Gate Research Institute: The market maintains a weak recovery rhythm | Event catalysts become the main line of altcoin funding

GateResearch

2025-11-20 06:35:17

Encryption Asset Panorama

BTC (+0.43% | Current Price 92,719.1 USDT)

BTC continued its weak consolidation from the previous day early on the 20th, finding support around 89,000 USD and showing a slight rebound, currently quoted at about 92,700 USD. The short-term moving average structure shows some signs of recovery: MA5 has crossed back above MA10 and MA30, and the short-term moving averages are starting to turn upwards, indicating that short-term buying is trying to recover, with the potential to further challenge the resistance at 93,000–94,000 USD. In addition, the MACD has formed a bullish crossover at the bottom, with the red bars increasing again, showing that short-term momentum is warming up. Overall, BTC is currently in a short-term recovery phase, with slight technical improvements, but the pressure above remains evident. In terms of operations, it is advisable to maintain a short-term mindset, focusing on the support at 89,000-90,000 USD and the resistance at 93,000-94,000 USD.

ETH (-2.15% | Current price 3,047 USDT)

ETH has been quite volatile, dipping to around $2,900 in the early hours today before finding support and then showing a notable rebound, currently priced at about $3,040. In terms of moving averages, the MA5 has crossed above the MA10 and is close to the MA30, indicating a short-term trend recovery, but the upper side is still constrained by the periodic resistance in the $3,100–$3,150 range. From the MACD perspective, the indicator line has just formed a golden cross, and the red bars are expanding again, showing that bullish momentum is recovering, but overall trading volume has not seen significant expansion, indicating that the short-term still belongs to a corrective rebound phase.

Overall, ETH has certain support in the $2,900–$3,000 range, but it still needs to be observed whether it can effectively break through the resistance zone of $3,100–$3,150. If it breaks through with volume, it is expected to continue the rebound rhythm; if it is blocked and falls back, it may retest below $3,000 to reconfirm support.

GT (-1.37% | Current Price 10.77 USDT)

GT found support after dipping near 10.30 USD early this morning, followed by a slight rebound. The moving average structure is similar to ETH, with MA5 crossing above MA10 close to MA30, forming an initial short-term recovery pattern. The MACD double line has just formed a golden cross, and the red bars have started to expand again. The short-term bullish momentum has seen some recovery, but the trading volume remains weak, and the trend reflects more of a technical rebound after an oversold condition.

Daily Price Fluctuation Tokens

In the past 24 hours, market sentiment remains cautious, with a fear index of 15, having stayed in the extreme fear range for nearly a week, and investor risk appetite at a low level. The overall market is relatively weak, with BTC showing relative resilience, but mainstream altcoins are generally under pressure. However, some tokens like ZEC, SOL, and HYPE have shown independent market movements, especially the privacy sector, which remains strong.

TNSR Tensor (+102.63%, Circulating Market Cap 27 million USD)

According to Gate.io market data, the current price of TNSR token is $0.08375, having increased by over 100% in the last 24 hours. Tensor is a well-established NFT market protocol and aggregator based on the Solana blockchain, launched in 2022. Tensor provides real-time data, professional charting tools, and a fast terminal interface to help users efficiently trade NFTs. Additionally, during last year's Meme wave, Tensor quickly responded by launching the VECTOR terminal that integrates social and Meme trading.

The rise of TNSR is not driven by the fundamentals of Tensor, but rather by a short squeeze caused by extremely high negative funding rates, which further pushed up the price under a large number of liquidations. Coinglass data shows that the open interest of TNSR has rapidly accumulated in the past 24 hours, and the annualized negative funding rate has exceeded 1,000%, ranking first among all assets.

GIGA Giga Chad meme (+61.29%, circulating market cap 68.97 million USD)

According to Gate market data, the current price of the GIGA token is 0.0071 USD, with an increase of over 60% in the last 24 hours. GIGA is a meme coin on the Solana network, community-driven, inspired by the classic internet meme “Giga Chad” (representing Russian fitness model Ernest Khalimov), emphasizing a fitness lifestyle and self-improvement.

The rise of GIGA is a typical event-driven scenario fueled by large whale movements. Notable on-chain players publicly bought large amounts, directly igniting market sentiment; Gigachad's supplement listing on Walmart has garnered over 360,000 views in the past 7 hours, bringing significant exposure to the GIGA Meme coin. GIGA holders widely promoted this as a fundamental catalyst within the community, driving the token's increase.

STRK StarkNet (+22.63%, circulating market cap 1.21 billion USD)

According to Gate's market data, the STRK token is currently priced at 0.2753 USD, having increased by about 22% in the last 24 hours. Starknet is a leading ZK-Rollup Layer 2 solution based on Ethereum, utilizing the STARK proof system, supporting the Cairo programming language, and providing scalability with high throughput, low fees, and privacy protection.

The rise of STRK is benefiting from the narrative upgrade of StarkNet. Recently, the ZEC privacy narrative has revived, and Starknet shares a background with the founder of Zcash, promoting the emergence of the “Ztarknet” narrative, which combines Zcash privacy + Starknet scalability, and quantum-secure STARKs may protect BTC. Moreover, StarkNet's underlying zk technology has become an important infrastructure for multiple PerpDEXs. The ZK infrastructure of Starknet is shifting from potential to real-world implementation, boosting holder confidence.

Hot Interpretation

Vitalik: The elliptic curve will eventually fail, Ethereum needs to complete the quantum resistance upgrade.

Ethereum co-founder Vitalik Buterin stated at the recent Devconnect conference that if quantum computers continue to develop at the current pace, they may pose a significant threat to Elliptic Curve Cryptography (ECC) before 2028. In the next approximately 4 years, the Ethereum ecosystem needs to complete the migration to quantum-resistant encryption systems. This migration involves not only replacing the signature algorithm but also supporting post-quantum signature schemes, rotating private keys, updating address structures, and it means that wallets, nodes, protocols, Layer 2, and even users need to cooperate.

In addition, Vitalik also mentioned the “ossification” at the protocol level, meaning that the core layer Ethereum Layer 1 should reduce frequent changes to facilitate the stable and secure execution of significant structural upgrades, while all innovations should be more focused on Layer 2, wallets, and privacy tools.

This issue is very important for the Ethereum ecosystem. If quantum computers break through ahead of schedule and the ecosystem has not completed its migration, there could be scenarios of large-scale private key breaches, asset theft, and a collapse of trust. “Four years” may seem ample, but for such a large, decentralized, and slowly iterating system, it is very urgent. This upgrade is not just a technical issue, but also a matter of governance, compatibility, user migration costs, and ecological coordination.

NVIDIA's earnings report exceeded expectations, and Jensen Huang emphasized that the “AI revolution is far from peaking.”

NVIDIA announced its Q3 FY2026 financial report on November 19, with revenue reaching $57.01 billion, a year-on-year increase of 62% and a quarter-on-quarter growth of 22%, significantly exceeding market expectations of $54.92 billion; adjusted earnings per share were $1.30, also better than expected. Revenue from data center business reached $51.2 billion, accounting for nearly 90% of total revenue, mainly benefiting from strong demand for Hopper and Blackwell GPUs in generative AI, large model training, and inference. The company's gross margin slightly declined to 73.6% against the backdrop of rising supply chain costs, but still remains high. NVIDIA also disclosed that AI chip orders for 2025-2026 have exceeded $500 billion and raised its Q4 revenue guidance to $65 billion, far surpassing market expectations of $61.66 billion.

CEO Jensen Huang stated at the earnings conference that “the AI revolution is far from its peak,” trying to address market concerns about an AI bubble, which led to a nearly 3% rise in the company's stock price after hours. The positive sentiment from the earnings report also spilled over into the encryption market — earlier, panic caused by missing Federal Reserve data and government shutdown risks saw Bitcoin briefly drop below $90,000, with the total market cap of cryptocurrencies evaporating by over a trillion dollars; after NVIDIA's earnings report was released, market risk appetite clearly recovered, and BTC promptly rebounded above $92,000.

The Asia Capital-led $1 billion ETH DAT program has been shelved.

A plan for ETH DAT, predominantly backed by Asian capital and initially set to scale up to 1 billion USD, has recently been confirmed by the media to be temporarily shelved. The project was originally aimed at raising funds through a centralized approach, establishing a closed-end trust to hold and increase its position in Ethereum spot long-term, with the goal of creating an “institutional-grade ETH reserve pool” for the Asian market. According to the original plan, the trust fund was to be set up through an offshore structure, attracting institutional and high-net-worth investors with a mixed form of partial equity and partial tokens, and planned to gradually expand into a comprehensive asset trust system that includes staking yields, derivative exposure, and on-chain yield aggregation over the medium to long term.

As the encryption market experienced severe adjustments in mid-November, both Bitcoin and Ethereum's prices fell sharply, leading to a drastic cooling of investor sentiment. Coupled with the recent decline in risk appetite in traditional markets and heightened expectations of regulatory tightening, the financing and structural design of the plan encountered resistance. According to media reports, the project's initiating team ultimately chose to suspend progress and refund all the initial funds raised to the investors. Some viewpoints suggest that the direct reason for the suspension is not only the fundraising difficulties caused by market volatility but also reflects the lack of confidence among Asian capital in long-term locked encryption asset products during the current cycle.
References:

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BTC7.06%

ETH8.9%

GT6.68%

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