The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. 

November 2024 has marked a significant milestone for Bitcoin, with its price soaring to $94,105. This unprecedented growth has been driven by global events and heightened social media discussions, with predictions of six-figure valuations. Historically, peaks in social media chatter often precede market corrections, signaling traders to exercise caution. Currently, while whale accumulation remains strong — with wallets holding over 10 Bitcoin adding 53,006 more BTC in just one month — retail traders remain surprisingly cautious. This wary sentiment contrasts sharply with the bullish behavior usually seen during price surges, suggesting a potential correction.

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. Despite their volatility, these tokens reflect a broader appetite for high-risk investments. Notably, whale investors holding 1M–100M DOGE are accumulating, while smaller holders are selling, creating conditions for potential breakouts. However, if new capital stops flowing, these speculative assets could face significant downturns. Additionally, while discussions around Bitcoin reaching $100K are increasing, they haven’t reached the levels seen earlier this year, indicating that fear of missing out (FOMO) may not yet be fully realized.

Institutional Interest and Ethereum's Resurgence

Demand for Bitcoin ETFs has surged, with daily trading volumes hitting a record $8.21 billion, signaling increased institutional interest. This activity often coincides with market peaks, but could also indicate new investments flowing into the crypto space. Meanwhile, Ethereum has also gained momentum, breaking above $3,100 for the first time in over 14 weeks. Additionally, whale accumulation is on the rise, suggesting that as Bitcoin leads the market, profits may soon be redirected into Ethereum. In contrast, Solana's price movements remain highly sentiment-driven, with funding rates indicating potential entry points for investors. Overall, altcoins are experiencing growth, particularly following the U.S. elections, which have reignited optimism in the crypto market.

Advanced

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Bitcoin's Resurgence: Analyzing Market Dynamics and Speculative Trends in November 2024

Crypto market makers play a crucial role in providing liquidity by consistently placing buy and sell orders. Learn more about how they work here.

The cryptocurrency market is notorious for its high volatility and sometimes low liquidity, making it a challenging environment for traders and investors. Executing trades can be difficult, often resulting in significant price 

Market making is a strategic approach that provides the necessary liquidity to stabilize markets, ensuring smoother trades and reducing volatility. By creating buy and sell orders around the current market price, market makers help maintain a healthy trading ecosystem. This article examines the fundamentals of market making, its benefits for traders and exchanges and the way it enhances the overall efficiency of the cryptocurrency market.

A crypto market maker is an entity or individual who primarily provides liquidity in cryptocurrency markets by continuously placing buy and sell orders for digital assets. This activity ensures efficient trading and helps maintain stable prices.

Crypto market makers play a key role in keeping markets liquid by continuously placing buy and sell orders on exchanges. Here's a closer look at how they operate.

Key Characteristics of a Crypto Market Maker

Crypto market makers provide liquidity and stabilize prices in the cryptocurrency market. The following are the key traits that enable them to operate effectively.

Market makers continually place buy and sell orders, ensuring the availability of transactions for traders. This constant availability reduces wait times for trades and minimizes the price impact of large orders, making the market more efficient and accessible for everyone.

One of the fundamental roles of market makers is that of managing the bid-ask spread. By consistently quoting competitive prices, they narrow this spread, thereby enhancing trading efficiency and reducing costs for other market participants. This spread is also their primary source of profit.

Market makers leverage advanced algorithms and HFT strategies to analyze market conditions and optimize their order placements. This technology allows them to react swiftly to price changes and maintain a balanced inventory of assets, which helps to manage risk and maximize profitability.

Due to the inherent volatility of cryptocurrency markets, effective risk management is vital for market makers. They employ various techniques, such as hedging and real-time market analysis, to minimize exposure to sudden price swings. This ensures their operations remain stable even in the face of market fluctuations.

By providing continuous liquidity and facilitating smooth trading operations, market makers enhance overall market efficiency. Their presence attracts more traders, which increases transaction volumes, boosts exchange activity and contributes to a healthier trading environment.

Given the quickly evolving nature of the cryptocurrency landscape, market makers must be adaptable, continually refining their strategies in response to new technologies, regulatory changes and shifts in market dynamics. This ensures they remain competitive and relevant.

Crypto market makers play a critical role in the cryptocurrency ecosystem by providing liquidity and stabilizing prices. Despite the integral role they play, however, their operations come with both advantages and disadvantages. 

Additional Importance of a Crypto Market Maker

Crypto market makers play a vital role in maintaining the efficiency and stability of the cryptocurrency market. Their presence on crypto exchanges ensures trading environments operate smoothly. 

Newer and smaller cryptocurrencies often struggle with liquidity. Market makers provide a market for these assets, promoting their growth and creating a more diverse and dynamic crypto ecosystem.

Through continual quoting of prices, market makers aid in fair price discovery, ensuring that cryptocurrency prices reflect actual market demand rather than extreme fluctuations. This promotes a more trustworthy and transparent trading environment that allows traders to make data-backed decisions. 

Crypto market makers are essential players in the cryptocurrency ecosystem, providing liquidity, stabilizing prices and ensuring smooth trade execution. Their use of advanced algorithms and real-time order placements encourages a more efficient, accessible and fair market. However, risks such as market manipulation, potential capital loss and lack of regulation can be problematic. Overall, the role of market makers in supporting emerging assets and maintaining market stability makes them indispensable for a healthy and growing crypto environment.

Intermediate

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Crypto Market Maker: Boosting Trades With Strategic Liquidity

SEC Chair Gary Gensler announced he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration.

The S&P 500 rose 0.53% as investors shifted toward cyclical stocks expected to benefit from a strengthening economy, while technology shares lagged. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.79%, with Bitcoin and Ether rising by  4.19% and 8.75%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 24.3% following the partnership between Ripple and MCSocialVenture to boost financial resilience and access in emerging markets.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. 

, focused on investing in emerging market entrepreneurs. The initiative will pilot financial resilience and humanitarian solutions built on the XRPL, aiming to advance equitable access to finance.

Check Out the Latest Prices, Charts, and Data of 

 he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration. Gensler, whose term runs until 2026, faced pressure from the crypto lobby due to the SEC’s strict regulatory actions against the industry, including high-profile cases against Coinbase and Binance. Gensler’s departure is seen as a victory for crypto advocates, who hope the next SEC chair will be more crypto-friendly. Trump has hinted at firing Gensler on his first day in office and is expected to appoint a chair with expertise in crypto, such as Mark Uyeda, Hester Peirce, or Chris Giancarlo.

Yesterday, BTC Spot ETF data revealed a net inflow of $396.7 million, driven by $404.5 million from non-GBTC sources, partially offset by a $7.8 million outflow from GBTC..

 for those who participated. To claim, visit 

 using code B0FKOP. Additionally, Morph Zoo Season 2 has launched on mainnet, allowing users to earn points by bridging ETH or executing transactions on Morph. The Bitget Wallet offers a 1.2x multiplier on points to maximize rewards.

Beginner

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SEC Chair Gary Gensler to Resign on Inauguration Day, Marking a Win for Crypto Lobby

Traders seem to expect BTC’s momentum could slow down a bit after the price hit over $97,000.

Positive sentiment has continued to fuel the cryptocurrency market as the expectation of further institutional adoption of 

 keeps growing. Options trading of BlackRock’s Spot Bitcoin ETF IBIT 

 with a bang, attracting almost $2 billion on the first day of trading. The hope of more spot ETF derivatives to change the market structure with additional institutional money onboarding crypto is high.

, we explored the possibility of the market being overleveraged, which could be painful if the current leverage unwinds. Data from CryptoQuant shows that the estimated leverage of the current BTC markets has reached another YTD high.

Derivatives data on Bybit shows that traders seem to expect that BTC’s momentum could slow down a bit after the price hit over $97,000, and are focusing more on downside protection.

Figure 1: Bitcoin estimated leverage ratio at 0.23. Source: CryptoQuant

BTC Options Open Interest Returns to Previous High While Perps Are Catching Up

Derivatives traders have been actively participating in BTC markets as 

 on Bybit has surged to over $3 billion, on par with the previous high on Nov 14, 2024. Although the options OI has increased, it still hasn’t surged above the previous high. At the time, BTC’s price had already jumped to over $97,000. If the OI doesn’t follow suit and break above the previous high in the coming days, this could be a sign that the market could become a bit exhausted — something for all market participants to be aware of.

Figure 2: Daily open interest for BTC options on Bybit. Source: Bybit

 have also seen increased open interest in recent days. Perpetuals have been among the most favorable products for day traders and short-term speculators. Rising open interest could indicate that more traders are looking for short-term profit, which could bring additional volatility to the market. 

Figure 3: Daily open interest for BTCUSDT Perpetuals on Bybit. Source: Bybit

Dec 27, 2024 remains the most popular expiration date for BTC Options on Bybit, with most of the open interest there. Within that expiration, $120,000 calls had the most OI, and $100,000 calls accumulated the second-largest OI. 

Figure 4: Open interest by strike for BTC Options with a Dec 27, 2024 expiration. Source: Bybit

Meanwhile, the market’s optimism that BTC will hit $100,000 by the end of the year seems to support the current price momentum. Shorter-dated options could show that traders are also looking for downside protection. The Bybit 

 page shows that BTC Options with a Nov 29, 2024 expiration have a strong 24-hour inflow to $90,000 puts. This could indicate that some traders are also anticipating some degree of price correction by the end of the month. 

Figure 5: 24-hour volume by strike for BTC Options with a Nov 29, 2024 expiration on Bybit. Source: Bybit

 for BTC Options on Bybit also indicates a possible downside protection in play among options traders. A smirk skew, or left skew, is a skew curve that’s steeper on one side (the left side) than the other. Traditionally, a smirk skew curve could mean that traders have been protecting their portfolios against a possible declining market. At the time of this writing (Nov 21, 2024), BTC Options contracts on Bybit with Nov 29, 2024 and Dec 27, 2024 expirations have both shown a smirk skew. However, this doesn’t necessarily mean traders are bearish on the price, and could just be part of the trading strategy. For example, traders could set up collars by buying out-of-the-money (OTM) puts and selling OTM calls simultaneously, so that they can profit in case BTC’s price drops, gain upside exposure and potentially offset the cost of buying the puts. 

Figure 6: Implied volatility of BTC Options with Nov 29, 2024 and Dec 27, 2024 expirations. Source: Bybit

The current BTC leverage trading may be complex, but tells a revealing narrative about market sentiment. The divergence between high leverage and increased hedging activities also reminds us that market dynamics are rarely straightforward, and adopting a 

 seems increasingly important in this diverse market.

: Investing in cryptocurrencies and their derivatives involves substantial risk of loss, and isn’t suitable for every investor. This article provides facts for educational purposes only, and does not represent any financial advice. Prior to making any investment decisions, please ensure you fully understand the risks involved and seek independent advice if necessary. Our customer support team is available to assist you with any inquiries.

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Learn From Smart Money: BTC’s Leverage Remains High as Traders Hedge Against Downside Risks

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Blockchain

Core is a new blockchain that hopes to revolutionize web3 design. It attempts to provide scalability, security and independence by combining PoW and DPoS.

 (DAOs), Core DAO is worth checking out. The Core network aims to be one of the most secure and inclusive 

 (DeFi) communities. Though it's still in the early stages, this blockchain has some very promising features. Keep reading to discover all the details.

 is a new blockchain that hopes to revolutionize 

 design. It attempts to provide scalability, security and independence by combining proof of work (

Core is a very new blockchain project. Its mainnet was just launched on Jan 14, 2023. Despite this, Core has already been used to manage 

). The team is also currently in the middle of

, CORE, and has plans to bring it to major crypto exchanges in the upcoming months.

The Core network's name is inspired by its mission. The creators hope to make a system that can operate at the core of web3. They plan to pick and choose the best parts of other blockchains, such as 

 and the BNB Chain. In the future, they also say they may choose to model some of their systems after 

The system aims to be completely decentralized, so governance is entirely user-led and the Core network is not structured around any single founder or developer to maintain a sense of accessibility. Instead, the entire team maintains a DAO — the Core DAO — with plans to expand membership to other users once they have the system in place.

. This is a commonly-discussed technological challenge. The blockchain trilemma refers to the fact that it is almost impossible to create a secure, scalable and decentralized blockchain. Theoretically, every developer has to sacrifice one of the three features when creating a blockchain. For example, Bitcoin is both secure and decentralized, but it's not extremely scalable.

In an attempt to solve this problem, the Core network operates on the 

. Their unique consensus mechanism allows Core to simultaneously use the mechanisms from multiple different blockchains at once. It achieves decentralization by using the Bitcoin computing power with its PoW model. At the same time, a DPoS system provides scalability and the consensus mechanism of the whole network helps the blockchain maintain optimal security.

The secret to Core’s success is its patented Satoshi Plus consensus. This starts with the efficient PoW algorithm that Bitcoin uses. Each transaction is validated by having miners delegate all of their 

 to a preferred validator. Not only does it create a decentralized network that doesn't rely on any single validator, but it also helps create a secure and reliable ledger.

The other essential mechanism is the DPoS system. Every CORE token holder can delegate their tokens to a validator, so even those with a small number of tokens can vote to validate transactions. This enhances decentralization and makes the system much more scalable.

To combine PoW and DPoS, Core starts with a pool of validators who have both hash power and staked tokens. They then pick a blend of these validators with an algorithm that is designed to select an efficient mix of both mechanisms. The result is a high transaction rate that can maintain optimal security and decentralization.

The Core blockchain system comes with various components that will be highly useful. Here are the most noteworthy details you need to be aware of.

As mentioned, Core uses a blend of both PoW and DPoS to validate tokens and transactions. The

 means that each block that users add to the blockchain requires both computing power and validation from a current CORE holder. This uses a little less energy and time than standard PoW systems, but the requirement for computing power helps keep various components more secure and ensures no single entity has too much power over the crypto.

Bitcoin and Ethereum are two of the biggest inspirations behind the Core network, so it's no surprise to hear that 

 (EVM) compatibility was a priority. EVM is one of the most popular environments for managing smart contracts and DApps. By creating an EVM-compatible blockchain, the Core network ensures that its users can carry out exchanges with the main EVM. People can use the Core blockchain for its affordability, speed and flexibility, and then they can run the same functionalities on the EVM to make their DApps more accessible to the public.

One of Core's key goals is decentralization, so it runs its various components through a DAO. The Core DAO can make proposals, suggest upgrades to the blockchain, vote on suggestions and enact these plans. It has control over everything from transaction fees to governance parameters. Just keep in mind that Core DAO is still in its early stages. Until there are enough users to create a truly decentralized governance, the Core team is overseeing the Core DAO.

 tokens to users. These limited-time events are an extremely efficient way to manage initial token drops. Users do not need any sort of special hardware and they do not need to attend any real-world events. In the 

 on Feb 8, 2023, 25.03% of Core’s total token supply will be distributed to the community. The remaining balance will be unlocked over a period of two years. 

Such airdrops distributed by Core will reward early users and give them the ability to participate as validators and DAO members. If you’re interested in more details regarding the airdrop, you can refer to 

Core uses a very secure form of mining called 

. Named after the anonymous founder of Bitcoin, Satoshi Mining involves gathering a large amount of computing power to put toward solving mathematical puzzles. Miners can pool their energy to work together on puzzles, and even simple smartphones can participate through the Satoshi Mining app. This makes it a very accessible form of mining as any Core DAO member can participate in it.

. Because the Satoshi Plus consensus involves DPoS, users have the option of temporarily locking their tokens in a smart contract while they validate a new block. Token staking is both a scalable way of mining new blocks and a way of earning passive income. Users who make their tokens available for staking get a financial reward for their contribution. Another great thing about this feature is that it often reduces volatility. Fewer tokens are available for short-term trades, so wild dips in coin prices are less common.

 is an open protocol that allows for decentralized token exchange. Core's integration with 0x provides a lot of benefits. It helps to ensure that people get fair prices while trading, and it reduces potential fees associated with trading. Furthermore, 0x is peer-to-peer, so it's extremely decentralized. This makes CORE trading less vulnerable to security issues.

One of the big reasons the team has focused so much on decentralization is that the members are concerned about censorship and control. They have designed their system so that it's almost impossible for a few people to take control of the platform. Instead, anyone is allowed to participate, and there are almost no rules about how you can use the platform. This creates a free, open environment for all users.

Core shares a lot in common with other blockchains, but that doesn't mean it's a direct copy. Since the creators are trying to improve on some frequent issues with other blockchains, they've implemented a lot of very unusual features. Here are some of the ways this blockchain differs from other popular models.

Bitcoin is one of Core’s leading inspirations, which is why the latter has named its consensus algorithm after Bitcoin founder Satoshi Nakamoto. Like Bitcoin, Core uses PoW mining. However, Core aims to solve Bitcoin's scalability problem. Though Bitcoin is secure and decentralized, the network can only manage around 7 

 (TPS). The DPoS validation that Core introduced will hopefully increase their TPS rate far past Bitcoin. The network hasn't shared its precise TPS yet, but the founders believe it can handle more transactions than Bitcoin can.

Core has a lot of close connections with Ethereum. As an EVM-compatible blockchain, Core uses very similar development tools. Developers who build on Core can easily transport their designs to Ethereum. Like Ethereum, Core uses some PoS concepts. However, instead of the straightforward proof of stake system, Core uses a DPoS system. This is a more democratic process that allows people to participate even if they aren't wealthy holders who have a lot of CORE tokens.

Solana is an interesting case study because it tries to provide the same outcomes as Core, but it approaches the situation from a different angle. To enhance scalability while maintaining some decentralization, Solana uses proof of history (PoH) and sharding to manage their blockchain. Solana is one of the most scalable chains, but it has a fair amount of security setbacks. There have been several notable chain restarts and block production halts, so some are wary of using this system. In addition to being more secure than Solana, Core is also more affordable. Solana requires users to pay more for scalable performance, so its transaction fees price out a lot of newer developers.

Polygon is a popular blockchain for those who want a more scalable version of Ethereum. This Layer 2 blockchain uses proof of stake (PoS) and side chains to increase TPS rates. Like Core, it's popular with developers who prioritize EVM compatibility. The big difference between Core and Polygon is their decentralization. Since its first testnet, Polygon hasn't changed its validator set. This leads to some security risks, and it greatly reduces decentralization. Meanwhile, Core's decentralized model allows for more user input, and the enhanced security means there is less chance of a bad-faith actor manipulating the blockchain.

The CORE crypto token will be the native token of the blockchain. The blockchain will have a total supply of 2.1 billion tokens. This is a hard supply cap that will not change over time. Core will also implement a burning model similar to Ethereum’s “Ultra Sound Money” model where a portion of the block rewards and transaction fees are burned. 

Since the Core developers want to avoid the centralization that occurs when a few people hold all the tokens on a blockchain, Core’s tokenomics design focuses on 

The team plans on splitting the tokens up into these six categories:

The Core network hopes to release its crypto on bigger markets later in the year. For now, the main way to get these tokens is by signing up to join the community and putting yourself on the airdrop schedule. However, keep in mind that there is already a secondary market developing.

Those who like investing in new crypto have some opportunities to purchase the coin through major crypto exchanges such as Bybit. By

, you can start participating in the Core community as soon as possible. Bybit makes it fast and easy to trade crypto. Simply sign up for a Bybit account, fund it by linking a crypto wallet or credit/debit card to the account and browse the Bybit trading platform. The 

 on Bybit will be available on Feb 8, 2023 at 12PM UTC. 

CORE crypto is backed by a very promising project. The Core network team has put a lot of thought into solving the main problems of most crypto, and the founders have potentially come up with a solution to the blockchain trilemma. Furthermore, their focus on DAO governance is prevalent at the moment, so they're attracting a lot of positive attention from DeFi advocates.

The fact that the team's blockchain is so focused on development is also very reassuring. Crypto tokens that have a use beyond simple investment tend to be more stable. Since developers can use the blockchain for DApps, the CORE token has some inherent value. These sorts of blockchains are often less prone to inflation and volatility.

While it's understandable to get excited, it's still a good idea to maintain some caution. This is still an incredibly new company that has yet to open its DAO entirely to the public yet. Crypto markets can be somewhat unpredictable, so there is no guarantee that the company is a foolproof investment. Like any other new crypto, it's a good idea to keep your portfolio diverse and avoid overextending yourself.

Core’s unique Satoshi Plus consensus mechanism combines PoW and DPoS mechanisms into a single, stable blockchain. This has the potential to provide an unprecedented blend of security, decentralization and scalability. With EVM compatibility and 0x integration, this blockchain is especially appealing to developers. As it releases tokens through 2023, there will be some very exciting opportunities for crypto investors.

Core (CORE): Solving the Blockchain Trilemma with PoW & DPoS

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