Greatest Bull Market In History Is Beginning

What a week it’s been, it seems crypto is awakening once again and the greatest bull market in history is beginning! Let’s dive into today’s letter!

For a comprehensive overview of the market check out our weekly market report for Coin Bureau

Narrative of the Week: How Will This Year End?

It appears that life is returning to the crypto space after a prolonged and challenging period. We are likely to witness price increases heading towards $40K and more in anticipation of the ETF. 

• Derivatives, particularly BTC options, have been heating up as well. The total open interest for bitcoin options across exchanges reached a record high of $15.37B

• Stablecoins have stopped their decline and have not reached new lows for over three months, signalling a potential reversal in market sentiment 

• The DeFi market has rebounded significantly, reaching a three-month high with a TVL of $42B

• Major and large projects such as Solana, Injective, and Rollbit have seen gains of 76%, 75%, and 65% respectively. Meaning investor sentiment has turned bullish

• Furthermore, the charts tell us significant moves are occurring. Bitcoin dominance has surged to 54%, signifying a clear preference for Bitcoin over altcoins in anticipation of the ETF approval. Interestingly, the current rise in BTC dominance is reminiscent of the ascent observed in 2018 and 2019, which foreshadowed the 2021 bull market

Bitcoin Monthly Outlook: 2016 vs 2023 Cycle

The comparative analysis between the 2016 and 2023 cycles eloquently brings to mind the timeless adage, "History doesn't repeat itself, but it often rhymes."

• While the timeframe may exhibit some variation in the future, there is a strong conviction that we are on the cusp of witnessing a significant milestone, with the possibility of reaching 42k by the conclusion of this quarter 

• This projection is further substantiated by the recent monthly close above the 32k mark, propelling us into a new trading range that is poised for exploration

• The potential trading range that has been identified for this cycle is between 31.8k and 48k, opening up a wide spectrum of opportunities for traders to capitalize on the market's movements 

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News

• VanEck predicts Solana will hit $3K

• ProShares launch first short ETH futures ETF 

• Unibot exploited

• Taho Wallet opens beta portal waitlist

• Avalaunch terminate partnership with Starsarena

• Fuse launch the first smart wallet for Solana

• Solana has partnered with Amazon Web Services

• Andreessen Horowitz planning to target $3.4B for next early-stage funds

• Neo plans Ethereum-compatible sidechain for N3 mainnet interoperability

• Renzo announce restaking mechanism that allows everyone to restake through Eigenlayer

• Friendtech and Starsarena were prominent protocols in the socialfi space in recent months. However, it appears that this narrative and trend are dwindling, with user activity and volume experiencing a sharp decline

Project Spotlight: Marinade Finance

Solana has undeniably emerged as one of the standout performers in the recent crypto rally. In light of this, let's explore the options available to SOL holders keen on staking their tokens to harness attractive yields

• Staking: Marinade enables users to stake SOL tokens, receiving marinated SOL tokens (mSOL) in return

• Versatile Utility: mSOL serves as the liquid staking token bestowed upon users when engaging with the Marinade protocol

• Value Appreciation: The value of mSOL steadily appreciates with each epoch, a result of rewards being dispensed for the staked SOL within the protocol

Blue Chip and Major Overview 

The crypto market is currently experiencing significant growth, with major and large projects such as Solana, Injective, and Rollbit seeing gains of 76%, 75%, and 65% respectively. This indicates that capital is flowing into projects that are considered high-risk but have the potential for high rewards

• Additionally, other coins such as CANTO, MINA and NEAR continue to perform very well, while gains made by other coins like RLB, PEPE, and MANA suggest that investors are willing to take on more risk in search of higher returns

• Furthermore, the growth of multichain RWA Hashnote, with a TVL growth of 373.51%, being one example, indicates that it is likely the new bull cycle will see new major and bluechip protocols emerge offering stiff competition to the well-established big players such as Maker, Compound and Aave

Degen Corner

• Numerous recently launched coins, including Aardvark, CAESAR, MOG, BITCOIN, CRESO, MLP, and REKT have amassed substantial degen smart money holdings

• Real Smurf Cat has experienced both inflows and outflows, with substantial degen smart money holdings being positioned in the project 

• Try out Saga’s incentivized testnet, Pegasus

• Be sure to mint the latest free NFTs on Scroll to increase your chances of qualifying for the future airdrop. Follow this thread and this official guide from Scroll

• Hyperliquid’s points program began on the November 1st. Be sure to check it out

• JOE hit an all-time high and is considered a degen smart money favorite

• SPX has been a part of the new meme trio along with JOE and Real Smurf Cat, degen attracting smart money buys and significant attention

• Banana Gun Bot continues to climb in usage, volume and fees generated. Many anticipate this Telegram bot will overtake its competitors in the market. Many are accumulating the token in hopes of the price appreciating greatly

News

• Frame announce they will be powered by Arbiturm’s Nitro Stack

• Opensea introduce Shipyard, an open-source collection of Solidity contracts for NFT creators

• Sup comic enters stores, Bitmap: Fragments Of The Machine

• Steve Aoki to drop digital sneakers for Stepn

• Axie Infinity’s Sky Smash has integrated Axie Experience Points 

• ArcadeDao has launched 

• Async Art is winding down

• Weekly volumes for art and collectibles NFTs on Ethereum have been rising since early October, coinciding with ETH's price rally, indicating some renewed interest

Project Spotlight: Wreck League

Wreck League introduces a unique concept where players use NFT-minted parts to construct mechs for real-time player-versus-player (PvP) fighting game competitions.

• Unlike traditional fighting games with predefined characters, each mech is crafted and owned by its creator, allowing for over 1.5 quadrillion possible mech combinations

• Players have the freedom to assemble, disassemble, and customize mechs using the 10 distinctive NFT parts. This customization results in mechs with unique visual appearances and play styles, enhancing their performance in various game events and tournaments

• Season 1 of Wreck League features a collaboration with Yuga Labs, integrating Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Kodas into the game. Holders of these collections can claim a free Founders Mech

Blue Chip Overview

NFTs have experienced heightened trading activity and price gains during the recent market rally. However, they still significantly trail behind the overall market performance

Degen Corner

• Earn ETH with mint.fun and their referral rewards

• Embed a Zora mint page onto your own website or platform to earn mint referral rewards

• ImgnAI, a crypto-based project enabling users to create AI-generated art, has gained entry into Nvidia's Inception Program. Following this announcement, the project's native token, $IMGNAI, has exhibited a favorable response, with its value surging by as much as 34%

• Maison Margiela offers a free Web3 Multiplayer Mint Game, where players can enter a code, confirm, and play to try and mint various numbers, with the challenge of resetting the counter after each successful mint

• The collectibles market is projected to reach a value of $1T by 2033, with stamps representing one of the largest segments at 8%. On Thursday, the German postal service released its inaugural stamp featuring a digital twin. Dive into this thread to learn how to partake in this trend 

• Preregister to play Metalcore a PvPvE shooter on Immutable zkEVM