Bitget Research Institute: Bitcoin is approaching its all-time high, and the Meme sector continues to rise
In the past 24 hours, many new popular currencies and topics have emerged in the market. Perhaps they are the next opportunity to make wealth.
Summary
In the past 24 hours, Bitcoin has accelerated its upward trend and is just one step away from its all-time high. Among them:
The sectors with strong wealth creation effect are: blue chip sector and Meme sector;
The most popular tokens and topics searched by users are: friend.tech, SHIB tokens, BTC ATH;
Potential airdrop opportunities include: DFlow deposit points and SyncSwap.
Next, if BTC breaks through new highs and then fluctuates and adjusts, then there is a high probability that early profit funds will flow into two important sectors: one is the Cancun upgrade sector represented by OP, ARB, LDO, PENDLE, etc., and the other is STX, Investors can focus on Bitcoin ecological assets represented by ORDI, SATS, and RIF.
Data statistics time: 4:00 on March 5, 2024 (UTC+ 0)
1. Market environment
In the past 24 hours, the price of BTC surged by 8%+, reaching a high of $68,700, just one step away from the all-time high. ETH broke through 3,700 points upward, setting a stage high for this round of market. Looking at the market outlook, the price of BTC will most likely fluctuate near the previous high, and it is not ruled out that false breakthroughs will test the previous high pressure level; if BTC completes its breakthrough, it will continue to rise sharply.
Recent macroeconomic data has been relatively stable, paving the way for BTC to rise. If BTC fluctuates and adjusts after breaking through its previous high, then the profits from early trading of BTC will most likely flow to the Bitcoin ecosystem and altcoins, so investors can consider making arrangements in advance.
2. Wealth creation sector
1) Sector changes: blue chip sectors (BTC, ETH)
The main reason: Bitcoin spot ETFs continued to see net inflows, and Fidelity FBTC had a net inflow of US$404.6 million yesterday.
Rise: BTC rose by up to 8%, close to a record high, and ETH followed suit by rising by 7% +
Factors affecting the market outlook:
Whether traditional funds are flowing in: Continue to pay attention to the capital inflows and outflows of BTC spot ETFs. If funds continue to flow in, Bitcoin will most likely rise, and vice versa.
Contract data: It is recommended to pay attention to contract data. The contract funding rate for long Bitcoin has risen to 89.7% annualized, which is the high point of the periodic market. If the funding rate remains high and the volume of open positions decreases, it means that the market may diverge, and contract longs may be forced to close their positions due to the funding rate, creating pressure in the process of rising prices.
2) Section changes: Meme section
The main reason: The hot market of mainstream currencies such as Bitcoin has led to extremely high enthusiasm among retail investors to participate in the market, and active funds on the market have contributed to the continued rise of Meme coins.
Rising situation: SHIB has increased by 70%+ in 24 hours, and top memes such as DOGE, PEPE, and WIF have increased by more than 30%
Factors affecting the market outlook:
Changes in sector sentiment: Yesterday, Hatdog wif, the leading project that led to the rise in Japan, began to have a high correction, which has a negative impact on the upward movement of the entire sector. You need to pay attention to whether leading projects such as WIF and SHIB have an upward pin trend. If so, you must consider it. Reduce positions
The overall market situation: the price trend of mainstream assets such as BTC, ETH, and SOL. If such blue chips experience a downward correction, spot positions/leverage ratios need to be adjusted in a timely manner.
3. User hot searches
1. Popular Dapps
friend.tech ：
Yesterday, the project team posted on Twitter: Investors agreed to give up their right to sell tokens to users, thereby creating a currency that is truly controlled by users in the cryptocurrency field. This is one of the craziest experiments in the cryptocurrency field.
This news is regarded as a precursor to the projects airdrop, so in the past 24 hours, friend.techs Unique Active Wallets have increased by +429% month-on-month, and users interaction and airdrop expectations for friend.tech have rekindled enthusiasm. Currently, friend.tech points can be bought and sold on whales market, and the recent transaction price is about $1.5/point.
2.Twitter
(1) AlRealmRobotics (Token is AIR)
The project is called AIROBO for short. The project plans to build a metaverse that combines AI and chain games, while matching native NFT transactions, NFT creation platforms and DEX. Judging from social media interaction, the project has cooperated deeply with the ZKFair community and will soon be released on the ZKFair mainnet.
The project token AIR will launch IWO on the Bitget Wallet Launchpad on March 6. Users who have completed any Bitget Wallet Swap transactions in the past three months are eligible to participate in the IWO Public Round.
(2) MANTRA (Token is OM)
The project recently passed the DAO proposal, which mainly includes upgrading the OM token economy of the MANTRA chain + changing the OM pledge model. Yesterday, the project team tweeted that it was about to launch the MANTRA Hongbai incentivized test network, which prompted OM to suddenly increase its trading volume by +350% over the previous day in the past 24 hours, and the currency price increased by +20%.
Investors holding OM can pay attention to the changes in OM Staking Rewards and decide whether to stake their OM according to the new rules to obtain more benefits.
3.Google Search Region
From a global perspective:
(1) “BTC ATH” (Bitcoin price new high):
As BTC briefly exceeded 68,000 US dollars, the market focus focused on BTC breaking through new highs. Many media and a large number of KOLs have shown a more optimistic attitude towards the prediction of Bitcoin price in 2024, predicting that BTC will exceed 100,000 or even 200,000 US dollars in 2024. At the same time, there are also risk reminders in the market, such as: JPMorgan analysts predict that due to reduced miner rewards and rising production costs after Bitcoin halving, the price of Bitcoin may fall to $42,000.
(2) Compensatory increase of SHIB tokens:
After the new generation of meme coins such as PEPE and WIF successively refreshed their ATH, SHIB, a popular meme in the last bull market, began to make up for the increase strongly. In the past 24 hours, SHIB, BONE, and LEASH in Shibs three-piece set have increased by 65%, 45%, and 143% respectively. This has happened before Shib officials have announced any substantial positive news. Shibarium Network has also reached There was no new sound for a year.
If next, the Shib project team takes advantage of the heat to implement new substantial benefits, such as the release of infrastructure construction such as Shibarium, major progress or plans in DeFi construction, etc., the rise of SHIB tokens may continue.
Judging from hot searches in each region:
(1) Different countries in Asia have shown concern for different meme coins:
India and Pakistan both belong to South Asia, but the most popular memes are SHIB and PEPE respectively;
The Philippines and Thailand paid more attention to the Solana meme led by BONK;
Singapore’s focus is also worth noting. In addition to SHIB and PEPE memes, Singaporean users also show high enthusiasm for LINK, the leading oracle, and the DePIN track.
(2) Hot searches in the English area, Europe, and CIS areas show great diversity:
In addition to the most popular meme track recently, North America and Australia have also shown their attention to the BRC 20 track. ORDI and SATS have been on the top search lists in Canada and Australia respectively. In the first wave of BRC 20 hype, At that time, these areas did not pay much attention to the BRC 20 track;
In the European region, in addition to chasing hot spots, it also continues to pay attention to many second/third tier public chain projects: Stellar, Celestia, Elrond, etc.;
In the CIS region, on-chain data analysis tools Arkham (ARKM) and TON often appear in hot searches, and the past 24 hours are no exception.
(3) Latin America has also begun to pay attention to second/third tier public chain projects
For example, Celestia, Injective and Sei, Avalanche appeared in hot searches in Argentina and Brazil respectively.
(4) The African region mainly focuses on the three most well-known memes: DOGE, PEPE, and SHIB.
4. Potential airdrop opportunities
【DFLOW】
DFlow is a decentralized order flow market designed to support order flow from various L1 chains and Rollups. It has received US$7.5 million in financing from well-known institutions such as Framework, Coinbase, Wintermute, and Multicoin.
The project has simple interactions. You can get points by depositing money on the Solana chain. If there is an airdrop in the future, it is expected that the points will become an important basis for issuing airdrops. Compared with Solana ecological projects such as Marginfi and Kamino, whose TVL has exceeded US$500 million, DFLOWs current TVL is only US$40 million, which is relatively low-volume and has better opportunities.
The specific participation method is: create an account on the DFLOW official website, a Solana wallet address that can export the private key will be generated, and recharge the wallet with at least US$5 worth of tokens supported by DFLOW (SOL, jitoSOL, USDT, USDC, etc.). The project will be based on The size and time of deposit give XP points. In addition, you will get extra points by inviting friends to recharge to DFLOW.
【SyncSwap】
SyncSwap is currently the leading DEX on zkSync, with a TVL of US$62 million, making it the largest project on zkSync. As the currency issuance of zkSync approaches, the currency issuance of SyncSwap, the leading ecological project, will not be too far away.
In the past two days, it is generally believed that zkSync has completed the snapshot and is about to issue an airdrop of coins. This is based on the fact that zkSyncs magic lamp NFT - LIBERTAS OMNIBUS has halved in one day after the floor price continued to rise, leading the market to believe that zkSync has completed the snapshot. Those who know the inside information The mouse barn escapes. So if zkSync issues coins in early April, then SyncSwap will issue coins at least until the end of April or early May, so there is still a time window for interaction.
The specific way to participate is: use SyncSwap to trade or form LP to provide liquidity. Judging from the past airdrop rules of other DEXs, generally those with an interaction amount exceeding 10,000 U or providing LP with more than 1,000 U will have a higher probability of receiving airdrops.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
