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

Intro to Santiment.png

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

market maker.png

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

4.png

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.

NOV24_R53_Learn From Smart Money_ BTC’s Leverage Remains High as Traders Hedge Against Downside Risks.png

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

Memes

Altcoins

Explainers

Book of Meme’s BOME is a meme coin based on the Solana blockchain. Learn more about how it works in this article.

2401-T16454_Skinny_Banner_for_Blog_and_Learn_Row_53_728x90.png

Skinny_Banner-1600x400.webp

Though some investment advice experts dismiss 

 as a joke, the capacity for meme coins to attract millions of traders makes them a very valid investment. If you're willing to keep up with the latest crypto market trends, you can find some exciting meme coins. For example, a new 

 meme coin called Book of Meme (BOME) has managed to captivate investors and gain a market cap of more than $1 billion. Keep reading to learn about its features, and to see what makes this meme coin so popular.

Book of Meme’s BOME is a meme coin based on the Solana blockchain. The project is designed to pay homage to internet memes, and to provide a way of permanently storing memes on the 

The Book of Meme project was launched by crypto artist 

, who claims that the Book of Meme (BOME) will be a lot more than just a standard meme coin. Book of Meme hopes to create a permanent storage system for all memes. The project is a hub for meme enthusiasts to create and share memes. By connecting it to Solana, BOME's creator plans to show the flexibility and utility of the Solana blockchain.

In addition to creating decentralized meme storage, Book of Meme also aims to attract significant attention from the crypto market. Like many other meme coins, Book of Meme’s BOME is designed to amuse and entertain users, which helps to increase purchases of the meme coin and drive up the BOME price. Ultimately, the Book of Meme project hopes to create one of the most popular meme coins available for sale.

Book of Meme is designed to run on the Solana blockchain, often praised as a potential replacement for the 

 network because it uses a revolutionary 

 consensus mechanism. Each new block on the chain is confirmed and validated by previous timestamps. This consensus mechanism is fast and affordable, which is why Darkfarms chose Solana as the basis for Book of Meme. Users can easily trade its token back and forth without having to worry about higher trading volume leading to higher transaction fees.

The Book of Meme community is mostly centered around sharing different versions of popular memes. Users on X (formerly Twitter) can send messages to Darkfarms in order to join the project. User-shared meme images are then embedded into the Book of Meme blockchain with 

 technology. Book of Meme plans to take all related variants of a meme and link them together into an 

, giving users a quick and straightforward way to explore the rich culture of internet memes.

BOME is used to store a vast collection of online memes. Its total supply of almost 69 billion tokens is gradually being released to the community. As of Mar 26, 2024 its circulating supply is over 55 billion tokens. The Book of Meme team plans to 

The Book of Meme token started making news in March 2024 shortly after its release. Within a week of being launched, BOME's market capitalization 

. People who purchased BOME reported massive gains, such as one user who turned 50 SOL into 767 SOL worth of BOME during the presale. Within a 24-hour time period, BOME’s price had increased by 140%. In just a few days, the price of Book of Meme’s token went from $0.001 to $0.02.

There were some ups and downs for the crypto as its market cap 

 to $650 million. However, these shifts only served to make BOME more popular. As more and more crypto investors started working with Book of Meme, the token managed to do well, and currently has a 24-hour trading volume of almost $635 million.

The popularity of Book of Meme has led to speculation about the price of its meme coin. Though the $10 price prediction suggested by enthusiastic traders seems unlikely, there is a forecast for strong growth. Coinpaper suggests that 

 by the end of the year. Meanwhile, DigitalCoinPrice suggests that bullish momentum 

 to $0.03 sometime this year, $0.06 in 2027 and $0.11 in 2030.

Looking to trade Book of Meme tokens? Bybit now offers the BOME/USDT Spot trading pair. To get started, you’ll first need to 

, fund it with cryptocurrency and navigate to the 

If you're looking for meme coins, the BOME market is full of great opportunities. This token has received a lot of positive attention, and its high trading volume and market cap prove that it's one of the trendiest meme coins available right now. Many crypto enthusiasts believe that Book of Meme’s decentralized storage options will give it additional staying power. Compared to other popular meme coins, such as 

 (COQ), Book of Meme provides its holders with a little extra utility.

However, keep in mind that meme coins are inherently volatile. Prices tend to shift a fair amount, and if another coin manages to capture people's attention, BOME’s price could drop. While it is possible to make massive gains with meme coins, the bullish momentum of a new meme coin can’t last forever. Investors need to remain cautious and avoid investing more than they can afford to lose. It's also useful to diversify your portfolio and include a blend of more 

Since its presale attracted attention the BOME token has done quite well. The decision to launch it on Solana instead of the Ethereum network gained a lot of fans. Furthermore, crypto enthusiasts were intrigued to see that the token’s blockchain also provides on-chain storage for memes. All of this positive momentum has led to an impressive price for Book of Meme and its BOME token.

Book of Meme (BOME): The Latest $1 Billion Solana Meme Coin

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards