BitMart Market Weekly Report 11.17-11.23

According to BitMart's market report on November 24, the total market capitalization of cryptocurrencies over the past week was $2.94 trillion, a decrease of 6.07% from the previous week.

Cryptocurrency Market Dynamics This Week

The cryptocurrency market continues to decline, with sentiment further weakening. Following last month's leveraged-led correction, large-scale deleveraging occurred again this week, with liquidation amounts reaching $1.2 billion and $1.6 billion over two consecutive days. BTC fell by 6.4%, while ETH, SOL, and major altcoins turned negative for the year, with high-beta assets experiencing particularly significant declines as funds continued to flow out of risk assets. The market has evaporated nearly $1 trillion in value, but the pullback is primarily driven by technical deleveraging rather than a deterioration in fundamentals. The industry's fundamentals remain robust: adoption rates are at an all-time high, regulatory benefits are continuously advancing, and technological innovation is accelerating. However, extremely high leverage has amplified volatility, making the market more sensitive to macroeconomic and news factors. This round of liquidations pushed BTC down from about $126,000 to around $100,000, triggering a systematic risk reduction in the market. Stablecoin data shows that despite the clearing of leveraged positions, funds remain within the crypto ecosystem and have not flowed out significantly, but rather shifted towards stablecoins. The long-term logic remains unchanged, but the short-term market will maintain high volatility in both directions during the leverage reset.

Popular Cryptocurrencies This Week

In terms of popular cryptocurrencies, SPX, WLFI, BCH, MYX, and XDC have all performed well. SPX's price increased by 24.86% this week. WLFI's price rose by 14.46%. BCH's price went up by 11.90%. MYX and XDC increased by 9.97% and 7.87%, respectively, this week.

U.S. Market Overview and Hot News

Against a backdrop of significant uncertainty in the market, U.S. risk assets are under pressure, with major stock indices generally retreating. Although Nvidia boosted AI sentiment with strong earnings, and Google reached a new high due to the release of Gemini 3, the S&P 500 still closed slightly lower, reflecting that the optimistic expectations for the tech sector are not enough to offset macro pressures.
The U.S. dollar index strengthened moderately, supported by rising U.S. Treasury yields and safe-haven demand, while the U.S. unemployment rate continued to rise to 4.4%, intensifying concerns about slowing economic momentum. Gold saw a slight pullback after several weeks of historic gains, while oil prices fluctuated narrowly amid conflicting expectations of rising inventories and demand. The yield on Japan's 10-year government bonds weakened due to market concerns that new fiscal spending could further deteriorate Japan's fiscal outlook.
Market volatility has significantly increased, with both the VIX and MOVE indices rising sharply, reflecting investors' tendency to increase hedging positions in the face of multiple uncertainties, including AI valuation disputes, hawkish signals from the Federal Reserve, and delays in the release of key economic data. Overall, the short-term momentum of the U.S. stock market is weakening, with funds shifting back to defensive positions and risk appetite noticeably cooling.
The European Union will ban trading of the stablecoin A7A5, which is pegged to the Russian ruble, starting November 25; the EU announced the 19th round of sanctions against Russia, including A7A5 in the sanctions scope. This stablecoin is issued by A7 and is pegged to the Russian ruble at a 1:1 ratio.

Project Unlocks

Plasma (XPL) will unlock approximately 88.89 million tokens at 9 PM Beijing time on November 25, accounting for 0.89% of the total supply, valued at approximately $18.1 million.
WalletConnect Token (WCT) will unlock approximately 10.06 million tokens at 8 AM Beijing time on November 25, accounting for 10.07% of the total supply, valued at approximately $11.6 million.
Sahara AI (SAHARA) will unlock approximately 133 million tokens at 8 AM Beijing time on November 27, accounting for 1.33% of the total supply, valued at approximately $10.4 million.
Jupiter (JUP) will unlock approximately 53.47 million tokens at 12 PM Beijing time on November 28, accounting for 0.76% of the total supply, valued at approximately $12.5 million.
Hyperliquid will begin unlocking core contributor tokens at 3:30 PM UTC+8 on November 29, with a cliff unlock of approximately 9.92 million tokens, valued at approximately $333 million.

Risk Warning:

The risks associated with using BitMart services are entirely borne by you. All cryptocurrency investments (including returns) are inherently highly speculative and involve significant risk of loss. Past, hypothetical, or simulated performance does not necessarily represent future results.
The value of digital currencies may rise or fall, and there may be significant risks associated with buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment goals, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.