Bitcoin is currently priced at $87,322 showing a -3.38% decrease, while Ethereum is at $3,058, down by -4.02% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 49.8% long versus 50.2% short positions. The Fear and Greed Index, which measures market sentiment, was at 88 yesterday and maintains the Extreme Greed level at 80 today. The crypto market has been buzzing with major developments that are shaping the landscape of digital assets. Solana is dominating new token launches by 89%, Bitcoin is aiming for a historic $100,000, and the memecoin $PNUT has crossed a billion-dollar market cap. Let’s break down what these stories mean for investors and the crypto community.
What’s Trending in the Crypto Community?
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Tether Treasury has minted 9 billion USDT since Trump won the U.S. presidential election. Tether announced the launch of the asset tokenization platform Hadron, allowing users to tokenize various assets, including stocks, bonds, stablecoins, loyalty points, etc.
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The U.S. spot Bitcoin ETF has accumulated a trading volume of over $500 billion in just ten months since its launch.
Crypto Fear & Greed Index | Source: Alternative.me
Trending Tokens of the Day
Top 24-Hour Performers
Read More: Top Cryptos to Watch as Bitcoin Crosses $81,000 and Crypto Market Enters 'Extreme Greed' Zone
Solana Powers 89% of New Token Launches as Memecoin Craze Fuels Network
Source: The Block
Last week saw a staggering 181,000 new tokens appear on decentralized exchanges (DEXs). Solana accounted for 89% of these launches. Memecoin platforms like pump.fun are driving this surge, creating efficient systems for deploying new tokens. Despite this volume, only about 1% of these tokens are successfully listed on major platforms like Raydium. Still, Solana’s technical strength—fast transactions and low fees—keeps it as the top choice for new projects.
The network processed roughly 41 million non-vote transactions last week, showing high user engagement. Established memecoins on Solana are outperforming, second only to major Layer 1 tokens like Ethereum and Solana itself. This shows that investors are still hungry for high-risk, high-reward opportunities even as institutional capital pours into regulated assets like Bitcoin ETFs.
Solana’s position as the preferred network for new token launches remains secure for now. Its technical edge in fee structure and transaction speed keeps it ahead, though the high failure rate of new tokens reminds us of the speculative nature of these projects.
Bitcoin’s $100K Path Could Accelerate in November
BTC/USDT Chart Source: KuCoin
Analysts are predicting that Bitcoin could hit $100,000 before the end of November. This expectation follows historical trends and the recent surge in investor interest since Donald Trump won the U.S. presidential election. Bitcoin recently crossed the $90,000 mark, putting it within striking distance of six figures. Its 100% year-to-date rally has outpaced most traditional assets, highlighting its strong appeal as an investment option.
November has historically been the best month for Bitcoin’s returns. A 14.7% increase from the current price of $87,843 would push it past $100,000. If history repeats itself, Bitcoin could break this milestone within weeks. However, leveraged trading ratios have reached unsustainable levels. Kris Marszalek, CEO of Crypto.com, warned that a market correction might be needed before Bitcoin can push further, urging traders to manage their risk wisely.
Despite the need for possible deleveraging, optimism remains strong. Bitcoin has already gained 20% this month, and analysts believe it could match or exceed its historical average monthly return of 44%. The next few weeks will be crucial for BTC as it inches closer to the much-anticipated $100,000 mark.
Bitcoin average monthly returns. Source: CoinGlass
Read more: Bitcoin Price Prediction 2024-25: Plan B Forecasts BTC at $1 Million by 2025
$PNUT Crosses $1 Billion Market Cap
$PNUT Price Trend | Source: KuCoin
Peanut the Squirrel ($PNUT) has taken the crypto world by storm. This Solana-based memecoin crossed the $1 billion market cap, driven by a massive price surge of 266.17% within just a few days. With a current price hovering around $1.68, $PNUT has caught the attention of both traders and the broader crypto community.
Yet, the hype brings risk. The fear and greed index sits at 84, indicating “extreme greed.” Such levels often suggest collective euphoria, which can be followed by sudden corrections. Despite this, technical analysts remain bullish, forecasting a potential price of $4.73 by December—a jump of 211.12%.
The rapid rise of $PNUT is reminiscent of earlier memecoin successes like Dogecoin and Shiba Inu, which saw massive gains followed by equally sharp corrections. While $PNUT shows promise, investors must remember that its high volatility carries significant risk. The memecoin recorded 50% of “green” days over the last 30 days—a signal of confidence but not a guarantee of stability. The key question for new investors is whether this is a strategic long-term play or just a speculative short-term bet. As always, only invest what you’re willing to lose, as the history of crypto is filled with quick rises and equally rapid falls.
Pennsylvania House Introduces Bill for Bitcoin Reserve
President-elect Donald Trump, known for his pro-crypto stance, has sparked excitement in the crypto market following his election win. At the Bitcoin Conference in Nashville, he pledged to make the U.S. the "crypto capital of the planet," leading many, including Pennsylvania legislators, to take notice. Satoshi Action Fund announced up to 10 more states are likely to follow suit this year.
State Representative Mike Cabell has proposed a bill to allow the state treasurer to invest up to 10% of Pennsylvania’s general fund in Bitcoin. Cabell believes this move would help the state stay ahead of inflation. Bitcoin’s value jumped by 28.7% after the election, reaching over $89,000, and enthusiasts hope it will hit six figures by Trump’s inauguration in January.
The bill, still in planning, faces challenges, including a Democratic-controlled House, Republican-majority Senate, and Cabell’s end of term, as he lost his reelection bid. However, State Representative Torren Ecker plans to continue pushing the effort. Cabell's focus now is educating other legislators on Bitcoin’s potential.
Representative Cabell said, “This work cannot be done by one lawmaker or even a group of lawmakers; it requires advocates who understand the policy intricacies and can help foster these relationships within state legislatures and Congress.”
Not everyone supports the idea. Hilary Allen, a financial regulation professor, called it "an unequivocally bad idea" due to Bitcoin’s volatility. However, similar moves in other states, like Wisconsin and Michigan, show growing interest in alternative assets. Andrew Bull, a digital assets lawyer, notes that such a bold move is rare but could be effective if held long-term.
Despite risks, Cabell remains committed. "I’m more concerned about inflation than risky investments," he said, expressing confidence in Bitcoin’s potential benefits for Pennsylvania.
Conclusion
The crypto market remains highly dynamic. Solana’s leadership in token launches, Bitcoin’s rapid move towards $100,000, and $PNUT’s meteoric rise all highlight the opportunities—and risks—available to investors. Solana continues to dominate new projects, thanks to its technical strengths. Bitcoin’s price surge shows promise, but leveraged positions pose a risk for short-term corrections. Meanwhile, $PNUT’s rapid growth underscores the speculative nature of memecoins. As the market evolves, investors need to stay informed and assess whether each opportunity aligns with their risk tolerance and goals.
