Bitget Research: BTC breaks new all-time high, GameFi sector begins to rise
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Bitget Research: BTC breaks new all-time high, GameFi sector begins to rise
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market—perhaps they represent the next wealth-building opportunity.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Bitcoin has strongly broken through $71,000, hitting a new all-time high before consolidating between $69,000 and $71,000, while altcoins gradually gain strength. Key highlights include:
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The most wealth-generating sectors are: GameFi and large-cap altcoins experiencing catch-up rallies;
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Most searched tokens and topics by users: ZRX, PIXEL, Gaimin, AERO;
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Potential airdrop opportunities: Nostra, Ekubo;
Following Bitcoin's record-breaking rally, market speculative capital first focused on the gaming sector, followed by rotation into large-cap underperforming altcoins amid ample liquidity. Investors may consider GameFi projects such as YGG, GALA, and PIXEL, along with top-100 market cap assets in social identity (ID) and oracle sectors like LINK and PYTH. With NVIDIA’s upcoming GTC conference, leading AI projects such as RNDR, WLD, and FET present high-conviction opportunities suitable for accumulation at lower levels.
Data cutoff time: March 11, 2024, 4:00 AM UTC
I. Market Environment
Over the weekend, BTC surged past $70,000, setting a new all-time high and subsequently stabilizing between $69,000 and $71,000. The introduction of Bitcoin ETFs has brought massive trading volume to the market—last week alone, ETF purchases reached five times the amount of newly mined Bitcoin. Sector rotation continues, with profits from the AI sector partially flowing into blockchain gaming. GameFi tokens represented by GALA, YGG, and PIXEL are likely to sustain their upward momentum, warranting continued attention.
Macro data remains favorable for crypto markets. The U.S. 10-year Treasury yield hit a one-month low, while the U.S. Dollar Index extended its decline to a fresh one-month low. Compared to short-term volatility in traditional stock markets, cryptocurrencies led by BTC have delivered strong performance, attracting increasing capital inflows. Historically, after BTC reaches a new high and enters consolidation, altcoins tend to take center stage. Investors are advised to monitor trading opportunities in popular altcoin sectors such as AI, Memes, and GameFi.
II. Wealth-Generating Sectors
1) Sector Movement: GameFi (GALA, YGG, PIXEL, etc.)
Main reasons:
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Significantly increased community interest: After BTC hit new highs, the blockchain gaming sector broadly rallied. YGG and GALA rebounded over 80% in the past half month, showing high Twitter search volumes. Both are also actively marketed by DWF, creating a consensus bullish sentiment;
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Growing user base: The PIXEL token hit a new high, with monthly on-chain transactions exceeding 1.5 million and DAU reaching 500,000—double the previous month’s 250,000.
Price movements: GALA, YGG, and PIXEL rose 31%, 18%, and 13% respectively in the past 24 hours.
Factors influencing future performance:
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Anticipatory speculation around major global gaming events: The 2024 Game Developers Conference (GDC) will be held from March 18–22, drawing institutional investors, traditional game developers, and Web3 projects. Projects often announce positive developments during such events, making it prudent to position early in blockchain gaming projects like YGG, GALA, and AXS.
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PIXEL could lead a second wave in gaming: PIXEL became the first Web3 game to surpass 100,000 daily active users, boasting a strong community and significant purchasing power. Pixels recently announced a deep partnership with YGG to co-develop the Guild of Guilds (GoG), indicating substantial upside potential for its token and providing broader support to the blockchain gaming sector.
2) Token Movement: Catch-Up Rally in Large-Cap Altcoins (ID, PYTH, LINK)
Primary reason: Capital inflows into the crypto market via BTC ETFs drove strong weekend rallies in BTC and ETH, breaking prior highs and fueling active market liquidity, leading to catch-up gains across large-cap altcoins.
Price movements: ID surged 45% in 24 hours, PYTH gained over 20%, and LINK rose 12%.
Factors influencing future performance:
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Watch for convergence between social apps and AI: SPACE ID is a cross-chain domain service on BNB Chain allowing users to bind identities across multiple chains and use a single domain everywhere. With the launch of SPACE ID 3.0, and given Worldcoin (WLD)’s role in AI-based identity verification, ID can synergize AI and decentralized identity (DID) to accelerate AGI development. Related beneficiaries include WLD and GAL, which hold significant upside potential.
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Monitor PYTH, a leading oracle project in the SOL ecosystem: Beyond Solana, more than 15 applications on Blast now integrate PYTH, including perpetual DEX protocol DTX. Investors should closely track PYTH’s adoption rate and growth in staking participation. Continued increases in stakers and staked volume would support further price appreciation.
3) Sector to Watch: AI (RNDR, WLD, FET)
Main reason: NVIDIA’s GTC 2024 conference will take place in San Jose, California, from March 17–21. As the premier global AI event, it will feature participation from RNDR’s founder and other Web3 AI project leaders. Projects attending gain significant visibility, increasing the likelihood of capital-driven rallies. Investors should consider positioning ahead of time in leading AI-related assets.
Key tokens to watch:
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RNDR: A decentralized GPU rendering platform that has expanded its compute capabilities into AI and machine learning, providing distributed GPU resources to various clients. As foundational infrastructure in the AI space, RNDR is considered a leader in the sector.
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WLD: Despite recent regulatory scrutiny in certain countries, growing consensus around AI and OpenAI founder backing provide tailwinds. Continued capital inflows are expected to drive the token higher.
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FET: Fetch.ai builds an AI platform enabling anyone to create and deploy AI services at scale. Since its March 5 announcement of investment in computing infrastructure and expansion of FET staking and utility, the token has trended upward. Further progress in computing could unlock even greater price potential.
III. User Search Trends
1. Popular Dapps
Aerodrome (Token: AERO)
Aerodrome is a swap and liquidity hub on Base chain and currently the largest project by TVL (Total Value Locked), holding $245 million. It plays a critical role in helping new Base projects distribute tokens and bootstrap initial liquidity, serving as a cornerstone of Base’s DeFi ecosystem. Recently, the Base Foundation invested in Aerodrome, and the token has seen massive trading volume on Coinbase, rising approximately 470% since the investment news broke. Supported by strong fundamentals and strategic positioning within the Base ecosystem, investors may consider accumulating at lower levels as the project grows alongside Base.
2. Twitter
Gaimin (Token not yet launched):
Backed by CoinMarketCap Labs, Gaimin is a BNB Layer 2 project focused on gaming infrastructure, offering decentralized computing power, a game distribution platform, IGO Launchpad, and gaming communities. On March 9, it launched an Airdrop Farming campaign, allowing users to earn future token airdrops by retweeting, commenting, and liking specific posts. The campaign is being promoted by KOLs and esports celebrities, including NFT influencer dingaling and esports team Gaimin Gladiators. Investors may participate in the ongoing farming activity to qualify for potential airdrops.
3. Google Search
Global trends:
High discussion volume around 0xProtocol’s token ZRX:
0xProtocol has long been an active decentralized aggregator on Ethereum, providing liquidity services and support to numerous projects through its products 0x and Macha. As a key liquidity provider in DeFi, its token ZRX had previously traded at low valuations. The recent price surge reflects market revaluation of this quality project. Future performance will depend on overall DeFi sector momentum and whether 0xProtocol implements token-positive policy changes.
Regional search trends:
(1) English-speaking and European regions show strong interest in gaming tokens (GALA, PIXEL):
This weekend saw a broad rally in gaming tokens, with prominent projects like GALA and PIXEL leading gains. PIXEL, known for its active community, recently joined Binance LaunchPool and saw its price rise up to 80.4%. The market widely expects Binance and Animoca to jointly promote Web3 gaming initiatives in March. Investors may explore undervalued, high-quality gaming projects such as Mavia and Portal.
(2) Asian markets show interest in Solana-based meme coins (PENG, IQ50):
Recently, numerous meme projects have emerged on the Solana ecosystem, many demonstrating strong price action. Clear signs of coordinated efforts by知名 teams and capital are evident—PENG is backed by Gobit Hedge Fund, and IQ50 conducted an IDO on BakerySwap. For projects with transparent backing and funding, early participation in IDOs or private rounds may offer highly attractive returns.
IV. Potential Airdrop Opportunities
[Nostra] Leading integrated DeFi project on Starknet by TVL
Nostra is the largest integrated DeFi platform on Starknet, offering lending and swapping functionalities. It currently runs a points program where users earn points through borrowing and providing liquidity, qualifying them for potential airdrops. Additionally, Nostra has been selected for Starknet’s Spring DeFi Incentives Program, offering extra STRK token rewards when users provide liquidity.
As of now, Nostra’s TVL stands at $95.47 million, with average APRs around 30% in major pools.
How to participate: Visit the official website, connect your wallet, select deposit or borrow assets, and start earning points immediately. Under Starknet’s Spring DeFi Incentives, users adding liquidity to the following pairs—STRK/ETH, STRK/USDC, USDC/USDT, ETH/USDC—can earn both points and additional STRK rewards.
[Ekubo] Top-ranked AMM DEX on Starknet by TVL
Ekubo is among the highest TVL AMM DEXs on Starknet. It offers a points program where users earn points by providing liquidity or referring others, qualifying them for potential airdrops. Ekubo is also part of Starknet’s Spring DeFi Incentives Program, providing additional STRK rewards for liquidity providers.
Currently, Ekubo’s TVL is $42.14 million, with average APRs exceeding 50% in major pools. Notably, Uniswap exchanged $12 million worth of UNI tokens for a 20% share of Ekubo Protocol’s future governance token.
How to participate: Visit the Ekubo website, connect your wallet, and add paired tokens to designated liquidity pools (STRK/ETH, STRK/USDC, USDC/USDT, ETH/USDC) to earn points and STRK rewards.
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