Bitget Research Institute: Mt.Gox clearly stated that it would not pay compensation in the short term, causing the market to stop falling and fluctuate in a narrow range

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Bitget研究院
1 months ago
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Influenced by Mt.Goxs successive actions, the market experienced a small correction, with BTC briefly falling below $68,000 in the early morning. Individual sectors had a certain wealth-creating effect.

In the past 24 hours, many new popular currencies and topics have appeared in the market, which may be the next opportunity to make money, including:

  • The sectors with strong wealth-creating effects are: RWA sector, Ethereum Layer 2 sector;

  • The most searched tokens and topics by users are: Particle network, Atomicals Protocol, Celestia

  • Potential airdrop opportunities include: Espresso, Morph

Data statistics time: May 29, 2024 4: 00 (UTC + 0)

1. Market environment

Yesterday, Mt. Gox officially announced that it had not sold Bitcoin yet, and the previous transfer of Bitcoin was in preparation for the creditor repayment deadline on October 31. Affected by Mt. Goxs successive actions, the market has experienced a small correction, and BTC briefly fell below $68,000 in the early morning. This week, the overall ETH/BTC exchange rate has risen to 0.056, up 25% from 0.045 in the middle of the month. Compared with BTC, ETH is relatively undervalued, and there is a large room for future growth.

At the macro level, yesterday, the US Bitcoin ETF increased its holdings by 694 Bitcoins, worth about $47 million, and BlackRocks Bitcoin spot ETF IBITs Bitcoin holdings exceeded Grayscale GBTC. The Crypto Fear and Greed Index was 72 (74 yesterday), indicating that market sentiment continued to rebound.

2. Wealth-making sector

1) Sector changes: RWA sector (ONDO, TRU, POLYX)

Main reason: This bull market mainly originated from the traditional market buying brought by ETFs. As a way to introduce traditional financial markets, RWA has been constantly updating its products and raising funds. Recently, RWA layer 2 network Plume Network completed a $10 million seed round of financing.

Rising situation: ONDO rose 10% today, TRU rose 20% +, POLYX rose 5% today;

Factors affecting the market outlook:

  • Changes in macro monetary policy: In terms of the macro environment, the rise in the yield of the 10-year U.S. Treasury bond supports the fundamentals of the RWA track; we need to pay attention to the subsequent changes in the U.S. dollar index, U.S. Treasury yields and the crypto market, and dynamically adjust trading strategies;

  • Changes in project TVL: RWA track projects are basically supported by TVL. You can pay attention to the changes in TVL of the RWA track. If the TVL of a project continues to rise/suddenly rises, it is usually a signal to buy;

2) Sector changes: Ethereum Layer 2 sector (ARB, OP, STRK)

Main reason: Affected by the news of the potential approval of the Ethereum ETF, Ethereum Layer 2 tokens generally rose. Currently, the approval of the Ethereum ETF is generally interpreted by the market as a positive for Layer 2 tokens. Therefore, when investors pay attention to the approval of the Ethereum ETF, they can also pay attention to the investment opportunities of related Layer 2 tokens.

Rising situation: ARB rose 19.3% in the past 4 days, OP rose 8.5% in the past 4 days, and STRK rose 16.6% in the past 4 days;

Factors affecting the market outlook:

  • Whether ETH ETF is approved: At present, the market generally expects Ethereum ETF to be approved. If there is an unexpected situation in the early morning of tomorrow, the market will generally reverse.

  • Layer 2 project development status: As the most widely used ecological public chain, the subsequent development of Layer 2 depends on its cooperative projects, user expansion, etc.

3) Sectors that need to be focused on in the future: AI sector

Main reason: Recently, AI-related positive news from major technology companies has frequently emerged, driving the entire US stock AI track and encrypted AI sector, which is worth paying attention to:

  • OpenAI launched its flagship AI model GPT-4o, which can perform audio, visual and text reasoning in real time. In February, OpenAI launched the text video model Sora, which led to an increase in the valuation of the entire sector. The launch of GPT-4o allows us to keep an eye on the AI sector.

  • Tech giant Microsoft is taking a closer look at the crypto industry, including the ways that blockchain technology and artificial intelligence could one day support each other, Cointelgraph reported.

Specific currency list:

  • TAO: Bittensor is an open source protocol that powers a blockchain-based machine learning network. Machine learning models are trained collaboratively and are rewarded in TAO based on the value of the information they provide to the collective.

  • NEAR: Recently, many AI projects in the NEAR ecosystem are in the building/funding stage, and NEAR is expected to become the AI hub of the future.

3. User Hot Searches

1) Popular Dapps

Particle Network: Particle Network is a development platform for Web3, which aims to improve the development efficiency of developers and accelerate the large-scale adoption of Web3. Its core product is a login and wallet middleware based on MPC-TSS technology, which does not require end users to remember mnemonics and use gas fees, greatly reducing the threshold for Web3 adoption. At present, Particle Network has completed three rounds of financing, with a total financing of US$8.5 million. Currently, there are limited ways to participate, and users are advised to keep paying attention.

2) Twitter

Atomicals Protocol: Yesterday, Atomicals Protocol released the Atomicals Virtual Machine (AVM) white paper. The software release will be completed in stages, starting with the interpreter running and then modifying the indexer node. Atomicals assets have been affected by the good news, and the top projects have risen. ATOM rose 11.09% in 24 hours, and QUARK rose 13.33% in 24 hours. In the future, as AVM is gradually improved, related assets will receive further capital influx.

3) Google Search Region

Bitget Research Institute: Mt.Gox clearly stated that it would not pay compensation in the short term, causing the market to stop falling and fluctuate in a narrow range

From a global perspective:

Celestia:

Last night, Celestia founder Mustafa published an article on sovereign blockchains on the official forum, expounding on his views on how blockchain technology empowers communities to achieve sovereignty through self-organization and collective action. This technological innovation has enabled the emergence of new social and economic models, and the sovereign aggregation chain has further lowered the threshold for achieving community sovereignty, making it easier to deploy sovereign chains. Celestias native token TIA has risen from the bottom of $9 to nearly $12, and is now trading at 11.49%, an increase of more than 20%.

From the hot searches in each region:

(1) Hot searches in Europe, America and the Middle East: meme tokens have returned to mainstream searches, with pepe, floki and shib appearing more frequently.

(2) The hot search terms in various regions in Asia yesterday had no obvious focus or characteristics.

Potential Airdrop Opportunities

Espresso

Espresso is a shared sorter market project that uses ZK-Rollups. The project mainly solves the consensus and interoperability between various Layer 2s. The core of Espressos strategy is to focus on privacy and decentralization, and the core members of the project are members of the Applied Cryptography Research Group at Stanford University.

The project recently announced the completion of a USD 28 million Series B financing, led by A16Z, with participation from Polychain, Coinbase Ventrues Sequioia, Sequioia, etc., making for a luxurious financing lineup.

Specific participation method: The project is currently in its early stages. Users can participate in the early project by participating in the verification node, and may obtain early airdrop qualities. For specific implementation, please refer to the official document: https://docs.espressosys.com/sequencer/guides/running-a-sequencer-node

Morph

Morph is a consumer-grade 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: decentralized sequencer, Optimistic zkEVM integration, and modular design.

Morph announced that it has completed a $19 million seed round of financing, led by Dragonfly Capital and participated by Pantera Capital and others.

How to participate: Log in to the Morph official website and add the test network RPC into the wallet software, receive the test ETH from the official faucet, cross-chain the test ETH to the Morph test network, and participate in the Morph test network on-chain project.

Original link: https://www.bitget.com/zh-CN/research/articles/12560603810442

【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 information is at your own risk.

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