Gate Research Institute: x402 ecological Token total market capitalization exceeds 840 million USD｜IBM launches digital asset operation platform

Crypto Market Overview

• BTC (-0.54% | Current Price 114,292 USDT): Bitcoin has fluctuated between 113,792 and 116,388 USD in the past 24 hours, with a slight increase in volume compared to the previous two trading days. On the 4-hour chart, after failing to break above 115,500 USD, the price has retreated again, and the golden cross signal has disappeared, with a short-term breakdown below both MA5 and MA10 moving averages. From a daily perspective, the overall trend still maintains a positive tone, but the 115,000—116,000 USD range constitutes the first key resistance zone, which is a core test for the bulls to continue their upward momentum. If the price can decisively close above this range, it may initiate a re-test of the 120,000—122,000 USD liquidity area and further challenge the historical high of 126,000 USD. Conversely, if the breakthrough is blocked, it could trigger a pullback, with the target level located at the accumulation support area of 108,000 USD, which remains a high liquidity buying zone and the main foundation for the recent rebound. On the news front, the Federal Reserve has shifted its focus to the labor market, while inflationary pressures show signs of easing. The market generally expects a rate cut this week and in December. Before the official rate cuts are implemented, Bitcoin may continue to consolidate, but once an effective breakthrough occurs, it is expected to trigger a new directional trend.
• ETH (-1.71% | Current price 4,127 USDT): The upward momentum of Ethereum continues to strengthen, attempting to recover key resistance levels. The price has currently rebounded above 4,100 USD, oscillating in the range of 4,094—4,253 USD over the past 24 hours, with trading volume slightly increasing compared to the previous two trading days. The 4-hour chart shows that Ethereum faced resistance while attempting to break through the 4,200 USD resistance level, with the RSI indicator simultaneously issuing an overbought signal. The price then quickly retraced and fell below the MA5 and MA10 moving averages. In the short term, the market may continue to experience a pullback or consolidation trend, and investors should remain cautious.
• Altcoins: With the recent rebound in Bitcoin prices, the historical volatility has slightly decreased from its high, and the fear and greed index has risen from last week's “extreme fear” level of 34 to a neutral range of 50, indicating that market sentiment has stabilized and short-term risk appetite has improved.
• Macro: On October 27, the S&P 500 index rose by 1.23% to 6,875.16 points; the Dow Jones index rose by 0.71% to 47,544.59 points; the Nasdaq index rose by 1.86% to 23,637.46 points. As of October 28, 10:00 AM (UTC+8), the spot gold price is temporarily reported at 4,005 dollars per ounce, up 0.59% within 24H.

Trending Tokens on Juejin

CLANKER Clanker (+14.72%, circulating market value 119 million USD)

According to Gate market data, the current price of the CLANKER token is $122.67, having risen by 14.72% in the last 24 hours, with a peak of $129.02. Clanker is an AI-driven “Token Bot” designed for rapid DIY token deployment. Users only need to tag Clanker on Farcaster clients like Warpcast or Supercast and provide the token concept, and it will automatically create the token for users on the Base chain.

Recent factors driving the rise of CLANKER are as follows: The cumulative protocol revenue of the Clanker platform has reached approximately 42.8 million USD, with a daily revenue of about 698,000 USD, indicating strong platform activity and user growth, providing solid support for the value of the CLANKER token. Meanwhile, the project team has launched a token buyback plan, using two-thirds of the daily protocol fees to buy back CLANKER tokens, with the first buyback amounting to approximately 65,000 USD. The remaining fees are reserved in USDC for tax purposes, which helps reduce market circulation while attracting more investor attention and driving up trading volume, further strengthening the price upward momentum.

RECALL Recall (+11.21%, circulating market value 9,526.78 million USD)

According to the market data from Gate, the current price of the RECALL token is 0.47 USD, having risen by 11.21% in 24 hours, with a maximum reaching 0.52 USD. Recall is a decentralized AI skills marketplace where users can fund the skills they need, outsource tasks to AI equipped with those skills, and rank and reward the best-performing AIs.

The recent surge is mainly driven by three factors: first, the listing on the exchange on October 21 led to a surge in liquidity, with daily trading volume skyrocketing by 69% to $211 million, significantly boosting retail buying; second, supply pressure eased after the TGE, with airdrops from the token issuance on October 15 being unlocked in batches, effectively avoiding concentrated sell-offs; third, the enthusiasm for AI narratives and trading competitions has driven speculative sentiment, with RECALL distributing $100,000 in rewards in the AI Perps Trading Arena prize pool, stimulating short-term demand and staking activities. Overall, the rise of RECALL reflects the effects of new listings on exchanges, control of supply and demand rhythms, and resonance with the AI concept, but technical analysis shows that the 7-day RSI has reached 56.88, indicating a potential short-term technical correction.

BLESS Bless (+13.41%, circulating market value 82.2488 million USD)

According to Gate market data, the current price of the BLESS token is 0.047 USD, having increased by 13.41% in the last 24 hours, reaching a high of 0.054 USD. Bless is a decentralized edge computing network that provides on-demand CPU and GPU capabilities for AI, machine learning, and advanced data tools near end users. Bless is committed to building a diverse blockchain ecosystem while offering trading, rewards, and governance functionalities.

BLESS has recently continued its strong performance, being included in the reward activities of the BNB Smart Chain trading competition from October 10 to 24, with a total of 11 million BLESS tokens distributed, driving trading volume to surge by 728%. Current buying pressure remains sustained, with a 24-hour trading volume reaching $37.3 million, which is 30.5% higher than the average, indicating that market attention and activity for BLESS remain high. However, it is worth noting that short-term attention should be paid to the potential selling pressure that may arise from winners cashing out their rewards.

Alpha Interpretation

x402 total market value of ecological tokens surpassed 840 million USD, with a 24-hour increase of 384.1%

x402 ecological token continues to rise, with a total market value surpassing 840 million USD, and a 24-hour increase of up to 384.1%. Among them, BNKR has a market value of about 58.971 million USD, with a 24-hour increase of 4.3%; PAYAI has a market value of about 49.825 million USD, with a 24-hour increase of 35.5%.

x402 is an open protocol that builds internet-native micropayment channels based on HTTP 402 and stablecoins, supporting automated clients and AI agents for on-demand payment APIs, data, and computing fees, enabling real-time, low-friction, intermediary-free transactions. The value of x402 goes far beyond “providing a payment standard for AI entities”; because payments are completed based on blockchain stablecoins, it achieves the “micropayment” functionality that was previously difficult to achieve—AI entities can call APIs or pay for services in real-time based on actual usage; at the same time, human users can bypass complex steps such as API key management and account registration, directly obtaining content through micropayments. From the recent surge in prices of x402-related tokens, it is evident that the protocol has entered a speculative phase, but unlike other speculative concepts, tech giants like Cloudflare, Google Cloud, and Anthropic are actively adopting x402, and infrastructure development is progressing rapidly.

Tech giant IBM launches digital asset operations platform IBM Digital Asset Haven

Tech giant IBM announced the launch of IBM Digital Asset Haven on October 27, 2025. This is a comprehensive platform aimed at financial institutions, governments, and enterprises, designed to help them securely manage and scale their digital asset businesses. The platform supports complete lifecycle management from asset custody, trading to settlement, in compliance with sovereignty, security, and regulatory requirements.

IBM Digital Asset Haven, developed in collaboration with digital wallet infrastructure provider Dfns, integrates IBM's full-stack infrastructure and security with Dfns's digital asset custody and management capabilities. The platform supports transaction lifecycle management across more than 40 public and private chains, including automation, routing, monitoring, and settlement. Governance and permission management are conducted through a unified framework, supporting multi-party authorization workflows suitable for a wide range of operational scenarios. Additionally, the platform integrates third-party solutions for identity verification (KYC), anti-money laundering (AML), and yield generation. In terms of security, IBM Digital Asset Haven is based on IBM's infrastructure, supporting multi-party computation (MPC) and hardware security module (HSM) signatures, and the platform also integrates the IBM Offline Signing Orchestrator (IBM OSO) for secure cold storage operations, meeting the regulatory requirements of an increasing number of jurisdictions worldwide. The launch of IBM Digital Asset Haven marks IBM's further expansion in the digital asset space, aiming to provide a secure and compliant digital asset management platform for financial institutions and regulated enterprises, supporting their entry into and expansion within the digital asset economy.

ZEC market capitalization approaches 6 billion USD, setting a new historical high.

The market capitalization of Zcash (ZEC) is nearing $6 billion, setting a new historical high. The core value of Zcash lies in its strong privacy features, attracting a significant influx of funds against the backdrop of rising demand for privacy in Web3 and on-chain transaction anonymity. The price surged rapidly from around $275 to $367 in less than a month, an increase of over 500%.

The surge in ZEC is highly aligned with market narratives and capital inflows: at the beginning of October, investor Naval referred to ZEC as “insurance against Bitcoin,” reinforcing the concept of “digital gold insurance.” Additionally, Arthur Hayes' price target prediction of $10,000 further emphasized the market's attention on the potential of privacy assets, triggering FOMO among investors. Coupled with the anticipation of the halving (the daily issuance will be halved in November 2025) and the launch of Grayscale Zcash Trust, expectations for supply-side tightening and investment convenience further supported the price increase. It is worth mentioning that under the increasingly strict global regulatory environment, assets with strong privacy characteristics hold strategic value. ZEC adopts zk-SNARKs technology to provide privacy functionality support, which gives its rise a certain fundamental backing rather than being purely driven by sentiment. <br> Reference Material:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Investing, https://www.investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/en/categories/x402-ecosystem
• PRN ewswire, prnewswire.com/news-releases/ibm-announces-new-platform-for-financial-institutions-and-regulated-enterprises-entering-the-digital-asset-economy-302594751.html
• Decrypt, https://decrypt.co/346032/zcash-2021-peak-traders-bet-privacy-revival

<br> Gate Research Institute is a comprehensive blockchain and encryption research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer Investing in the crypto market involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate does not bear any responsibility for losses or damages resulting from such investment decisions.