Bitget Research Institute: ETH/BTC exchange rate rebounded to 0.051, and the Restaking sector rebounded strongly
In the past 24 hours, many new hot currencies and topics have appeared in the market, and it is very likely that they will be the next opportunity to make money.
Sectors with strong wealth creation effects are: Restaking, ETH Layer 2;
The most popular tokens and topics searched by users are: UXLINK, AI Arena, American Coin;
Potential airdrop opportunities include: UXLINK, AI Arena;
Data statistics time: April 29, 2024 4: 00 (UTC + 0)
1. Market environment
BTC spot ETF has experienced net outflow for three consecutive weeks, and the market has fluctuated and fallen. The market is focused on the Federal Reserve's monetary policy meeting to be held on May 2, and Powell will speak after the meeting; on May 3, the United States will release the non-farm payroll report. In Asia: Huaxia's BTC ETF and ETH ETF will be issued on April 29 and listed on the Hong Kong Stock Exchange on April 30. This is the first time such products have been launched in the Asian market.
ETH rose yesterday, and the ETH/BTC exchange rate rebounded to above 0.051, driving the rise of Layer 2 and Restaking sectors. ETH's rise failed to continue today, but the price of tokens in the Restaking sector remained stable after rising.
2. Wealth-making sector
1) Sector changes: Restaking (ETHFI, SSV)
main reason:
The Restaking sector rebounded the most strongly amid the rise of ETH. ETHFI and SSV also maintained a relatively stable price amid the decline of ETH today. Yesterday, the TVL of ether.fi exceeded 4 billion US dollars, with a daily increase of 5%. Renzo (REZ), a project in the same track, will also open airdrops soon. The market focuses on the Restaking sector.
Rising situation:
ETHFI rose 31% yesterday, and SSV rose 14% yesterday and maintained a small increase for 10 consecutive days.
Factors affecting the market outlook:
The change in the ETH/BTC exchange rate will be a decisive factor in the general trend of the entire ETH ecosystem. In the past year, the strengthening of BTC prices has caused the ETH/BTC trading pair exchange rate to fall by -20%. In the past week, the exchange rate has rebounded by +5%. The expectation of the ETH spot ETF is that whether the exchange rate can be raised again will be the key to whether the ETH ecosystem and even most altcoins can start to rise.
The continuous inflow and stability of funds in the restaking track are also very critical. In the initial development stage, if a major security incident occurs in a well-known project on the track, the impact on the project may be fatal and will have a huge negative impact on the development of the entire track.
2) The sector that needs to be focused on in the future: ETH Layer 2
main reason:
The ETH/BTC exchange rate has risen above 0.051 again. Whales such as Justin Sun and Jihan Wu bought a large amount of ETH during the market decline, perhaps to hype up the expectations of the ETH ETF on May 23 and the future ETH Prague upgrade. Led by the rise of ETH yesterday, OP, ARB, STRK, and METIS all saw a significant increase.
Specific currency list:
OP, ARB, STRK, METIS;
3. User Hot Searches
1) Popular Dapps
UXLINK (UXUY):
UXLINK is a groundbreaking web3 social system designed for mass adoption, allowing users to build social assets and trade cryptocurrencies. It includes a series of highly modular Dapps, from onboarding to graph formation, group tools to social trading, all seamlessly integrated in Telegram.
Recently, the data on the UXLINK chain has become increasingly active, attracting more attention and interaction from users. The project may be about to confirm an airdrop.
2) Twitter
AI Arena:
It is a PVP fighting game developed by ArenaX Labs. Players can learn through AI and continuously evolve game characters. The battle mode is similar to Nintendo's Super Smash Bros. It combines games, NFT (IP) and AI algorithms to bring players a new gaming experience while protecting the intellectual property rights of AI practitioners and helping them monetize.
AI Arena developer ArenaX Labs announced the completion of a new round of financing of US$6 million, led by Framework Ventures, with participation from SevenX Ventures, FunPlus/Xterio and Moore Strategic Ventures. It plans to use the funds to build a PvP fighting platform and develop similar games.
3) Google Search & Region
From a global perspective:
American Coin: This project is a meme coin on Solana. There was no hot spot in yesterday's crypto tweets, and the hot searches were generally focused on meme coins. The trading volume of American Coin in the past 24 hours exceeded 13 million US dollars, and the on-chain trading was very popular. After several washes, the coin price continued to hit new highs. The number of token holders was high, which attracted widespread attention from the market.
From the hot searches in each region:
(1) Yesterday’s hot searches in various regions of Asia were mainly focused on Ethereum and its related ecosystem:
Asia generally paid attention to information related to Ethereum and Ethereum ecosystem yesterday. Mainly influenced by the news that Hong Kong will launch ETH ETF trading on April 30, Asia's searches for Ethereum and related ecosystems were high. In addition to Ethereum, Ethereum re-staking tracks were also generally on the hot search, and Ethereum re-staking tokens generally rose yesterday.
(2) Large-cap mainstream coins appear more frequently in Africa, Europe, and CIS:
At present, the crypto market has generally rebounded, and users in more regions have begun to search for information related to mainstream currencies, looking for more certain investment opportunities and over-undervalued currencies due to the market crash. The main searched tokens include BTC, SOL, XRP, LINK, ICP, etc.
Potential Airdrop Opportunities
UXLINK
UXLINK has established a Web3 social platform based on acquaintance relationships by allowing users to quickly split based on acquaintance social networks, and provides deep social scenarios and token incentives to retain users and further grow, thus gaining a strong user base in a short period of time.
UXLINK has raised more than 9 million USD in total. Investors in this round include OKX Ventures, Manifold, Web3Port Foundation, UOB Venture, Comma 3 Ventures, Cypher Capital, Kucoin Ventures, Gate Labs, Forgame, ECV, Signum Capital, 7 UPDAO, etc., and participated in the Stanford Blockchain Accelerator.
Participation details:
The airdrop will be carried out through NFT vouchers. The four sets of themed NFTs issued are MOON, TRUST, FRENS, and LINK. The theme names are determined by community voting and are expected to start minting on May 3. UXLINK currently calls on community users to complete three key tasks as soon as possible, namely: invite friends to join UXLINK; on-chain interactive behavior; link wallet assets.
AI Arena
AI Arena is an AI-driven Web3 competitive game that allows users to train their own AI characters to fight. The outcome of each battle depends on the player's skills in training. It aims to help users understand the operation and learning process of artificial intelligence. AI Arena is currently open for pre-registration, and ArenaX Labs plans to launch a beta version of the game on the Arbitrum mainnet soon.
AI Arena developer ArenaX Labs announced the completion of a new round of financing of US$6 million, led by Framework Ventures, with participation from SevenX Ventures, FunPlus/Xterio and Moore Strategic Ventures. It plans to use the funds to build a PvP fighting platform and develop similar games.
Participation method:
Log in to the official website, connect your wallet, connect to Twitter and DC, click Claim, and receive tokens and characters. After entering the game, you can choose to log in directly with your wallet and complete the basic training step by step according to the prompts. After completing the basic training, you will be given a character, and then select Stake in the lower right corner, enter the stake amount, click Stake, and confirm it in the wallet. Finally, you can participate in the ranking competition.
Original link: https://www.bitget.com/zh-CN/research/articles/12560603808944
【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.
