around $95,000. The market share of BTC has decreased to around 57%, and the price peak within a week has reached around $99,421, failing to break through the key $100,000 mark. Overall, the prices of key mainstream coins have entered a relatively clear oscillation cycle, and a certain degree of market correction is expected to occur. The market sentiment is around 83, and new market changes will occur during the weekend closing period. The overall market cap of the crypto market has seen a slight increase, reaching around $3.3 trillion, with a decrease of 0.69% within 24 hours.

The overall performance of the crypto market is still impressive. Although there is much positive news, many industry insiders also indicate the possibility of a market correction. The counterfeit market is relatively more clear. Although BTC’s price has fallen slightly, by about 3%, the overall price has recovered. ETH has seen a certain increase in price over the past week, similar to last week, with an increase of around 6.4%, and currently remains around $3,553.

The overall performance of the crypto market has been relatively stable, which can be understood as a market correction within a large cycle. Although the overall market cap is still rising, the continuous rise of top BTC and ETH is essentially weak, but this does not affect the strength of the Altcoin market. XLM’s 7-day increase reached around 99%, with the largest price increase among mainstream coins. Currently, it remains around $0.4764, with a clear downward trend.

The probability of the overall crypto market continuing to rise this weekend is small, but there is still room for a small increase in market cap.

Crypto Market

🔥 The non-profit organization Dogecoin Foundation announced on X platform that it plans to promote the first one million grassroots retailers to support Dogecoin payments by 2025 through the Dogebox .

🔥 Since October 17, the market cap of USDe has risen by $1.46 billion, an increase of nearly 61%, reaching a historic high of $3.87 billion, second only to Sky’s DAI (market cap of $4.25 billion).

🔥 In November, the trading volume of Solana Network’s decentralized exchange (DEX) exceeded $100 billion for the first time, reaching $109.8 billion, with a month-on-month growth of over 100%.

🔥 Recently, Pump.fun has been criticized by the community for violent and threatening behavior during live streaming, and has sparked calls to suspend its live streaming function.

🔥CryptoQuant CEO Ki Young Ju Yu X posted that “the bull market in 2021 is dominated by crypto novices, while 2024 is dominated by traditional finance and crypto veterans. This is a different game, and the possibility of absurd events happening is much smaller.”

🔥 JPMorgan recently released a report uating the US Department of Efficiency (DOGE). The department was founded by President-elect Trump and led by Elon Musk and Vivek Ramaswamy, to streamline federal operations and reduce wasteful spending.

🔥 Ethereum co-founder Vitalik expressed in an interview with Tencent’s “Periscope” that he is concerned that if particularly intelligent people do not work on Crypto, those who stay in the Crypto field may not have interesting ideas, and the only application is financial applications that everyone has been working on for many years.

🔥Galaxy Digital The trading team stated that the debut of BlackRock IBIT ETF options was a great success, with 353,716 contracts traded on the first day.

🔥 Bloomberg ETF analyst James Seyfart outlined a possible timeline for the approval of SOL, XRP, LTC, and HBAR ETFs.

🔥 On November 26, data showed that just two weeks after its launch, the circulation of Bitcoin stablecoin USDa issued by Avalon Labs has exceeded 200 million, with a seven-day growth rate of 100%. At the same time, USDA has become the world’s third-largest collateralized stablecoin (CDP) after MakerDAO (DAI) and JustStables (USDJ).

🔥 On November 26, pump.fun released a community announcement announcing that it will indefinitely suspend the platform’s live streaming function until the content review infrastructure is improved.

🔥 On November 26, the GMX community proposed increasing the current coverage rate of buyback and distribution (BB&D) expenses from 27% to 90%.

🔥Cardano Core developer Sebastian Guillemot revealed that his first zero knowledge (ZK) transaction, Halo 2, has now been launched on the mainnet.

🔥Orbiter Finance Today, we launched the “Orbiter Small Coin Collector” tool, which provides users with convenient and efficient collection services for extremely small amounts of funds (less than 3U).

🔥VanEck announced the extension of fee waivers for its Bitcoin ETF (HODL) to attract investors. The management fee reduction applies to the first $2.5 billion of net assets until January 10, 2026. Previously, the fee waiver plan expired in March 2025 and only applied to the first $1.5 billion of assets.

🔥 According to official sources, crypto asset management company Bitwise Asset Management announced that NYSE Arca, a subsidiary of the New York Stock Exchange, has submitted a 19b-4 application to list a Bitwise exchange traded product (ETP) that will hold both Bitcoin and Ethereum spot assets weighted by market cap, providing exposure to both assets.

🔥 10x Research stated in its market analysis that it expects BTC to receive support at two key levels during this adjustment period, first at $89,000 and possibly $75,000 if it falls below that level.

🔥Ondo Finance LayerZero has been integrated to realize the transfer of its tokenized treasury bond products. Users can now access Ondo US dollar income token (USDY) “and its token-based US treasury bond bond products” in multiple blockchain ecos without the need to cast new tokens or exchange assets between chains.”

🔥 Bloomberg ETF analyst Eric Balchunas said that unless there is a major crash, waiting for approval for Altcoin-related ETFs will make cryptocurrency “quite crazy”.

🔥 On November 28, Japanese listed company Metaplanet was included in the Amplify Transformational Data Sharing ETF “BLOK,” with an estimated initial weight of approximately 2.9%.

🔥 Tether, the stablecoin issuer, announced on November 27 that it plans to terminate support for its Euro stablecoin EURT.

🔥 On November 28, according to court documents, Celsius Network is distributing $127 million to eligible creditors in the second round of its bankruptcy proceedings following its bankruptcy in July 2022.

🔥 On November 28, Base announced support for the cross chain intent messaging standard ERC-7683, which will allow users to operate across chains (such as token swap or transfer) and unify Ethereum’s liquidity.

🔥 According to Crowdfund Insider, Robinhood has announced the launch of an Ethereum staking service, allowing European users to earn ETH position returns through the service.

Regulatory & Macro Policies

🔥 The Financial Conduct Authority (FCA), a British regulator, has released a new research report showing that 12% of British adults currently own cryptocurrency, up from 10% of the previous survey results.

🔥 On Tuesday of this week, the court ruled that immutable smart contracts do not belong to property and cannot be sanctioned under current laws. Some observers claim that this is a major victory for privacy advocates.

🔥 The Federal Council, the upper house of the Russian parliament, approved a government-initiated bill on Wednesday outlining the tax framework for digital coins. This legislation was passed in the plenary session and had already been approved by the State Duma in the lower house the day before. The new law classifies digital coins (including coins used as payment tools under experimental legal s) as property under Russian domestic tax law.

Crypto Market Highlights

⭐ Last week, although the crypto market continued its recent upward trend, it entered a relatively stable oscillation cycle, mainly due to the previous fierce rise of various top mainstream coins, followed by minor market corrections or high probability events. As the weekend closing period approaches, the overall market still shows a relatively small fluctuation state, and the possibility of a significant rise is low.

⭐ The market’s Altcoin market performed relatively well, and with the overall market continuing to rise, the top growth coins have seen a significant increase. XLM has experienced another round of price doubling, with a seven-day increase of around 95%. It has shown a short-term downward trend, but the overall magnitude is relatively small. The coin price is currently maintained at around $0.47, and it is expected to experience further price declines later.

(Data Courtesy Of Coinmarketcap)

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)
The price of BTC showed a fluctuating downward trend, starting from around the price of $99,000 and showing a fluctuating upward and downward trend. The low point of the price for the week almost fell below $90,000. BTC failed to continue its trend from the past two weeks, and, likely, it will not break through $100,000 in the near future. The high point of BTC’s weekly price is around $99,500, while the low point is around $90,800 during the mid-week period.

Analysis suggests that BTC’s price fluctuations are mainly due to the market entering a new cycle, coupled with the good performance of the Altcoin market, which has led to a decline in BTC’s market share. In the long run, BTC’s upward trend is still relatively clear, but the probability of a short-term correction is relatively high.

Ethereum (ETH)

(Data Courtesy Of TradingView)

The price trend of ETH showed a relatively significant increase this week. Compared to the past two weeks, ETH has once again broken through the $3,600 price level. ETH has basically adjusted with the trend of the market, and the current price remains around $3,580. ETH’s weekly increase is around 5.8%. The coin is in a sustained period of volatility, and it is expected to be a new round of price decline over the weekend, but the magnitude should remain within the mainstream market range.

Web3 Project Trend

The total market cap of seven project categories showed a continuous upward trend, with some markets showing extremely exaggerated gains. As the weekend closing period approaches, the market is likely to rebound near the weekend closing period and enter a new price trend range during that period.