Bitget Research: Cryptocurrency market fluctuates downward while BGB hits a new interim high
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Bitget Research: Cryptocurrency market fluctuates downward while BGB hits a new interim high
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
BTC spot ETFs experienced a trend reversal, turning into an overall net outflow of $85.7 million, while BTC dropped sharply, piercing the psychological level of $66,000. The rising U.S. dollar index and a slight increase in 10-year Treasury yields have exerted significant pressure on the crypto market.
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Wealth-generating sectors include: POW sector (BCH, LTC), Meme ecosystem (BOME, MEME, WIF)
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User trending tokens & topics: COQ, JUP, BGB, CORE, Farcaster
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Potential airdrop opportunities: Morph, Aries Markets
Data cutoff time: April 2, 2024, 04:00 (UTC+0)
I. Market Environment
The market fluctuated downward yesterday, with BTC briefly dropping to $66,000, leading to poor wealth effects across the broader market. The inflow trend of BTC spot ETFs reversed, with traditional capital withdrawing $85.7 million via BTC spot ETFs—a significant shift in capital flow. This triggered short-term liquidations in futures contracts, severely impacting long positions.
U.S. ISM Manufacturing PMI returned above the 50 expansion-contraction threshold for the first time in a year and a half, signaling continued strength in the U.S. economy. As a result, market expectations for a Fed rate cut in June have significantly diminished. This data indirectly pushed the U.S. dollar index up to the key level of 105 and increased 10-year Treasury yields by 11.7 basis points. Rising dollar strength and higher bond yields are unfavorable for short-term crypto performance, though the long-term trend remains intact—presenting potential opportunities for accumulating positions at lower levels.
II. Wealth-Generating Sectors
1) Sector Movement: POW Sector (BCH, LTC)
Main reasons: 1. BCH is approaching its halving event in one day, drawing market attention; 2. Post-halving, selling pressure will decrease and mining costs will rise;
Price movement: BCH broke above $700 yesterday, while LTC briefly surpassed $110;
Factors affecting future outlook:
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BTC performance: POW tokens are highly correlated with BTC. If BTC rises, POW tokens generally follow. Monitor BTC’s pullback levels—POW assets may outperform BTC during any rebound phase, making them worth sustained attention;
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Media exposure: BCH's upcoming halving is expected to attract significant coverage from crypto media, likely peaking in visibility tomorrow. If BCH fails to surge significantly within 1–2 days after this peak exposure, consider taking profits;
2) Sector Movement: Meme Ecosystem (BOME, MEME, WIF)
Main reasons: 1. Vitalik stated that memes hold value for the ecosystem and publicly supported meme coin issuance; 2. New meme coins have stabilized after volatility and entered a new upward phase;
Price movement: BOME rose 8.4% against the market trend over 24 hours, MEME gained 8.3%, and WIF briefly exceeded $4.8;
Factors affecting future outlook:
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Traffic and exposure: The value of meme coins largely depends on their ability to generate wealth effects. Sustained price increases coupled with media attention can attract more speculative users, providing effective price support;
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Narrative development: Meme projects often create compelling narratives around trading opportunities. Users are advised to monitor AMAs hosted by meme project teams. Announcements regarding operational activities, product updates, or tokenomics adjustments may signal strong entry opportunities;
3) Sector to Watch Going Forward: BTC Ecosystem
Main reason: BTC ecosystem project CORE surged threefold in the past three days, demonstrating significant wealth generation. It is highly likely that capital will continue flowing into BTC-related ecosystem assets;
Specific token list:
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CORE: Plans to introduce BTC staking into its consensus mechanism in Q2 this year, aiming to build a DeFi ecosystem anchored to BTC;
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STX: The Stacks ecosystem continues maturing, with total value locked (TVL) consistently setting new highs. The upcoming Nakamoto upgrade, expected around April 15, will significantly enhance performance, making STX a solid BTC L2 candidate for accumulation at current levels;
III. User Trending Searches
1) Popular Dapp
BOB (Build On Bitcoin):
BOB (Build On Bitcoin) is a Bitcoin Layer-2 network compatible with the EVM, enabling developers to build decentralized applications atop Ordinals, Lightning, and Nostr. On March 28, BOB announced a $10 million seed round led by Castle Island Ventures, with participation from Mechanism Ventures, Bankless Ventures, CMS Ventures, and UTXO Management. According to DefiLlama, BOB Fusion’s TVL has surpassed $100 million, making it the fastest-growing protocol among those exceeding $50 million in TVL over recent days.
2) Twitter
COQ:
Coq Inu is an Avalanche-based meme coin launched fairly with 100% community distribution. The token originated from discussions among longtime friends and community members during the Avalanche Summit in Barcelona. On March 15, the Avalanche Foundation announced in its official blog that it holds five community tokens: Coq Inu, Gecko, Kimbo, NoChill, and Tech. COQ has risen +60% over the past month and pulled back -13% in the last 24 hours alongside broader market corrections. As a leading meme coin on Avalanche, COQ has a high chance of entering a second wave of speculation surpassing its all-time high—consider strategic buying opportunities.
JUP:
Yesterday, major Solana ecosystem tokens broadly rallied, driven by strong business metrics, with JUP and JTO breaking previous highs. Beyond already popular tokens like WIF, JTO, and JUP, investors should also watch upcoming TGEs and airdrops from notable Solana projects: Kamino, Parcl, Marginfi, DFlow, Backpack, MagicEden, and Tensor—each expected to bring sustained growth and momentum to the Solana ecosystem.
BGB:
During the market correction, Bitget’s platform token BGB showed strong resilience. Over the past 24 hours, as BTC declined by 6%, BGB rose 3%. Additionally, Bitget recently launched three consecutive Launchpool campaigns: ZK, DOPE, and ENA. Users can stake BGB or USDT to earn rewards in these tokens, with both BGB and USDT available for instant redemption.
3) Google Search & Regional Trends
Global trends:
(1) CORE:
CoreDAO launched CoreIgnition, integrating BTCfi into its ecosystem. Users can earn activity points and CORE tokens by bridging Bitcoin-based assets to the Core chain. Influenced by this news, CORE surged 309% over the past 7 days and 518% over 14 days. Over the past six months, some projects pivoting toward the BTC ecosystem have achieved massive success (e.g., AUCTION), while others faded quickly. Traders should closely monitor whether such transitioning projects are actively expanding resources and building real products rather than engaging in superficial rebranding.
(2) Farcaster:
Farcaster is a decentralized social network enabling developers to build innovative social applications. Users retain full control over moving their social identity between apps, and developers remain free to build new features on the network. On March 31, it was reported that Farcaster’s developer Merkle Manufactory is closing a funding round led by Paradigm, with a valuation nearing $1 billion. Recently, the buzz around Degen Chain has brought Farcaster and SocialFi into the mainstream spotlight—monitor fundamental data and price movements in the SocialFi sector closely.
Regional search trends:
(1) Southeast Asian interest centers on CORE’s rally and Ethena’s TGE:
CORE and Ethena (ENA) have trended in Indonesia, the Philippines, Singapore, and Thailand.
(2) Indian users increasingly focus on Crypto Tax:
Crypto earnings are taxable in India, and the government’s official stance on cryptocurrencies and other virtual digital assets was clarified in the 2022 budget.
(3) Western markets focus on top Solana ecosystem projects and the RWA sector:
Top Solana ecosystem tokens such as JTO, JUP, and RAY are trending across most countries in Europe and North America. Goldfinch (GFI) and Ondo Finance (ONDO) have appeared in trending searches in the U.S. and Belgium, respectively.
IV. Potential Airdrop Opportunities
Morph (L2, Optimistic zkEVM scaling solution)
Morph is an EVM-compatible Layer-2 that combines optimistic and zk rollup technologies, offering developer-friendly options for building financial, gaming, social, and entertainment applications.
On March 20, Morph announced a $19 million seed round led by Dragonfly Capital, with participation from Pantera Capital, Foresight Ventures, The Spartan Group, MEXC Ventures, and Bitget.
How to participate: (1) Morph’s first Galxe campaign has ended; follow Morph’s account on Galxe (https://galxe.com/Morph) for future campaigns; (2) Testnet interaction: Add the Morph Testnet to your non-custodial wallet via Chainlist, join the Morph Discord server to claim test tokens, and use the Morph testnet bridge to transfer tokens onto the Morph Testnet. More interactive test opportunities may follow.
Aries Markets (Lending platform on Aptos receiving APT incentives)
Aries Markets offers integrated lending, borrowing, and margin trading services on Aptos. Currently, the platform ranks third in Aptos ecosystem TVL at $167 million, behind only Thala and Amnis Finance.
Currently, backed by APT incentives, Aries offers over 18% APY for depositing USDC, while borrowing USDC costs less than 3%. Borrowing rates for USDT and WETH are also highly competitive, making yield farming alone a compelling strategy. Should the team launch an airdrop in the future, returns could be substantially amplified.
How to participate: (1) Use LayerZero’s cross-chain bridge to transfer assets to the Aptos network; (2) Deposit assets such as USDC, USDT, and WETH into Aries Markets’ lending markets; (3) Exercise caution when using leverage strategies like looping or low-interest borrowing.
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