Gate Research: BTC Short-term Momentum Strengthens ｜ JELLYJELLY Surges Over 38% in 24 Hours

Crypto Market Overview

• BTC (1.64% | Current Price: 91,989 USDT): BTC ended its consolidation phase over the past 24 hours and surged sharply, supported by strong volume. Price briefly touched the 92,000 USD level, with short-term momentum clearly strengthening. Short-term moving averages MA5 and MA10 have turned upward and formed a bullish alignment, while price remains firmly above MA30, indicating dominant bullish momentum. Trading volume expanded noticeably during the breakout, showing stronger capital-driven participation. In the short term, if BTC can hold above the 90,000 USD psychological level, the bullish bias may continue. However, after consecutive gains, short-term indicators are elevated, and the risk of profit-taking at higher levels should be monitored. If price falls below 90,000 USD with weakening volume, a technical pullback may occur. Overall trend remains strong, and chasing at highs is not advised.
• ETH (0.74% | Current Price: 3,248 USDT): ETH moved higher and then pulled back over the past 24 hours, forming a high-level consolidation structure. Price previously rallied to around 3,440 USD but failed to hold, leading to visible profit-taking at higher levels. ETH has since returned to the 3,240 USD area. Short-term moving averages MA5 and MA10 have flattened, with price repeatedly testing around MA30, suggesting a temporary balance between bulls and bears. From a short-term structural perspective, the 3,300–3,350 USD zone remains a key resistance area. Without strong volume support, ETH may continue consolidating to digest earlier gains. On the downside, the 3,180–3,200 USD support zone should be closely monitored; a breakdown with expanding volume could lead to further retracement. Overall, ETH remains in a post-rebound consolidation phase, and short-term trading should focus on breakout direction while avoiding overtrading in range-bound conditions.
• Altcoins: Most major altcoins recorded modest gains, with overall market sentiment leaning toward “neutral” or “buy.” The Fear & Greed Index stands at 29 today, remaining in the fear zone, indicating that market sentiment has not yet fully recovered.
• Macro: On December 11, the S&P 500 rose 0.21% to 6,901.00, the Dow Jones Industrial Average gained 1.34% to 48,704.01, and the Nasdaq Composite declined 0.25% to 23,593.86. As of December 12 at 11:30 AM (UTC+8), spot gold is priced at approximately 4,270 USD per ounce, down 0.21% over the past 24 hours.

Trending Tokens

LIGHT - LIGHT(+41.61%, Market Cap: $50.46M)

According to Gate market data, LIGHT is currently priced at 1.17 USD, up 41.61% over the past 24 hours. Bitlight Labs is a Bitcoin and Lightning Network infrastructure company and a major contributor to the RGB protocol. The company focuses on enabling native smart contracts and stablecoin transactions on Bitcoin and the Lightning Network, developing core protocol code, developer tools, and applications to provide scalable sovereign asset solutions on the world’s most secure decentralized network.

The current rally is driven by both macro and micro factors. On the macro side, progress in staking ETFs and increased regulatory clarity have brought long-term benefits to the liquid staking sector. On the micro side, the recently discussed LDO buyback proposal has become a direct short-term catalyst for price appreciation. On August 7, Lido community member Kuzmich proposed an “LDO Buyback Plan” on the governance forum, noting that the Lido treasury holds approximately USD 145 million in liquid assets that are not generating yield for the protocol. Buyback expectations have driven a reassessment of token value, accelerating capital inflows.

JELLYJELLY-Jelly-my-jelly (+38.32%, Market Cap: $68.6M)

According to Gate market data, JELLYJELLY is currently priced at 0.0677 USD, up approximately 38.32% over the past 24 hours. JELLYJELLY is a community-driven crypto project focused on lightweight application scenarios, emphasizing low barriers to participation and a highly interactive token economy. The token is primarily used for community incentives, ecosystem participation, and governance, positioning it as a Web3 community token with strong sentiment and traffic-driven characteristics.

This rally has been driven mainly by market sentiment and capital flows. As overall market conditions improved, funds rotated toward high-beta small-cap tokens. At the same time, JELLYJELLY experienced a rapid volume-backed breakout from its previous consolidation range, attracting short-term traders and momentum-driven capital, accelerating the price move. Sustainability will depend on continued volume and community engagement.

TROLL - TROLL(+31.13%, Circulating Market Cap: $ 40.55M)

According to Gate market data, TROLL is currently priced at 0.0404 USD, up approximately 31.13% over the past 24 hours. TROLL is a meme token on the Solana network inspired by internet troll culture, designed primarily for entertainment and community engagement, with no intrinsic value. Built on Solana, it leverages fast transactions and low fees to attract meme enthusiasts, relying on social media promotion, influencer collaborations, and viral marketing to build a community-driven ecosystem.

TROLL’s 24-hour rally has been driven by sentiment and capital rotation. Increased activity across the meme sector and rising risk appetite boosted high-beta tokens, while TROLL’s volume-backed breakout from a low base triggered short-term speculation and follow-on buying. Overall, the move reflects a combination of sentiment-driven momentum and technical breakout, with sustainability dependent on continued volume and market interest.

Alpha Insights

JPMorgan Launches USCP Token on Solana to Support Galaxy’s Landmark On-Chain Debt Issuance

JPMorgan has launched the USCP token on the Solana blockchain to facilitate Galaxy Digital’s first commercial paper issuance. This marks one of the earliest instances of institutional-grade debt issuance executed on a public blockchain and the debut of USCP as a tokenized short-term corporate debt instrument. Issuance and redemption are settled using Circle’s USDC stablecoin, further validating blockchain viability in capital markets.

USCP represents tokenized short-term corporate debt created by JPMorgan on Solana. JPMorgan stated that the transaction demonstrates real institutional demand for digital assets and on-chain financial instruments, while highlighting the maturity of public blockchains in terms of security and efficiency. Galaxy management noted that issuing commercial paper on-chain improves short-term financing efficiency and attracts institutional investors integrating blockchain-based money market instruments into their portfolios.

Blockstream Plans to Acquire TradFi Hedge Fund Corbiere Capital to Expand Institutional Strategy

Blockstream Capital Partners announced plans to acquire Corbiere Capital Management, a Jersey-based traditional hedge fund, with financial terms undisclosed. The acquisition will integrate Corbiere’s equity and event-driven strategies into Blockstream’s newly formed asset management arm, Blockstream Capital Management, expanding its institution-focused, Bitcoin-centric investment platform.

Corbiere founder Rodrigo Rodriguez will become Chief Investment Officer of Blockstream Capital Management. With over 25 years of experience at JPMorgan, Credit Suisse, and BlueCrest, Rodriguez will lead the integration of traditional securities and Bitcoin-related strategies. Blockstream portfolio company Komainu will provide custody, exchange connectivity, and collateral management services, reinforcing Blockstream’s long-term strategy of combining TradFi expertise with Bitcoin financial infrastructure.

El Salvador Partners with Musk’s xAI to Roll Out Nationwide Grok AI Education Program

The government of El Salvador announced a partnership with Elon Musk’s xAI to deploy the Grok AI system nationwide, creating the world’s first state-level AI-driven public education system. Over the next two years, the program will reach more than 5,000 public schools, benefiting over one million students and thousands of teachers.

Grok will act as a digital tutor, delivering personalized instruction aligned with El Salvador’s national curriculum to ensure equal educational access across urban and rural regions. The initiative will also develop AI datasets and frameworks tailored to education, emphasizing localization, safety, and responsible use. President Nayib Bukele stated that El Salvador is leading AI-driven education innovation, while Musk noted that the country is actively building the future of education rather than waiting for it.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• The Block, https://www.theblock.co/post/382250/jpmorgan-creates-solana-based-uscp-token-to-facilitate-landmark-galaxy-debt-offering
• Coindesk, https://www.coindesk.com/tech/2025/12/11/el-salvador-partners-with-elon-musk-s-grok-in-ai-powered-education-for-1m-students
  
  
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