Crypto Today: Bitcoin at $77k, Solana Memes’ in demand, CZ cuts ties with Binance
Source Fxstreet
- Bitcoin price entered its second consecutive day of price discovery on Thursday, November 7, reaching new peaks above $76,800.
- Demand for Solana memecoins is on the rise with the sector’s trading volume crossing the $3.5 billion mark within the last 24-hours.
Solana memecoins and XRP market updates
- Solana price gained 5.45% to reach the $195 mark for the first time in 220 days, dating back to April 2.
- XRP price is facing stiff resistance at the $0.55 level, as highly-leveraged short-traders dominate Ripple-back coin’s derivatives futures contracts.
- Solana memecoins are flashing strong demand signals, with the sector’s 24-hour trading volumes exceeding $3.5 billion on November 7.
Chart of the day: Solana memecoins flashing market maturity signals
According to Coingecko data, the tokens listed within the Solana meme sub-sector attracted $3.5 billion aggregate trading volume on November 7. A closer look at the chart also shows that the sector's total market capitalization is around $13.4 billion.
Solana memecoin sector performance, November 7, 2024 | Coingecko
Trading Volume-to-Market Capitalization (TV-MC) ratio is a metric used in crypto analytics to gauge the activity level and liquidity of a given asset or sector.
For Solana’s meme token sub-sector, recent data shows that meme tokens on the Solana network recorded a trading volume of $3.5 billion on November 7, while the sector’s market capitalization stands at approximately $13.4 billion, reflecting a TV-MC ratio of 0.26.
Typically, TV-MC values between 0 .2 to 05 is symptomatic of a maturing market, without extreme speculation. Assets with values within this range are likely experiencing steady liquidity and consistent market engagement relative to their current market valuation.
The Solana memecoin sector’s rising TV-MC ratio underlines steady growth and rising confidence within the global Solana memecoin community. The liquidity surge could potentially see top-ranked tokens like Dogewifhat (WIF), BONK and Book of Meme (BOME) avoid volatile price downswings when market retreats.
Market updates
- Bank of England slashed interest rates by 25 basis points on Thursday as UK inflation fell below the 2% target.
- In a Bloomberg report, Binance co-founder Changpeng Zhao has confirmed that he is no longer involved in running the exchange, ending weeks of speculation that the convicted founder could return following his recent release from prison.
“I’ve been leading the company for seven years. I enjoyed it. It’s a lot of work. But I think that chapter is that chapter. I don’t think I want to go back. I’m just a regular shareholder at this point”
Binance Co-Founder Changpeng Zhao
On-chain updates
- Solana node validators have staked approximately 5 million SOL within the last seven days.
- US Bitcoin ETFs maintain positive showing despite Blackrock’s record-breaking outflows.
- Bleeding 996 BTC on November 6, Blackrock’s IBIT set a new record for its largest single-day outflow since the inception of the Bitcoin ETFs asset class in January 2024.
Remarkably, despite Blackrock’s record-breaking outflows, the overall US Bitcoin ETFs markets still recorded aggregate inflows of 8,970 BTC valued at $660 million on November 6.
Bitcoin ETF Flows, November 2024 | Coinglass
This signals that the ongoing BTC rally is being driven by market-wide demand, rather than a handful of investors linked to Blackrock.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
After slumping below $93,500, 2025 Bitcoin price gains have been completely wiped out. Investors are puzzled as to why its bull market, underpinned by political tailwinds, institutionaliz
Oil Extends Losses as Russian Port Resumes Operations, Easing Supply FearsOil prices fell further on Monday as market participants reacted to signs of resumed activity at Russia’s key Novorossiysk export terminal on the Black Sea, easing concerns over a prolonged supply disruption after a Ukrainian drone strike last week.
Oil prices fell further on Monday as market participants reacted to signs of resumed activity at Russia’s key Novorossiysk export terminal on the Black Sea, easing concerns over a prolonged supply disruption after a Ukrainian drone strike last week.
Bitcoin slides deeper into red as bears lean on $96,600 wall and eye $90,000Bitcoin extends its decline after failing to reclaim $96,500, trading below $95,000, the 100-hour SMA and a bearish trend line near $96,600; unless bulls can force a decisive close back above $96,600–$97,200, the short-term path of least resistance stays lower, with $92,500, $90,000 and the main $88,500 support zone in focus.
Bitcoin extends its decline after failing to reclaim $96,500, trading below $95,000, the 100-hour SMA and a bearish trend line near $96,600; unless bulls can force a decisive close back above $96,600–$97,200, the short-term path of least resistance stays lower, with $92,500, $90,000 and the main $88,500 support zone in focus.
Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Gold Price Forecast: XAU/USD recovers above $4,100, hawkish Fed might cap gainsGold price (XAU/USD) recovers some lost ground to near $4,105, snapping the two-day losing streak during the early European session on Friday. The precious metal edges higher on the softer US Dollar (USD). Traders will take more cues from the Fedspeak later on Monday.
Gold price (XAU/USD) recovers some lost ground to near $4,105, snapping the two-day losing streak during the early European session on Friday. The precious metal edges higher on the softer US Dollar (USD). Traders will take more cues from the Fedspeak later on Monday.
