Bitcoin (BTC) is trading at approximately $105,133, showing a modest gain of 0.75% with low volume, as investors await key U.S. inflation data. The broader cryptocurrency market is experiencing a downturn, with the total market capitalization declining by 1.9% to $3.54 trillion and the Fear and Greed Index sitting at 31, indicating fear. The average Relative Strength Index (RSI) remains in a neutral zone, reflecting market uncertainty.
Uniswap's UNI token surged by 50% to $8.30, driven by a comprehensive governance proposal from founder Hayden Adams. The update includes activating protocol fees to burn UNI, directing Unichain sequencer revenue into the burn pool, and introducing Protocol Fee Discount Auctions to boost liquidity returns. Uniswap v4 will serve as an on-chain aggregator to capture external fees, while 100 million UNI from the treasury will be burned retroactively. The proposal also merges Uniswap Labs and Foundation for unified direction and moves old Unisocks liquidity to v4 before permanent deletion. This led to UNI rising 22% daily and 62% weekly, lifting DeFi and PayFi indices by 3.86% and 3.96%, respectively.
Ethereum (ETH) dipped 1.98% to $3,562 but is holding above the critical $3,500 support level, bolstered by institutional investors who added $1.37 billion in ETH holdings. Technical analysis shows ETH above its trendline support since April, with resistance at the 100-day EMA around $3,648. Market analysts, including Tom Lee, project ETH could reach $10,000 to $12,000 by year-end, with a long-term target of $60,000, though a break below $3,425 could trigger further declines.
Other altcoins showed mixed movements: XRP (XRP) gained 1.49% to $2.44, while meme coins like MELANIA and TRUMP rose by 34% and 3.77%, respectively. ZANO and GLM increased by 21% and 16.5%. Attention is also on upcoming events, such as Monad's (MON) public token sale on Coinbase from November 17 to 22, priced at $0.025 per MON for 7.5% of the 100 billion total supply. The mainnet launches on November 24, with airdrops for 225,000 testnet users. Backed by $240 million from Paradigm and others, Monad aims for 10,000 TPS and sub-second finality, though it faces criticism for VC-heavy tokenomics with 64% insider-locked tokens.
Aptos (APT) is under pressure from a token unlock of 11.3 million APT (worth ~$37.6 million), with its price trading near $3.3 and testing key support levels. Cardano (ADA) is holding above 0.50, supported by Grayscale's endorsement and speculation about a SpaceX partnership. Market warnings from CryptoQuant highlight that Bitcoin whales have been selling since the $100,000 mark, and if institutional buying from entities like MicroStrategy and ETF inflows slow, sellers could dominate, though ETFs currently see $1.15 million in daily inflows.
