Bitget Research Institute: BTC broke through the pressure level of 70,000 US dollars in a short time, and the price of ENA currency continued to rise.
In the past 24 hours, many new popular currencies and topics have emerged in the market, and it is very likely that they are the next opportunity to make wealth.
Sectors with strong wealth creation effects are: Bitcoin ecology (BRC 20, ARC 20, BTC Layer 2, etc.), Ethena (ENA), nakamoto upgrade related tokens (STX, T);
The most popular tokens and topics searched by users are: Pixels, Harvest Finance, Matr1x;
Potential airdrop opportunities include: Morph, TimeSwap;
Data statistics time: 4:00 on April 8, 2024 (UTC+ 0)
1. Market environment
Spot gold prices surged higher again after a brief correction, breaking through a record high and reaching $2,353 per ounce. BTC made a slight correction after breaking through the pressure level of US$70,000 for the third time in a month. The BTC Spot ETF saw net inflows for four consecutive days from April 2 to April 5, and market sentiment began to improve.
The ETH/BTC exchange rate has weakened, falling 13% in the past month. The gas on the ETH chain has dropped to around 10 gwei in the past 24 hours, and the activity on the ETH mainnet has significantly decreased. Among Layer 2 networks, except for Base, which has seen a significant increase in TVL recently, the TVLs of Starknet, Optimism, and Arbitrum have fallen by 10%, 9%, and 5% respectively in the past week.
2. Wealth creation sector
1) Sector changes: Bitcoin ecology (BRC 20, ARC 20, BTC Layer 2, etc.)
main reason:
(1) Bitcoin halving is approaching, and Bitcoin ecological projects are most likely to attract market attention. A large number of Bitcoin asset issuance agreements and expansion agreements will prepare to issue important announcements before and after the halving;
(2) The Beta version of Atomics Protocol’s ARC 20 token split solution has entered the testing phase;
Rise: In the past 24 hours, ATOMARC has risen by 24%, and MUBI has risen by 26%; in the past week, CKB has risen by 37%, and other top assets such as BRC 20 and ARC 20 have also risen significantly.
Factors affecting the market outlook:
The situation and effects of the Bitcoin ecological innovation before and after the Bitcoin halving, and the actions of the main funds during this period will directly affect the trend of the entire sector. At present, the asset liquidity of the ARC 20 sector is weak, which is conducive to fund-raising. The market values of ATOMARC and QUARK are not high. It is worth investing energy to pay attention to the changes in the sector and make timely investments.
2) Sector changes: Ethena (ENA)
main reason:
(1) Ethena’s protocol fees reached US$8.3 million in the past week, ranking among the top stablecoin protocols, far exceeding the second-ranked MakerDAO. The circulating market value of USDe has quickly reached the level of US$2 billion.
(2) Ethena is very popular in discussions on social media and industry leading KOLs. Some people compare Ethena with Luna to remind them of the risks of the project. Some people also point out the differences between the project and Luna and praise it for proactively disclosing its own risks. potential risks. Amid discussions and disagreements, Ethenas social media exposure continues to rise.
Rise: ENA has continued to rise from an opening price of approximately US$0.6 after TGE a few days ago. The current currency price has reached US$1.2, doubling within a week.
Factors affecting the market outlook:
The growth of USDe’s circulation: The current market value of USDe is US$2 billion, and it has reached the fourth position in the market value of stablecoins. If USDe’s circulation market value can gradually approach or even surpass the third-ranked DAI, then ENA’s currency The price imagination space will be greatly opened.
The expected return rate of Ethena activities and the strength of external cooperation project parties: The second quarter Ethena campaign has started. Ethena is cooperating with a large number of well-known project parties such as Zircuit to add more benefits to USDe’s pledge. If Ethena can continue to carry out such Expansion allows users holding USDe to receive more excess returns from external sources, and the project will be able to develop faster.
3) The following sectors need to be focused on: nakamoto’s upgrade of related tokens (STX, T)
The main reason: The Stacks Nakamoto upgrade will be launched between April 15th and 29th, and the boot contract required for the Nakamoto upgrade is ready. The Stacks Nakamoto upgrade is to upgrade the BTC cross-chain bridge to a threshold signature, and Threshold Network and its $tBTC are threshold signet cross-chain BTC bridge solutions that have been running for 5 years.
Specific currency list: STX (Stacks), T (Threshold Network)
3. User hot searches
1) Popular Dapps
Pixels: Pixels is a social casual Web3 game based on the Ronin network with an open world game environment of exploration, farming and creation. According to DappRadar statistics, Pixels UAW has reached 740,000, which is a large number of users. A major feature of Pixels is that it combines player-to-earn (P2E) functionality with farmland NFTs. It aims to provide a comprehensive gaming environment through PIXEL tokens, closely integrating currency use and gameplay, and has been widely Players love it.
2）Twitter
Matr1x
Matr1x is a global Web3 entertainment platform that combines multi-episode games. The platforms first game, Matr1x Fire, is a mobile shooter set in the Metaverse, the first of its kind in the Web3 gaming industry.
The cryptocurrency gaming circuit has experienced a collective rebound recently. The price of Matr1x token FIRE is doing well. The main factors affecting the price of Matr1x token FIRE include its unique position in the gaming and Web3 entertainment space, the success and adoption of its flagship game Matr1x Fire, and the overall growth and engagement of its platform.
3) Google Search Region
From a global perspective:
Harvest Finance
Harvest finance is a multi-chain DeFi revenue viewing board project. The project is very convenient for users to check their LP deployed on multiple chains, Yield Farming, etc., and it is also convenient for users to quickly claim benefits.
The projects token price rose by about 160% yesterday, and finally achieved a 100% increase. The token is currently listed on Coinbase, Kraken and Binance. Due to the rising currency price, there are many hot searches on social media. However, the project team has not announced any breakthrough features or special cooperation information. It is currently unclear why the token has risen, and investors can continue to observe.
Judging from the hot searches in each region:
(1) Southeast Asia has a strong interest in AI and MEME topics:
Southeast Asian users attention to MEME tokens and AI tokens has increased significantly. In terms of MEME coins, such as PEPE, WEN, SHIBA INU, etc., they appear widely in searches by Southeast Asian users. MEME has simple and cute imagery and is widely loved by Southeast Asian users. In terms of AI, FET, WLD, ARKM, etc. all appear at the top of searches. Since AI tokens are officially affected by industry iterative upgrades, they have higher volatility and higher retail investor participation.
(2) Europe and CIS regions pay more attention to mainstream currencies:
The tokens that users in Europe and CIS regions are mainly concerned about are SOL, FTM, TRON, etc. Recently, the mainstream market has returned to high levels after adjustments. The widespread attention of retail investors to mainstream currencies shows that retail investors are optimistic about the market outlook for mainstream currencies, believe that there may be a breakthrough market, and generally place bets. Similarly, the recent popularity of the Solana chain has prompted other public chains to imitate it. On the premise that users are more willing to participate in the public chain ecosystem, users demand for the public chain tokens has also increased.
4. Potential airdrop opportunities
Morph
Morph is a consumer-level blockchain that meets users daily blockchain needs through zkEVM and responsive technology. Morph aims to provide one-stop development tools and solutions for project founders. Morph is built on three key technologies, namely decentralized sequencer, Optimistic zkEVM integration and modular design.
Morph announced the completion of a US$19 million seed round of financing, led by Dragonfly Capital, with participation from Pantera Capital and others.
Participation method: Log in to the Morph official website to talk about the test network RPC, add it to the wallet software, receive the test ETH at the official faucet, cross-chain the test ETH to the Morph test network, and participate in the Morph test network on-chain project.
TimeSwap
Timeswap is a liquidation-free lending protocol that uses its own style of AMM model and design for lending. Users can borrow tokens into the pool to earn fixed income, borrow tokens or leverage without the risk of liquidation.
DeFi lending protocol Timeswap has completed a seed round of financing, led by Multicoin Capital, with participation from Mechanism Capital and Defiance Capital. The amount of financing was not announced.
How to participate: Log in to the Timeswap official website, select the LP pool with TIME subsidies, form the corresponding LP, add deployment, and then participate in the TIME token pre-mining.
Original link: https://www.bitget.com/zh-CN/research/articles/12560603807882
[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.
