Gate Research Institute: The crypto market is experiencing a volatile bottoming, with AI and small to mid-cap zones showing structural differentiation.

Encryption Market Overview

According to CoinGecko data, from November 11 to November 24, 2025, global risk assets weakened under the impact of macro factors such as concerns about a “bubble” in the AI sector, stronger-than-expected employment data, and a sharp downgrade in interest rate cut expectations, with the cryptocurrency market also facing pressure. In terms of market trends, BTC and ETH saw a low-level rebound from November 19 to 20 after consecutive declines, rising to the ranges of 86,600 dollars and 2,780 to 2,820 dollars, respectively, but overall remained in a fluctuating bottoming pattern; some tokens strengthened against the trend and performed well. 【1】

In terms of ecology and news, Arbitrum continues to attract incremental funds, while ecosystems like Solana and Base that are in the recovery stage are warming up. Meanwhile, there has been a significant outflow from the Ethereum mainnet and Hyperliquid, and the on-chain structure has entered a “capital redistribution” phase. At the same time, the on-chain tokenization scale of stocks and ETFs has approached 10 million USD, with Robinhood positioning it as core infrastructure, promoting Arbitrum from an active DeFi chain to an institutional-level settlement hub. On the Ethereum front, Vitalik released the Kohaku privacy framework, elevating privacy to a first-class attribute on-chain; Nvidia emphasized that the AI revolution has not yet peaked, providing long-term support for AI + on-chain narratives. On the other hand, the DAT sector has faced significant valuation compression during the market correction, with the total market cap falling below 1 trillion USD, leading to a decline in premiums for leading companies, and the industry entering a period of adjustment intertwined with active and passive deleveraging.

On a macro level, the key turning point in the market came from Federal Reserve Chair Williams' speech on Friday—his clear advocacy for interest rate cuts as an important ally of Powell caused market expectations for a rate cut in December to surge from 30% to 70% overnight, improving risk appetite. Overall, the combination of global macro pressures and on-chain capital structure rotation has led the market into a phase of “risk repricing + technical repair,” with sensitivity to policy signals and changes in liquidity significantly increasing. Despite short-term pressure, the medium- to long-term trends remain unchanged, with institutions accelerating their entry, stocks being pushed onto the chain, mainstream ecosystem recovery, and the expansion of cross-chain settlement scenarios. The market is still in a reshaping cycle of coexistence between risks and opportunities.

Overview of the Price Fluctuation Data in This Round

This article groups and statistically analyzes the top 500 tokens by market capitalization, observing their average increase from November 11 to November 24.

Overall, the encryption market is showing a comprehensive correction trend, with the top 500 tokens recording an average decline of about -12% to -16% across five intervals, with an overall average of -14.99%. Among them, the decline in the market cap range of 100–200 is the deepest (-16.43%), indicating that mid-to-large-cap assets are under the most pressure due to liquidity tightening; while the decline in the market cap range of 300–400 is relatively smaller (-12.02%), reflecting that small-cap tokens have not experienced further accelerated selling under lower liquidity conditions.

Overall, this round of adjustment is characterized by “synchronous pullback across all sectors and a lack of clear relative strength or weakness.” The market is still in a phase of de-leveraging dominated by macro pressures.

Note: The market capitalization distribution is based on CoinGecko data, grouping the top 500 tokens by market cap into sets of 100 (e.g., ranks 1–100, 101–200, etc.), and calculating the price changes of tokens within each group from November 11 to November 24, 2025, and the average value of each group is used as the average increase indicator for that market cap range. The overall average decrease (14.99%) is the unweighted average of the individual increases of the top 500 tokens.

Figure 1: The overall average decline is 14.99%. This round of adjustment is characterized by “synchronized pullback across all sectors and a lack of clear relative strength.”

Price Fluctuation Leaderboard

In the past two weeks (from November 11 to November 24), the encryption market has shown significant differentiation under the intertwining of macro pressures and narrative rotations, with individual tokens experiencing sharp fluctuations, highlighting that market sentiment remains in a high volatility range.

Top Gainers: Application-based and niche narrative tokens lead the way, BEAT takes the crown strongly.

In this issue's gain list, BEAT ranks first in the entire market with an astonishing increase of 436.92%, becoming the strongest focus of the market. BEAT is an application token positioned in the “AI music + virtual idol” scenario, allowing users to generate AI tracks, interact with AI Idols, and participate in creator tasks. This period, BEAT's surge of 436.92% may be driven by the positive infrastructure impacts from Audiera's announcement of collaboration with Endless Protocol, combined with the ongoing heat in AI narratives, making BEAT an attractive high-elasticity asset for short-term funds to concentrate on. Its small market cap, strong community, and high dissemination further amplify the increase, making it the strongest structural target in this period.

Following closely are AVICI (+67.93%) and TEL (+66.47%), both benefiting from active communities, narrative expansion, and strengthened trading dynamics, gaining sustained upward momentum. Others such as FOLKS, B, QRL, and WFI also recorded increases ranging from 13% to 37%, indicating that this period's funds are more concentrated on “mid to small-cap + clear selling points” strong hedging assets.

Decline List: Speculative and early narrative tokens have experienced a concentrated pullback, with SOON leading the decline.

In contrast, SOON saw a decline of as much as 69.33%, leading the market down and showing that the previously overheated short-term sentiment has quickly cooled. Following that were USELESS (-54.55%) and PLUME (-54.34%), both exhibiting the typical pattern of thematic assets that rapidly heat up before retracting.

Others such as COAI, TIBBIR, CCD, and BRETT have declines ranging from -43% to -52%, concentrated in emerging tokens related to Meme, AI concepts, and low liquidity, reflecting a significant decrease in the market's tolerance for high Beta assets during the phase of capital contraction.

Overall, funds are flowing back from high-volatility speculative assets to tracks with stronger certainty. Looking at the performance of rises and falls, market style is gradually shifting from the previously hyped short-term narratives to medium- to long-term sectors with structural logic. High-volatility, small-cap, community-driven tokens have experienced a significant pullback in this period, while tokens with actual products, user bases, or narrative implementation space are more capable of attracting capital support. As the market enters a risk repricing phase, assets with “strong consensus + clear application + trading support” are still expected to maintain relative strength in a volatile market.

Figure 2: BEAT ranks first in the entire market with an astonishing increase of 436.92%, possibly driven by the positive infrastructure effects brought by Audiera's announcement of collaboration with Endless Protocol, attracting short-term funds concentrated in high-elasticity assets.

Relationship between Market Capitalization Rank and Price Change Rate

To observe the structural characteristics of token performance in this market round, this article draws a scatter distribution chart of the top 500 tokens by market capitalization. The horizontal axis represents the market cap ranking (the further to the left, the larger the market cap), and the vertical axis shows the price change from November 11 to November 24. Each dot in the chart represents a token, with green indicating an increase and red indicating a decrease.

Overall, the number of tokens that declined is significantly greater than those that increased, with most projects concentrated in the -10% to -25% range. This indicates that under the backdrop of macro pressure and a decline in sentiment, the market is still in a weak recovery phase. Tokens with significant increases are relatively rare and are highly concentrated in the mid-cap range of market capitalizations ranked between 200 and 500, reflecting that funds are more inclined towards high elasticity and theme-driven assets rather than stable large-cap coins.

In the rising projects, BEAT (+436%), AVICI (+67.93%), and TEL (+66.47%) have become the three most prominent highlights, presenting an overall structure of “extremely strong + high-theme driven”; all three are located in the mid-to-late stages of market capitalization, further reinforcing the characteristic of this period where “small-cap theme coins occupy the main axis of the rise.”

In contrast, tokens that have seen significant declines, such as SOON, COAI, USELESS, and PLUME, are mostly concentrated among long-tail assets ranked beyond the top 250 by market capitalization, generally recording pullbacks of between -50% to -70%, exhibiting a typical structure of “early speculation retreat + capital withdrawal.” This range has seen the most extreme fluctuations, being the main source of pressure in this round of market adjustments.

Overall, the price characteristics of the market in this period can be summarized as “the large-cap market is relatively stable, while there is severe differentiation among small and mid-cap stocks; strong projects are highly concentrated, and weak projects are undergoing widespread corrections.” Funds are more inclined towards short-term emotional targets in a fluctuating market, increasing the volatility of mid to late-stage market cap tokens, which also reflects that the current market risk preference is still mainly focused on short-term trading.

Figure 3: The scatter distribution of the price changes of the top 500 tokens by market capitalization shows that the rising projects are mostly concentrated in the mid to lower range of market capitalization, while the declining projects have a wider coverage, indicating significant structural differentiation.

Top 100 Market Capitalization Rankings

In this round of fluctuating market conditions, the performance of the top 100 tokens by market capitalization shows a clear divergence. Mainstream assets have overall limited volatility, but some projects with narrative advantages or safe-haven attributes are still strengthening against the trend.

In terms of the rise in rankings, ZEC (+7.38%) leads the way, with the privacy sector once again receiving attention as market risk aversion sentiment heats up, resulting in active capital inflow. BCH (+5.97%) continues its recent strong structure, benefiting from the strengthening of on-chain activity and payment-related narratives. PI (+4.04%) and WBT (+3.52%) also recorded slight increases, reflecting a relatively stable capital preference within this range, leaning towards projects with existing ecosystems or stable growth paths. Overall, the projects among the top 100 by market capitalization have shown relatively moderate gains, mostly belonging to a “stable upward + fundamental support” structure.

In terms of the decline ranking, PUMP (-41.12%) has the deepest decline, reflecting the sharp correction of thematic tokens after the recent withdrawal of short-term funds. ICP (-39.09%) and FIL (-35.43%) also rank among the largest declines, mainly affected by a decrease in macro risk appetite and profit-taking after previous gains; SUI (-34.72%) and NEAR (-32.97%) also show significant corrections, indicating that high Beta public chains bear greater price pressure during periods of increased volatility. Overall, the projects with the largest declines are mostly high-elasticity tokens that have risen significantly before and are driven by strong narratives, experiencing more pronounced corrections in this round of market adjustment.

Overall, the top 100 assets by market capitalization exhibit a structural characteristic of “stable projects slightly rising, while thematic and high Beta projects significantly declining.” In a volatile market, funds prefer tokens with strong certainty and mature ecosystems, while the exposure to short-term thematic assets has noticeably shrunk, indicating a phase of reduced risk appetite.

Figure 4: Among the top 100 tokens by market capitalization, ZEC continues to lead the rise, and the privacy track has once again attracted attention as market risk aversion sentiment heats up, with capital showing active inflow.

Analysis of Performance in This Round of Volume Increase

Volume Growth Analysis

In addition to price performance, this article further statistics the volume changes of certain tokens to observe market activity and the level of capital participation. Taking the trading volume before the market launch as a baseline, it calculates the growth multiplier and compares it with the price rebound during the same period to assess market attention and short-term capital trends.

Data shows that the five projects with the most significant increase in trading volume this period are AGENTFUN, XSO, EETH, SWOP, and NMR. Among them, AGENTFUN's trading volume increased by 15.31 times, but the price dropped by 24.72%, presenting a typical “volume increase and price decrease” structure, reflecting the retreat of previously popular themes, the exit of emotional traders, and intensified selling pressure, with evident short-term speculation but insufficient sustained funding. XSO's trading volume increased by 14.81 times, with a slight rebound of 2.76% in price, belonging to the form of “increased volume but no effective trend formation,” indicating that funding is mainly concentrated on liquidity testing and active order books, rather than trend-driven surges; such assets need to be observed to see if they can form a stable structure after the increase in volume.

The trading volume of EETH increased by 10.62 times, while the price still fell by -19.57% during the same period, indicating a stage of adjustment after pressure release and a pullback from previous gains, suggesting that on-chain funds are becoming more cautious during periods of increased volatility. SWOP and NMR, on the other hand, show a “volume increase with stable prices” structure, reflecting an increased attention from funds, but buying sentiment remains cautious, indicating that the market is largely in an observation and waiting mood.

Overall, this period's volume projects generally show the structural characteristics of “funds recovering but prices under pressure.” The increase in volume is mainly triggered by short-term liquidity, arbitrage demand, or reallocation after the theme fades, rather than the initiation of a trending market. Funds are still concentrated on the exploration of local themes and structural opportunities, but sustainability has not been established, reflecting that the current market's risk appetite remains weak and the atmosphere for short-term trading is stronger.

Figure 5: The trading volume of tokens such as AGENTFUN, XSO, and EETH has significantly increased this period, but most have not formed a trend rebound, showing a volume-price divergence structure, highlighting that market funds are more inclined towards short-term and liquidity-oriented strategies.

volume change and price analysis

Based on the observation of the ongoing trading volume anomaly projects, this article further combines price performance to create a scatter distribution chart of Volume Increase Multiple and Price Change %. The horizontal axis represents the growth multiple of the token's trading volume compared to the benchmark period over the past two weeks, while the vertical axis shows the percentage change in price during the same period. A symmetrical logarithmic coordinate system is used to clearly present the structural relationship between “increased volume” and “price fluctuations.”

From an overall distribution perspective, most tokens are concentrated in areas of low trading volume expansion and limited price increases, indicating that the market is still in a weak recovery and oscillation structure, with limited incremental funds and short-term capital operating cautiously. The number of tokens declining is significantly greater than those rising, reflecting that under macro pressure and weak sentiment, the market is still mainly focused on deleveraging and structural adjustments. It is noteworthy that projects with outstanding price increases mostly recorded significant gains under conditions where “trading volume did not significantly expand”; for example, QRL entered a high price range with an increase of over 20%, but its trading volume only increased moderately, indicating that its rise was mainly driven by narrative rather than trading volume, exhibiting typical characteristics of “low volume strong rebound.”

In contrast, some tokens with trading volumes increasing by more than 8 to 12 times (such as CUSD0, IUSDS, USDT, XSO) still show price movements between -5% and +5%. Among them, CUSD0, IUSDS, and USDT are mostly stablecoins or stablecoin derivatives (such as interest-bearing dollars, synthetic dollars, or liquidity pool split assets), and their prices are pegged to the dollar. Therefore, even if the trading volume increases significantly, there will be no trend-based price breakout. The high-frequency trading of these assets more reflects arbitrage, staking redemptions, pool rebalancing, or on-chain hedging liquidity, rather than being driven by genuine buying pressure. This structure indicates that funds are more inclined towards short-term trading, liquidity testing, and adjusting stable asset allocations, rather than trend-based positioning in risk assets.

Overall, this period's market presents a typical “structural rotation + volume-price mismatch” state, with mainstream asset trading volumes not showing significant improvement and a weak trend; the sharp fluctuations of small and mid-cap tokens are more driven by sentiment and narratives rather than broad capital consensus; the high trading volumes have not led to price increases, indicating that market risk appetite remains low; some rising projects mostly belong to “low volume strong performance,” with the risk-reward structure leaning more towards short-term speculation.

Figure 6: Most tokens are concentrated in areas with low trading volume amplification and limited price increases, indicating that the overall market is still in a weak recovery and oscillation structure, with limited incremental funds and cautious short-term operations.

Correlation Analysis

After discussing the correlation between trading volume and price performance, this article further analyzes the systematic correlation between the two from a statistical perspective. To measure the impact of capital activity on price volatility, the “trading volume growth rate / market capitalization” is used as a relative activity indicator, and its correlation coefficient with price fluctuations is calculated to identify the types of tokens currently most susceptible to capital-driven movements in the market.

As can be seen from the chart, most tokens' correlations fall within the range of 0.65–0.90, indicating that despite the macro volatility intensifying, the market still exhibits a high degree of interconnectedness. However, the subtle differences between sectors reveal the current funding preferences and structural rotation characteristics.

Among them, the tokens with the highest correlation ( >0.90 ) such as XSO, FLUID, ELF, MOVE, BEAT, etc., mostly belong to trading narratives, AI applications, or high Beta themes—these assets are most sensitive to market sentiment and exhibit “magnified market trends” during fluctuations. This type of token often has strong community dynamics and high-frequency trading attributes, easily driven by short-term liquidity, making them the most concentrated group in this correlation structure.

The lower correlation range (0.65–0.75) is represented by BCH, XVG, WFI, DCR, and WLFI, where the market capitalization of BCH and WLFI is significantly larger as seen in the bubble chart. These types of projects are mostly infrastructure-type or assets with long-term storage value, whose price fluctuations are less affected by macro factors and more dependent on their own ecological progress or on-chain demand. For example, BCH's payment narrative and long-term inventory demand allow it to maintain a relatively independent trend even during significant fluctuations in the market.

Overall, the correlation distribution in this period presents the following three structural characteristics: High correlation = High Beta themes: AI, trading platforms, community-driven assets are highly synchronized with the market, acting as “amplifiers” for market bullish and bearish transitions. Medium correlation = Functional and tool-based protocols: fluctuating with the market but still retaining their narrative independence. Low correlation = Value and infrastructure assets: such as BCH, WLFI, which perform relatively stable and possess more defensive attributes.

Figure 7: Tokens with high correlation are concentrated in high Beta and trading narrative projects, while relatively independent value-based assets like BCH and WLFI show lower correlation, reflecting the current structural stratification of the market.

In this round, the encryption market continues to experience structural rotation under macro pressure, with an average decline of 14.99% among the top 500 by market capitalization, reflecting that the overall market is still in a deleveraging phase. Although most of the large-cap stocks are down between -10% and -25%, small and mid-cap themes still show highlights, with BEAT, AVICI, TEL, etc., experiencing strong increases driven by AI × entertainment and community momentum; conversely, high Beta projects like SOON and USELESS have significantly retraced, indicating a clear retreat in sentiment sectors. Trading volume generally shows “increased volume with declining prices” and “increased volume with stable prices”; for instance, although AGENTFUN and EETH have seen their volumes increase by 10–15 times, they continue to decline, reflecting that funds are leaning towards short-term liquidity testing rather than trend positioning, and the overall volume-price structure still leans towards weak recovery.

In addition to trading market trends, several potential airdrop projects are also continuously advancing, covering popular areas such as AI, Layer 2, social points, and identity verification. If users can grasp the rhythm and continuously participate in interactions, they are expected to gain an early position in a volatile market, obtaining token incentives and airdrop qualifications. The following will organize four noteworthy projects and participation methods to assist in systematically laying out Web3 dividend opportunities.

Airdrop Hot Projects

This article summarizes key airdrop potential projects to focus on during the period from November 11, 2025, to November 24, 2025, covering several early-stage projects, including 42 (formerly Alkimiya, a community-driven prediction market), Self Protocol (a decentralized identity protocol DID + points mechanism), Block Street (an on-chain stock simulation platform built on Monad), and NUVA Finance (a pre-launch yield platform in the Animoca ecosystem). Users can accumulate contribution records by connecting their wallets, completing testnet interactions, participating in social tasks, and completing identity verification, in order to secure potential future airdrops or token incentive qualifications.

42

42 (formerly known as Alkimiya) is a reimagined prediction market project that has recently completed a brand upgrade, fully transitioning to build a new generation of prediction protocols and community incentive systems. The official main platform has not yet been launched, but a waiting list and community task system are now open, allowing users to gain Beta access qualifications and potential future rewards by submitting their wallet addresses, X usernames, and participating in Discord activities. 42 emphasizes community participation, content creation, and interaction, selecting active contributors through multi-week themed competitions (such as meme creation, animations, artistic creations, etc.) and providing them with beta codes, OG identities, or potential future incentives.

Participation Method:

1. Join the Waitlist and submit X account
2. Participate in Discord community tasks to accelerate gaining Beta access.

Self Protocol

Self Protocol is a decentralized identity protocol centered around Decentralized Identity (DID), and it has recently launched a brand new “Point Farming” program. Users only need to install the official App and complete identity verification to start accumulating Self Points. Currently, there is no clear token price for the points, but they are likely to serve as a basis for future mainnet incentives or airdrop eligibility. The official requirement is to use a passport for identity verification to ensure the uniqueness of the identity and the authenticity of the points, highlighting the real application direction of its DID scenario.

Participation Method:

1. Download the Self App (iOS / Android) and create an account.
2. Complete identity verification (KYC) to start accumulating Self Points.

Block Street

Block Street is a decentralized “on-chain stock market” simulation platform built on the Monad test network, allowing users to trade, lend, mortgage, and purchase simulated stock assets using test tokens. The project recently completed a $11.5 million funding round and has launched a public testing event on its official website, where users can earn BSD points through daily tasks, inviting friends, trading assets, and more. BSD currently belongs to testnet points but is very likely to become the basis for future mainnet tokens, early test user airdrops, or rewards before the official launch.

Participation Method:

1. Go to the official website, connect your wallet, and enter the test dashboard.
2. Complete daily login tasks and other community sharing tasks to earn points.

NUVA Finance

NUVA Finance is a decentralized asset management and yield platform supported by Animoca Brands, currently undergoing a Pre-launch event. Users can obtain early qualifications by completing social tasks and minting the Genesis Pass. The Genesis Pass will offer point multiplier rewards in the main event and may influence NUVA Token airdrops or additional rewards before the mainnet launch, making it a typical “pre-launch qualification + point bonus” type of activity.【6】

Participation Method:

1. Go to the official website to log in to your account.
2. Complete social tasks such as following NUVA Finance on X and following the project on LinkedIn. After completing the tasks, you will be eligible for Genesis Pass minting.

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Airdrop plans and participation methods may be updated at any time. Users are advised to follow the official channels of the above projects for the latest information. At the same time, users should participate with caution, be aware of risks, and conduct thorough research before participating. [Gate] https://www.gate.com/( does not guarantee the distribution of subsequent airdrop rewards.

Summary

From November 11 to November 24, 2025, the crypto market underwent a comprehensive correction under the pressure of AI bubble concerns, strong employment data, and revised expectations for interest rate cuts. However, BTC and ETH experienced a low-level technical recovery from November 19 to 20, with the overall market showing a fluctuating bottoming structure. On-chain funds simultaneously entered a redistribution phase, with Arbitrum continuing to attract incremental inflows, while ecosystems like Solana and Base showed signs of recovery. In contrast, there was a noticeable outflow of funds from the Ethereum mainnet and Hyperliquid. The on-chain scale of stocks and ETFs approached $10 million, pushing Arbitrum to accelerate towards becoming an institution-level settlement hub. The top 500 tokens by market capitalization saw an average decline of about 15%, with mid-cap (market cap 100-200) experiencing the steepest drop, while small and mid-cap assets exhibited the most volatility. BEAT recorded a 436% increase, becoming the strongest rebound asset, while thematic coins like AVICI and TEL strengthened simultaneously. Conversely, previously overheated assets such as SOON, USELESS, and PLUME fell back by 50-70%, reflecting characteristics of “high Beta retreat and structural differentiation.”

There is also a significant mismatch in terms of volume and price. Projects like AGENTFUN, XSO, and EETH have seen a volume increase of 10-15 times but have not formed a trend rebound, indicating that the market is primarily focused on arbitrage and liquidity testing. The upward movement is more concentrated in the market capitalization range of 200-500, with highly correlated tokens like XSO, BEAT, and MOVE being sensitive to market sentiment, while value-oriented assets like BCH and WLFI show relatively independent trends. Overall, the market has entered a phase of “structural rotation + volume-price divergence” and is experiencing fluctuations, with short-term funds tending to adopt a cautious approach, while mid-term structural opportunities are still retained.

In addition, the 42, Self Protocol, Block Street, and NUVA Finance tracked in this issue are all in active incentive stages, focusing respectively on building prediction markets, identity verification and the DID ecosystem, on-chain stock simulation and trading, as well as the pre-launch points system for the yield platform. The overall ecological positioning is complementary, and the incentive paths are clear. Users can complete interactions, tests, invitations, or social actions according to the task requirements of each project to increase their points and potential airdrop weight. It is recommended to continuously pay attention to the announcement rhythm and task updates of each project to accelerate the accumulation of early participation bonuses. <br> Reference:

1. CoinGecko, [https://www.coingecko.com/])https://www.coingecko.com/(
2. 42, [https://www.42.space/])https://www.42.space/(
3. Apple, [https://apps.apple.com/app/self-zk-passport-identity/id6478563710])https://apps.apple.com/app/self-zk-passport-identity/id6478563710(
4. Google, [https://play.google.com/store/apps/details?id=com.proofofpassportapp\u0026pli=1])https://play.google.com/store/apps/details?id=com.proofofpassportapp\u0026pli=1(
5. Block Street, [https://blockstreet.money/dashboard])https://blockstreet.money/dashboard(
6. NUVA Finance, [https://app.megaphone.xyz/pages/nuvafinance])https://app.megaphone.xyz/pages/nuvafinance(

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