The cryptocurrency market in November showed a complex and volatile trend, influenced by various factors. Below is an analysis of the cryptocurrency market in November:
Overall Market Performance
At the beginning of November, the cryptocurrency market experienced a significant decline. As of November 3rd, the price of Bitcoin fell below the critical psychological level of $110,000, briefly dipping to around $107,965, while Ethereum also dropped to around $3,700. On November 4th, Bitcoin fell to its lowest level since June, with a 24-hour decline of nearly 4%, and the liquidation amount reached $389 million, with long positions accounting for 83%.
Mainstream Token Analysis
• Ethereum (ETH): As the cornerstone of DeFi, Ethereum became the market focus in early November, with its core catalyst being the highly anticipated "Fusaka" upgrade, which aims to significantly enhance network transaction speed and efficiency. Meanwhile, institutional funds have shown a preference for Ethereum, with third-quarter inflows into Ethereum ETFs historically surpassing Bitcoin, and analyst Tom Lee has even suggested that Ethereum is entering a "super cycle," with long-term target prices seen at $8,000 to $12,000.
• Solana (SOL): Solana has regained market attention due to ETF developments, with its spot ETF set to begin trading in Hong Kong, and the 21Shares Solana ETF has also passed a crucial review stage with the US SEC. If the current momentum is maintained, SOL prices are likely to test the $300 level.
Emerging Sector Token Analysis
• Bittensor (TAO): TAO successfully integrates two cutting-edge fields, artificial intelligence and blockchain, attracting institutions such as Nasdaq-listed Tao Synergies and Grayscale's funds. Its total token supply is strictly limited to 21 million, and with the first halving expected in December, it may further tighten market circulation and drive value up; some predictions even suggest a target price of $500 to $700.
• Chainlink (LINK): As a bridge connecting blockchain and the real world, Chainlink's Cross-Chain Interoperability Protocol (CCIP) has connected over 60 blockchains, playing a core role in the RWA (Real World Assets) tokenization market, which is expected to exceed $16 trillion by 2030. The SmartCon conference held in early November attracted participation from traditional financial giants like Swift, Mastercard, and JPMorgan, highlighting its deep integration capabilities with traditional finance.
Market Risk Factors
• Token Unlock Pressure: In November 2025, the entire crypto market is expected to have around $2.1 billion worth of tokens unlocked. Among them, LayerZero (ZRO) will face a massive unlock on November 20, resulting in a circulation supply surge of 23.13%, which could significantly increase market selling pressure in the short term, triggering price fluctuations.
• Regulatory Policy Uncertainty: The US (GENIUS Act) allows federal regulators to hold stablecoins, marking a new phase in the fusion of traditional finance and the crypto market, but it also comes with more complex regulatory scrutiny. At the same time, the Financial Stability Board (FSB) has warned about the significant gaps in global cryptocurrency regulation, particularly in the stablecoin and cross-border transaction areas.
The above content is compiled from public information and does not constitute investment advice. The risks in the cryptocurrency market are extremely high, and investors should participate cautiously.
