Bitget Research Weekly Highlights: Bitcoin's market dominance hits a 2-year high at 51%, Scroll officially launches mainnet
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Bitget Research Weekly Highlights: Bitcoin's market dominance hits a 2-year high at 51%, Scroll officially launches mainnet
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (Oct 16–20), several new trending cryptocurrencies and topics emerged in the market.
1. Market Trends
The most discussed topics this week (Oct 16–20) were:
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The yield on 10-year U.S. Treasury bonds rose to 4.97%, and the SEC dropped charges against Ripple CEO
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Bitcoin’s market dominance reached a two-year high of 51%; Reddit discontinued its blockchain community points program
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Scroll officially launched its mainnet; Ethereum network maintained single-digit Gas fees as of October 18
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A false news report about spot Bitcoin ETF approval triggered a BTC price spike; TipChat's upcoming launch drove a surge in TIP
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Grayscale plans to convert GBTC into an ETF; LOOM and other South Korea-related tokens performed strongly
2. Popular Projects
The hottest projects this week (Oct 16–20) include:
ARB (Token): The first round of voting for Arbitrum’s Short-Term Incentive Program (STIP) concluded last week. Out of 97 submitted proposals, 29 projects qualified under Arbitrum’s rules to participate in this incentive round. After a brief price surge, ARB has since pulled back toward historic lows, experiencing significant volatility due to governance-related demand.
JOE (Token): A recently trending meme coin. The project team has renounced contract ownership, and numerous top-tier CT influencers—including Pranksy, 0xLawliette, LaserCat, and Cousin Crypto—have promoted it.
VEXT (Token): Veloce, the company behind VEXT, is a media firm focused on esports, gaming, and Web3. It recently launched the VEXT token, aiming to enhance audience engagement in both real and virtual sports events. Veloce also hopes that VEXT, as a tradable asset, will support its expansion efforts.
WSM (Token): A popular meme token within the crypto community, originating from the WallStreetMemes movement. With over 800,000 members, WallStMemes blends humor with Web3 elements. Beyond meme speculation, the project offers staking functionality, currently providing annualized returns exceeding 40%.
REKT (Token): A "rug pull"-themed meme coin launched on October 19. Promoted by well-known figures such as former Bitmex CEO Arthur Hayes, RektGuy, and Dave Waslen, the token gained strong community traction. Its 24-hour trading volume exceeded $14 million, indicating high热度.
Tofu NFT Marketplace (NFT): A completely rebuilt NFT marketplace based on experience from SCV.finance’s NFT platform. It retains fast loading speeds and advanced filters while introducing many new features and improvements. Currently maintaining steady trading volume on Arbitrum, it is worth watching.
Uniswap (Dapp): According to official announcements, starting October 17, Uniswap began charging a 0.15% swap fee on certain tokens via its web app and wallet interface. Affected tokens include ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD. This fee applies only when these tokens are traded through Uniswap Labs’ interfaces on Ethereum mainnet and Layer 2 networks, intended to sustainably fund Uniswap’s operations.
Friend.Tech (Dapp): Yu Xian, founder of SlowMist, warned on social media that tools related to friend.tech may carry hidden risks—especially those requesting private keys or asking users to log in using their friend.tech account (e.g., phone number) and standalone password (friend.tech’s 2FA). Such services could use reverse proxies to interact with friend.tech, potentially enabling manipulation of user funds.
Blur (Dapp): Following Blur’s announcement that its Season 2 airdrop event will end on November 20, investment firm ARCA proposed adding fee-sharing mechanisms and special rights for BLUR holders. The proposal was retweeted by the official account, sparking bullish momentum for the BLUR token. It surged up to 30% over the past week before pulling back slightly, with total platform trading volume reaching $270 million.
3. Hot Searches
The most searched topics this week (Oct 16–20) include:
XRP (Token): Ripple announced today that the U.S. Securities and Exchange Commission (SEC) has dropped all charges against its CEO Brad Garlinghouse and Executive Chairman Chris Larsen. This marks the third consecutive legal victory for Garlinghouse, Larsen, and Ripple, following the July 2023 ruling that XRP itself is not a security, and the subsequent October federal judge’s decision rejecting the SEC’s appeal request.
Bitcoin (Token): Global risk-aversion sentiment continues to rise, with VXX up 5% yesterday and nearing breakout levels. Rapidly rising U.S. bond yields have stabilized and boosted the U.S. dollar index, increasing pressure across risk assets. Recently, Bitcoin has exhibited safe-haven characteristics, with its share of the crypto market climbing to 51%.
BIGTIME (Token): After multiple days of consecutive gains post-TGE, BIGTIME plunged nearly 30% in a single day. The project raised the gold-farming entry barrier, requiring users to purchase additional NFTs to access dungeons. (BIGTIME is a PC-based multiplayer action RPG led by a former Mana founder, assembling an all-star team of industry veterans from Epic Games, Blizzard, EA, and Riot. It initially raised over $90 million through NFT sales.)
PAAL (Token): Reached new highs with rapid growth, surpassing 1 million users, and offering future staking rewards (with a 4% transaction tax). The project announced yesterday it joined NVIDIA’s Inception program, gaining access to computational resources. The token surged over 40%, warranting continued attention.
Bitget Research focuses on “tracking on-chain data and uncovering valuable assets,” leveraging real-time monitoring of on-chain metrics and regional search trends to identify emerging investment opportunities. To date, it has provided Bitget’s global user base with early insights into high-potential sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating superior wealth-building outcomes through data-driven research.
[Disclaimer] The market involves risks; investing carries inherent dangers. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions expressed herein align with their individual circumstances. Investment decisions made based on this information are at the reader’s own risk.
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