Bitget Research Institute: BTC breaks through new highs and plunges downward, ETH ecosystem rebounds quickly
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, after hitting a record high of over $69,000, Bitcoin plummeted by more than 15%, with a maximum drop of $10,000. The market generally adjusted, including:
The sectors with strong wealth creation effect are: L2 sector and DEX sector;
The most popular tokens and topics searched by users are: meme tokens such as Pixels, BTC, PEPE and WIF;
Potential airdrop opportunities include: Rabby Wallet, Owlto Finance.
Next, as market sentiment cools down and irrational high leverage is cleared up, the overall market structure will be healthier. Combined with the future benefits and the strength of capital rebound, investors can consider bargain hunting in the Cancun upgrade sector represented by OP, STRK, and ARB, as well as the DEX sector represented by UNI, SUSHI, DYDX, etc.
Data statistics time: 4:00 on March 6, 2024 (UTC+ 0)
1. Market environment
In the past 24 hours, the price of BTC broke through a record high of over $69,000, and then started a 4-hour plunge, with the highest drop reaching 15%. The plunge of BTC led to a general correction in the crypto market. The meme sector, which was relatively popular in the early stage, fell by up to 50%. However, OP, UNI and other currencies with good fundamentals took advantage of the plunge and were quickly acquired by funds and rebounded sharply. Such strong strength The currency is very sustainable in its upward breakthrough.
There has been a vacuum period in macroeconomic policies recently. The Feds interest rate cut is expected to be at the end of Q2. Therefore, BTC is likely to undergo a short-term adjustment. At this time, active funds may enter hot sectors for rotation and speculation. You can focus on Cancun Upgrade, DEX and other related topics in advance. Sector currencies with greater expectations.
2. Wealth creation sector
1) Sector changes: L2 (OP, STRK, ARB)
The main reason: The Cancun upgrade will be carried out on March 13, which is an important benefit to the L2 sector;
Rising situation: OP and STRK have recovered strongly from the pin drop. Among them, STRK has broken through the recent bottom shock range and entered an upward trend, rising 12% in the past 24 hours;
Factors affecting the market outlook:
Whether the L2 price has started a second round of upward trend: The top L2 currencies such as OP and STRK represent the direction of funds. If the price further breaks through and rises, it will drive the overall sector sentiment into a new round of market sentiment;
Ecological project prices and TVL changes: Whether L2 ecological core DeFi, Meme, Gaming and other applications have received increased capital inflows, and the growth of TVL. Generally, core Dex is prone to price changes first. At this time, the main ecological projects can be appropriately deployed.
2) Sector changes: DEX sector
The main reason: Uniswaps fee pledging dividend proposal is coming to an end. It has received 44 million votes in favor and 10,000 votes against it. A16z, which has a large voice and is expected to reach 60 million votes, has not yet spoken out, and its approval is expected to be high.
Rise: UNI price hit a new high again after falling, rising 9% in 24 hours, with an amplitude of 30%.
Factors affecting the market outlook:
Uniswap voting ends on March 7. If the proposal is passed, there is a high probability that UNI will have a large increase; however, if the proposal is not passed, the DEX sector will be suppressed again and the currency price will fall. You should stop losses in time to avoid risks;
Complementary increases in other DEX targets: If the Uniswap proposal is passed, the DEX sector will regain more financial attention, and leading DEX and DeFi tokens such as SUSHI, DYDX, COMP, CRV, etc. will rise. Therefore, if the proposal is once If it passes and the price of UNI currency starts to skyrocket, you can consider configuring SUSHI, DYDX and other currencies as soon as possible.
3) We need to focus on sectors in the future: BTC ecology, Gaming
The main reason: BTC breaks through the previous high, which will further promote the development and prosperity of BTC ecological projects. At the same time, the optimization of Cancun upgrade is beneficial to the game track and other tracks with strong user experience.
Specific currency list:
ORDI: BTC ecological BRC inscription head project, as BTC has reached a record high, there will be continuous empowerment with the development of BTC L2;
SATS: BTC ecological BRC inscription header project, with meme attributes;
IMX: Game L2 header target.
3. User hot searches
1. Popular Dapps
Pixels ：
Pixels is a game project on the Ronin chain. Yesterday, the pixels project held a space event on Twitter with the theme The Dark Side of Web3, with a total of 5984 people listening. At the same time, pixels games continue to attract new users. Currently, the total number of pixels users has reached 1.1 million, and its monthly DAU has reached 314,000. Therefore, in the past 24 hours, pixels Unique Active Wallets increased by +145.7% month-on-month.
2.Twitter
（1）Bitcoin（Token symbol：BTC）
Bitcoin started to fall after breaking through a new high of $69,000 yesterday. According to Bitget data, the lowest price dropped to $59,130 yesterday. In the past 24 hours, the entire network liquidated $1.045 billion, of which long orders liquidated $816 million and short orders liquidated $229 million. There are three main reasons for yesterdays decline: first, some investors stopped taking profits after Bitcoin broke a new high; second, due to the excessive Bitcoin funding rate and leverage ratio, some long orders were liquidated, which in turn triggered a series of liquidations; Third, U.S. stocks opened lower and moved lower. All three major indexes fell by more than 1%. Large technology stocks generally fell. Intel, Tesla, Microsoft and Apple all fell by more than 3%. The pressure of market conditions jointly led to the decline of the cryptocurrency market. resonance.
3.Google Search
From a global perspective:
(1) BRICS (BRICS)
According to the Russian TASS news agency, the BRICS (BRICS), composed of Brazil, Russia, India, China and South Africa, will work to establish a payment system based on blockchain and digital technology. The BRICS group has been working hard to reduce its reliance on US dollar settlement, and the peer-to-peer payment system can implement de-dollarized currency settlement and swaps within the BRICS countries to achieve the purpose of de-dollarization. From cooperation with the Ethereum Foundation to Bitfury, Russian developers of blockchain projects have historically had the habit of cooperating with blockchain companies for development. The development of such systems may benefit the currency prices of related concept blockchain projects in the future.
Judging from hot searches in each region:
(1) Asia and Europe generally show enthusiasm for searches around the rise of LUNA:
Imprisoned Terra co-founder Do Kwon scored a rare victory when Montenegros appeals court overturned a lower court decision in February to extradite him to the United States, citing significant violations of criminal procedure provisions. Kwon does not have to be extradited to the United States.
Driven by this news, Luna currency price rose 31.73% in 24 hours.
(2) The English region and the African region show concern for GST:
GST is a reward token obtained in STEPN. STEPN is a Web3 lifestyle application with interesting social elements and gamification design. The main game content is to earn rewards by running.
Yesterday, GST rose sharply, with an increase of 208% on the day. The daily trading volume was 160 million. Coinbase had the largest trading volume at 116 million, which shows that it has won the favor of North American trading users.
At the same time, there is continuous large-scale buying of GST; a Solana whale address starting with 4 Baw has continued to withdraw GST from Coinbase in the past week, and now the address holds USD 3.57 million worth of GST.
4. Potential airdrop opportunities
Rabby Wallet
Rabby Wallet is an open source, multi-chain cryptocurrency wallet developed by the DeBank team and designed specifically for DeFi users. In December 2022, DeBank completed an equity financing of US$25 million at a valuation of US$200 million. This round of financing was led by Sequoia China, with participation from Dragonfly, Hash Global, Youbi, Coinbase Venture, Crypto.com, Circle, and Ledger.
The project has simple interactions. In January this year, Rabby Wallet launched a points system. Download Rabby Wallet from the official website of the project, install and use it, and accumulate points by interacting with various dapps using the wallet and transferring assets.
The specific way to participate is: click Install Rabby Wallet to install the plug-in, copy the invitation code, import your private key or mnemonic phrase, you can see the points, enter the invitation code to get extra points, swap in the wallet to get points, you can also use it daily. Accumulated points.
Owlto Finance
Owlto Finance is a decentralized Cross-Rollup cross-chain bridge focusing on Layer 2. Currently, it supports users to cross-chain between more than 15 L2s such as Ethereum mainnet, zkSync Era, and Starknet.
Since its launch, Owlto Finance has successively entered the official ecology of zkSync, Starknet, Arbitrum, Optimism, Linea, Base, Polygon, BNB Chain, Mantle, Scroll, Taiko, Manta, Kroma, etc., and has been especially recommended by the official Twitter and forwarding, and has a very close official relationship with each layer 2. The project currently has a points system. In addition to earning Owlto airdrops, you can also accumulate the number of transactions of other unissued currency layer 2.
The specific participation method is: log in to the official website, select the source chain and target chain, and then enter the amount. owlto currently supports four tokens: ETH, USDC, USDT, and BNB. The project currently also supports the accumulation of points by signing in, which can be obtained by signing in on the website every day.
[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.
