The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. 

November 2024 has marked a significant milestone for Bitcoin, with its price soaring to $94,105. This unprecedented growth has been driven by global events and heightened social media discussions, with predictions of six-figure valuations. Historically, peaks in social media chatter often precede market corrections, signaling traders to exercise caution. Currently, while whale accumulation remains strong — with wallets holding over 10 Bitcoin adding 53,006 more BTC in just one month — retail traders remain surprisingly cautious. This wary sentiment contrasts sharply with the bullish behavior usually seen during price surges, suggesting a potential correction.

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. Despite their volatility, these tokens reflect a broader appetite for high-risk investments. Notably, whale investors holding 1M–100M DOGE are accumulating, while smaller holders are selling, creating conditions for potential breakouts. However, if new capital stops flowing, these speculative assets could face significant downturns. Additionally, while discussions around Bitcoin reaching $100K are increasing, they haven’t reached the levels seen earlier this year, indicating that fear of missing out (FOMO) may not yet be fully realized.

Institutional Interest and Ethereum's Resurgence

Demand for Bitcoin ETFs has surged, with daily trading volumes hitting a record $8.21 billion, signaling increased institutional interest. This activity often coincides with market peaks, but could also indicate new investments flowing into the crypto space. Meanwhile, Ethereum has also gained momentum, breaking above $3,100 for the first time in over 14 weeks. Additionally, whale accumulation is on the rise, suggesting that as Bitcoin leads the market, profits may soon be redirected into Ethereum. In contrast, Solana's price movements remain highly sentiment-driven, with funding rates indicating potential entry points for investors. Overall, altcoins are experiencing growth, particularly following the U.S. elections, which have reignited optimism in the crypto market.

Advanced

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Bitcoin's Resurgence: Analyzing Market Dynamics and Speculative Trends in November 2024

Crypto market makers play a crucial role in providing liquidity by consistently placing buy and sell orders. Learn more about how they work here.

The cryptocurrency market is notorious for its high volatility and sometimes low liquidity, making it a challenging environment for traders and investors. Executing trades can be difficult, often resulting in significant price 

Market making is a strategic approach that provides the necessary liquidity to stabilize markets, ensuring smoother trades and reducing volatility. By creating buy and sell orders around the current market price, market makers help maintain a healthy trading ecosystem. This article examines the fundamentals of market making, its benefits for traders and exchanges and the way it enhances the overall efficiency of the cryptocurrency market.

A crypto market maker is an entity or individual who primarily provides liquidity in cryptocurrency markets by continuously placing buy and sell orders for digital assets. This activity ensures efficient trading and helps maintain stable prices.

Crypto market makers play a key role in keeping markets liquid by continuously placing buy and sell orders on exchanges. Here's a closer look at how they operate.

Key Characteristics of a Crypto Market Maker

Crypto market makers provide liquidity and stabilize prices in the cryptocurrency market. The following are the key traits that enable them to operate effectively.

Market makers continually place buy and sell orders, ensuring the availability of transactions for traders. This constant availability reduces wait times for trades and minimizes the price impact of large orders, making the market more efficient and accessible for everyone.

One of the fundamental roles of market makers is that of managing the bid-ask spread. By consistently quoting competitive prices, they narrow this spread, thereby enhancing trading efficiency and reducing costs for other market participants. This spread is also their primary source of profit.

Market makers leverage advanced algorithms and HFT strategies to analyze market conditions and optimize their order placements. This technology allows them to react swiftly to price changes and maintain a balanced inventory of assets, which helps to manage risk and maximize profitability.

Due to the inherent volatility of cryptocurrency markets, effective risk management is vital for market makers. They employ various techniques, such as hedging and real-time market analysis, to minimize exposure to sudden price swings. This ensures their operations remain stable even in the face of market fluctuations.

By providing continuous liquidity and facilitating smooth trading operations, market makers enhance overall market efficiency. Their presence attracts more traders, which increases transaction volumes, boosts exchange activity and contributes to a healthier trading environment.

Given the quickly evolving nature of the cryptocurrency landscape, market makers must be adaptable, continually refining their strategies in response to new technologies, regulatory changes and shifts in market dynamics. This ensures they remain competitive and relevant.

Crypto market makers play a critical role in the cryptocurrency ecosystem by providing liquidity and stabilizing prices. Despite the integral role they play, however, their operations come with both advantages and disadvantages. 

Additional Importance of a Crypto Market Maker

Crypto market makers play a vital role in maintaining the efficiency and stability of the cryptocurrency market. Their presence on crypto exchanges ensures trading environments operate smoothly. 

Newer and smaller cryptocurrencies often struggle with liquidity. Market makers provide a market for these assets, promoting their growth and creating a more diverse and dynamic crypto ecosystem.

Through continual quoting of prices, market makers aid in fair price discovery, ensuring that cryptocurrency prices reflect actual market demand rather than extreme fluctuations. This promotes a more trustworthy and transparent trading environment that allows traders to make data-backed decisions. 

Crypto market makers are essential players in the cryptocurrency ecosystem, providing liquidity, stabilizing prices and ensuring smooth trade execution. Their use of advanced algorithms and real-time order placements encourages a more efficient, accessible and fair market. However, risks such as market manipulation, potential capital loss and lack of regulation can be problematic. Overall, the role of market makers in supporting emerging assets and maintaining market stability makes them indispensable for a healthy and growing crypto environment.

Intermediate

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Crypto Market Maker: Boosting Trades With Strategic Liquidity

SEC Chair Gary Gensler announced he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration.

The S&P 500 rose 0.53% as investors shifted toward cyclical stocks expected to benefit from a strengthening economy, while technology shares lagged. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.79%, with Bitcoin and Ether rising by  4.19% and 8.75%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 24.3% following the partnership between Ripple and MCSocialVenture to boost financial resilience and access in emerging markets.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. 

, focused on investing in emerging market entrepreneurs. The initiative will pilot financial resilience and humanitarian solutions built on the XRPL, aiming to advance equitable access to finance.

Check Out the Latest Prices, Charts, and Data of 

 he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration. Gensler, whose term runs until 2026, faced pressure from the crypto lobby due to the SEC’s strict regulatory actions against the industry, including high-profile cases against Coinbase and Binance. Gensler’s departure is seen as a victory for crypto advocates, who hope the next SEC chair will be more crypto-friendly. Trump has hinted at firing Gensler on his first day in office and is expected to appoint a chair with expertise in crypto, such as Mark Uyeda, Hester Peirce, or Chris Giancarlo.

Yesterday, BTC Spot ETF data revealed a net inflow of $396.7 million, driven by $404.5 million from non-GBTC sources, partially offset by a $7.8 million outflow from GBTC..

 for those who participated. To claim, visit 

 using code B0FKOP. Additionally, Morph Zoo Season 2 has launched on mainnet, allowing users to earn points by bridging ETH or executing transactions on Morph. The Bitget Wallet offers a 1.2x multiplier on points to maximize rewards.

Beginner

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SEC Chair Gary Gensler to Resign on Inauguration Day, Marking a Win for Crypto Lobby

Traders seem to expect BTC’s momentum could slow down a bit after the price hit over $97,000.

Positive sentiment has continued to fuel the cryptocurrency market as the expectation of further institutional adoption of 

 keeps growing. Options trading of BlackRock’s Spot Bitcoin ETF IBIT 

 with a bang, attracting almost $2 billion on the first day of trading. The hope of more spot ETF derivatives to change the market structure with additional institutional money onboarding crypto is high.

, we explored the possibility of the market being overleveraged, which could be painful if the current leverage unwinds. Data from CryptoQuant shows that the estimated leverage of the current BTC markets has reached another YTD high.

Derivatives data on Bybit shows that traders seem to expect that BTC’s momentum could slow down a bit after the price hit over $97,000, and are focusing more on downside protection.

Figure 1: Bitcoin estimated leverage ratio at 0.23. Source: CryptoQuant

BTC Options Open Interest Returns to Previous High While Perps Are Catching Up

Derivatives traders have been actively participating in BTC markets as 

 on Bybit has surged to over $3 billion, on par with the previous high on Nov 14, 2024. Although the options OI has increased, it still hasn’t surged above the previous high. At the time, BTC’s price had already jumped to over $97,000. If the OI doesn’t follow suit and break above the previous high in the coming days, this could be a sign that the market could become a bit exhausted — something for all market participants to be aware of.

Figure 2: Daily open interest for BTC options on Bybit. Source: Bybit

 have also seen increased open interest in recent days. Perpetuals have been among the most favorable products for day traders and short-term speculators. Rising open interest could indicate that more traders are looking for short-term profit, which could bring additional volatility to the market. 

Figure 3: Daily open interest for BTCUSDT Perpetuals on Bybit. Source: Bybit

Dec 27, 2024 remains the most popular expiration date for BTC Options on Bybit, with most of the open interest there. Within that expiration, $120,000 calls had the most OI, and $100,000 calls accumulated the second-largest OI. 

Figure 4: Open interest by strike for BTC Options with a Dec 27, 2024 expiration. Source: Bybit

Meanwhile, the market’s optimism that BTC will hit $100,000 by the end of the year seems to support the current price momentum. Shorter-dated options could show that traders are also looking for downside protection. The Bybit 

 page shows that BTC Options with a Nov 29, 2024 expiration have a strong 24-hour inflow to $90,000 puts. This could indicate that some traders are also anticipating some degree of price correction by the end of the month. 

Figure 5: 24-hour volume by strike for BTC Options with a Nov 29, 2024 expiration on Bybit. Source: Bybit

 for BTC Options on Bybit also indicates a possible downside protection in play among options traders. A smirk skew, or left skew, is a skew curve that’s steeper on one side (the left side) than the other. Traditionally, a smirk skew curve could mean that traders have been protecting their portfolios against a possible declining market. At the time of this writing (Nov 21, 2024), BTC Options contracts on Bybit with Nov 29, 2024 and Dec 27, 2024 expirations have both shown a smirk skew. However, this doesn’t necessarily mean traders are bearish on the price, and could just be part of the trading strategy. For example, traders could set up collars by buying out-of-the-money (OTM) puts and selling OTM calls simultaneously, so that they can profit in case BTC’s price drops, gain upside exposure and potentially offset the cost of buying the puts. 

Figure 6: Implied volatility of BTC Options with Nov 29, 2024 and Dec 27, 2024 expirations. Source: Bybit

The current BTC leverage trading may be complex, but tells a revealing narrative about market sentiment. The divergence between high leverage and increased hedging activities also reminds us that market dynamics are rarely straightforward, and adopting a 

 seems increasingly important in this diverse market.

: Investing in cryptocurrencies and their derivatives involves substantial risk of loss, and isn’t suitable for every investor. This article provides facts for educational purposes only, and does not represent any financial advice. Prior to making any investment decisions, please ensure you fully understand the risks involved and seek independent advice if necessary. Our customer support team is available to assist you with any inquiries.

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Learn From Smart Money: BTC’s Leverage Remains High as Traders Hedge Against Downside Risks

Bybit Learn

A Reddit NFT is an avatar that can be purchased on the Reddit avatar marketplace. Find out how you can obtain a free one from Reddit's latest airdrop here.

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 (NFTs) don't always come from places you would expect. One platform that has shown an eagerness to provide its community with easy access to NFTs is 

, which is a social news website and forum. In fact, Reddit has been a big supporter of the cryptocurrency industry, demonstrated by its 

 as an alternative payment method for in-app purchases 

Over the years, Reddit has introduced many features to its community that indicate the platform will broaden its support for the NFT industry in the years to come. Recently, it has even introduced its own collection of NFTs that are given away for 

. Before we start talking about its recent NFT collection, let’s first take a look at what Reddit is and how it works.

Reddit is a popular networking site that allows users to discuss, vote on and share content. Any user who joins Reddit can provide posts with a downvote or upvote, which determines how popular a post is when it comes to search rankings.

Reddit exists as a forum and networking site with more than 

. These users can search Reddit for entertainment, news, updates, marketing and memes that cover all manner of topics. The website was placed online in 2005 and is likely the most popular discussion website in existence.

When a user first joins Reddit, they create a profile and username that represents them when they make posts or comments across the forum. Reddit users are commonly referred to as redditors. Along with being a forum where users can create communities and topics about practically anything, Reddit is a news aggregation site, which means that any important piece of news is posted on Reddit for discussion among members. The various types of content that can be placed on Reddit include text posts, images, audio clips, videos and external links.

If a redditor wants a community where they can host more specific discussions, they can create a subreddit. Once a dedicated subreddit is made, redditors who are interested in the topic of discussion can join the subreddit. Thousands of subreddits cover subjects such as TV shows, movies, politics, stock trading, gaming and cryptocurrency.

As of this writing, it's believed there are more than 140,000 active daily subreddits. When content is shared on a subreddit, the post gains more interest from redditors. The voting system mentioned previously provides redditors with the opportunity to determine which content goes viral. Any negative or uninteresting post will be ignored or downvoted, which means that it won't be spread around.

Since its inception in 2005, Reddit has cultivated its community by regularly introducing features that keep members engaged. These features include everything from Reddit karma to Reddit awards.

In order to be a top poster on Reddit, you must first build a reputation, which usually results in other members valuing your opinion more than they might have before. Because there are more than 430 million users on Reddit, it's possible for hurtful comments and troll attacks to be posted by some of the users. Reddit created the 

 to make sure that troll attacks and hurtful comments don't remain highly visible for long.

Reddit karma is essentially the score that each redditor receives for their activities on the Reddit platform. When a redditor comments or posts in a subreddit, they can earn comment or post karma. The Reddit platform calculates how much karma a redditor receives based on the number of downvotes and upvotes they’ve obtained for their comments or posts.

If you want to earn karma, you need to comment on posts or share content on a relatively regular basis. An easy way to get other users to interact with your comments is by asking questions. If your posts or comments receive upvotes, your karma count should also increase.

Once your Reddit karma reaches a high enough level, you can earn benefits. For instance, certain communities require redditors to have a specific karma count before they're able to join the community or make a post. Having a high enough karma also grants access to community perks. For example, having 50 karma allows redditors to create a subreddit. Keep in mind, however, that there isn't any monetary value for Reddit karma.

, are a type of virtual currency that redditors can use to purchase certain awards. These coins can be earned or purchased in bundles. If you want to purchase coins, 500 can be bought for $1.99. It's possible to purchase 82,000 coins for $199.99.

redditors have the ability to provide awards to other users, based on comments or posts that are at the top of discussion threads. At the moment, there are a total of four distinct Reddit awards that can be given away:

Community awards are customized by moderators and are used to fund the creation of more exclusive rewards to be used within specific communities. On the other hand, reaction awards indicate how someone has reacted to a comment or post. For instance, a "Rocket Like" award can be given when an upvote isn't enough. Reaction awards provide redditors with another way to express themselves when reacting to content.

Medals are regularly awarded to comments or posts considered to be highly motivational or inspirational. The types of medals that can be awarded include:

The Silver medals are the least expensive, while the Ternion All-Powerful medals are the most expensive. As for premium awards, they are exclusive to all Reddit Premium members.

Back in 2013, Reddit began to explore cryptocurrency by formally accepting Bitcoin as an alternative payment method for all in-app purchases on the Reddit platform. However, Reddit 

 for in-app purchases in 2018 as the result of high transaction fees on Coinbase.

 program. Reddit Community Points are cryptocurrency rewards that exist via the 

 blockchain. The purpose of these points is to provide redditors with the opportunity to own a portion of the community they use. Points are awarded based on the contribution a user has made to a specific subreddit. This program is currently in beta testing.

Think of Reddit Community Points as a kind of fungible token that functions like Reddit karma. Community members can decide to distribute points throughout the broader community, and can use total karma points as an indicator of who should receive points. Reddit also plans to allow for digital transactions that turn coins into awards with the Community Points program.

In order for Reddit Community Points to be sent to another redditor or stored, a 

 must be used. Along with storing Community Points, Reddit Vault is where the MOON and BRICKS tokens are held.

Reddit provides users with a wide range of different collectible avatars they can pair with their accounts and online personae. These avatars are made by independent artists, and can feature practically any type of image. Collectible avatars are only available for a limited time and are supported with 

, which is an Ethereum-based blockchain that comes with low transaction fees. The avatars can be used as a type of 

 and are displayed via a glowing effect when shown in a comment section. The artists who create these collectible avatars usually charge anywhere from $10 to $100 per avatar.

A Reddit NFT is a type of avatar that can be purchased on the Reddit avatar marketplace. This marketplace provides redditors with the opportunity to buy blockchain-based images for a set amount of money.

If you decide to purchase an NFT-based avatar, you can do so with a crypto wallet, credit card, debit card or Reddit's Vault. Reddit has partnered with many independent artists to create over 90 designs, released alongside the marketplace’s launch. However, the total number of NFTs up for sale is in the tens of thousands.

In the event that you buy a limited edition NFT on Reddit, you're given the licensing rights to the token, which means that you have the ability to use the avatar on and off Reddit. In addition, buying one of these avatars allows you to alter its look with different merchandise obtainable within the avatar builder. As mentioned earlier, these avatars come with a glowing effect when you make a comment under a Reddit post.

There are several different types of Reddit NFTs available at this time, which include NFTs made by independent creators, the latest free NFTs — and CryptoSnoos.

 in 202 as its main and exclusive NFT collection. Every NFT within this collection comes with an image of Reddit's alien mascot, known as Snoo. Since every NFT is unique, these images are available in a wide range of different styles. One NFT may be displayed as a pixelated image, while another could include a disco ball.

Each CryptoSnoos NFT comes in a different stock level, which determines its scarcity. The labels that a CryptoSnoos can be affixed with include Legendary, Epic and Rare. Legendary CryptoSnoos NFTs are one-of-a-kind, which is why they’re priced higher than the rest. Epic versions are considered to be extremely limited editions. On the other hand, Rare NFTs are known to be limited edition versions.

 wallet and make sure to connect your Reddit account to the 

. At this time, a total of four CryptoSnoos have been sold. You can use these NFTs as your avatar on Reddit. All CryptoSnoos avatars have a glowing animation, similar to the animation used for collectible avatars.

As mentioned previously, Reddit NFTs are available as collectible avatars, created directly by independent artists on the Reddit platform. Most of these NFTs can be purchased on Reddit or OpenSea. Since there isn't an auction, every NFT comes with a fixed price. While many redditors use a crypto wallet to purchase Reddit NFTs, you can also buy them with a debit or credit card. When you navigate to the 

 subreddit, you can also search for your favorite artists.

Reddit is currently distributing batches of airdrops to give away free Reddit NFT avatars to top members of the Reddit community. Although the criteria to qualify for the airdrop are not clearly stated, it’s assumed that these Reddit NFTs are designed solely to be given to top redditors who have garnered high karma points through the Reddit karma program.

When a member is set to receive one of these avatars, they’re shown a banner that will take them to the place where the Reddit NFT can be claimed. There are four separate styles of collectible avatars that members can select from when claiming their free Reddit NFT.

 is one style that members can select from when claiming their free Reddit NFTs. It’s known for having robotic and futuristic elements. The floor price when purchasing one of these Reddit NFTs is 0.02 ETH. However, they can cost as much as 100 ETH.

 is a collection of Reddit NFTs by independent artists that's meant to display cute and friendly animals. The floor price for one of these Reddit NFTs is around 0.01 ETH. However, you can pay as much as 100 ETH for an Aww Friends NFT.

 is a collection of stylish NFTs based on the street style scene, which makes these among the most eclectic NFT avatars a redditor can claim. The floor price for a Drip Squad NFT is around 0.03 ETH and the highest listed price is 255 ETH.

 Reddit NFTs are designed around the idea of what an NFT would be like if the internet could throw up. These NFTs are designed to be beautiful and hideous at the same time. The floor price for a Meme Team NFT is 0.02 ETH. Interestingly, this style is being sold for the highest price out of the four styles, with the highest listing price of 69,420 ETH.

Claiming a free Reddit NFT is relatively straightforward, but can only be done if you're already a top redditor and have earned a high number of Karma points. It's estimated that the number of Karma points a user must have to receive a free Reddit NFT is 2,500 or higher.

If you qualify for a free Reddit NFT, you can claim one by going to the 

 of Reddit on your desktop, which will show you a general feed of articles and threads you can click on. The tab to reach the home page is located in the top left corner of the page.

Scroll down a bit until you see a banner with an image of Reddit avatars that reads 

. This banner will pop up between two Reddit posts or threads.

. Once you click on the button, you'll be able to choose from several themes before claiming your avatar.

Don’t worry too much if you fail to see this banner despite meeting the criteria. Some redditors have also mentioned that they have yet to see theirs, but since the airdrop is happening in batches, it’s believed that every top redditor will get their chance in due time.

Reddit uses the Ethereum-based blockchain known as Polygon to mint their collectible avatars on-chain. Many of these avatars are designed by independent artists whom Reddit has partnered with. These artists include redditors from other communities like 

If you want to obtain a Reddit NFT avatar without being a top Reddit member, it's recommended that you join the 

 subreddit, which is an invite-only community. Once you join this community, you can 

 by top NFT artists, as well as posts about collectible avatars that are available for purchase.

Unless you decide to purchase CryptoSnoos NFTs on OpenSea, there isn't an auction system for the collectible avatars. Every NFT comes with a fixed price on the official Reddit NFT marketplace, which allows you to purchase one of these NFTs with fiat currency. In order to enter the NFT marketplace, simply click on your profile on the top right, then the 

 button from the drop-down menu, followed by 

The fixed prices for these avatars range from:

Even if you aren't part of the r/CollectibleAvatars community, you should be able to purchase one of these collectible avatars via the avatar builder page. 

If you want to purchase an avatar on OpenSea, your Reddit account must be connected to the OpenSea marketplace. From here, you can search for collectible avatars and choose the 

Because of their popularity of the Reddit platform and the unique element of collectible avatars, Reddit NFTs are a good investment for the foreseeable future. If you enjoy making comments and creating posts on Reddit, you can get a lot of use out of Reddit NFTs. 

If you were able to obtain a free Reddit NFT from the exclusive NFT airdrop, you can choose to hold on to them and sell them in the future. If you weren’t, you can consider purchasing them instead. While many of these NFTs have a set price, there are a large number of collectible avatar collections on OpenSea that allow you to purchase even more unique and valuable NFTs that you can use as avatars on Reddit.

The NFT scene has become increasingly popular over the past few years. As popularity grows, communities like Reddit are starting to provide members with NFTs, which helps to create a greater sense of community while also allowing members to display their individuality. Now that you know how to obtain a Reddit NFT 

either through purchasing one on the NFT marketplace or claiming one from the free NFT airdrop 

 you should be ready to find the avatar that best suits you.

Reddit NFT: What It Is & How to Get One for Free

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards