Bitget Research: Crypto market rebounds significantly, with BTC ecosystem harboring potential wealth-creation opportunities
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Bitget Research: Crypto market rebounds significantly, with BTC ecosystem harboring potential wealth-creation opportunities
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Yesterday’s market saw a significant rebound, with BTC reaching a high of $72,880 and ETH following suit. The wealth effect in the market is highly evident, particularly within the BTC ecosystem. Key highlights include:
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High-wealth-generation sectors: Blue-chip sector, TON ecosystem
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Most-searched tokens & topics by users: MomoAI, TNSR, TON, GMX
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Potential airdrop opportunities: Ethena Season 2, Kiloex
Data collection time: April 9, 2024, 4:00 (UTC+0)
1. Market Environment
Yesterday, the cryptocurrency market experienced a strong rebound, with BTC surging over $3,000 in a short period to reach a high of $72,880. The upward momentum is robust, and the market may continue breaking higher in the near term. A new all-time high could spark the next bullish phase. However, near previous highs, the market might experience a "false breakout," increasing volatility. ETH surged 10%, finding strong support at an ETH/BTC rate of 0.048.
This Wednesday, the U.S. Department of Labor will release last month's CPI data, with an expected increase of 3.2%. As current market expectations for a June rate hike stand at roughly 50-50, this CPI figure will significantly influence perceptions of the Federal Reserve's policy direction, thereby affecting the dollar index and 10-year Treasury yields. Tomorrow’s crypto market volatility could reach a阶段性 peak; if CPI comes in weaker than expected, BTC may break past prior highs, potentially acting as a catalyst for its next upward leg.
2. Wealth-Generating Sectors
1) Sector Movement: Blue-Chip Sector (BTC, ETH)
Main reasons: 1. BTC has formed a rising triangle on secondary market technical indicators, creating a bullish consensus among traders; 2. Industry insights shared during Hong Kong events have boosted positive market sentiment;
Price performance: BTC rose as high as $72,880; ETH surged $300 to around $3,700;
Factors influencing future trends:
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U.S. CPI data on Wednesday: Market expectation is a 3.2% increase. If higher than expected, the crypto market may face downward pressure due to increased rate-hike speculation, leading to a pullback. Conversely, continued upside momentum could push BTC to new highs. Higher market volatility is likely;
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Market liquidation status: Over the past 24 hours, $180 million in futures positions were liquidated, including $120 million in short positions. Increased volatility may lead to further liquidations, creating temporary one-sided risks or trading opportunities. Risk management should be prioritized over the next two trading days to avoid margin calls.
2) Sector Movement: TON Ecosystem (TON, FISH)
Main reasons: 1. The TON Foundation announced a $5 million incentive program, benefiting the ecosystem; 2. Over the past 7 days, active addresses on the TON network exceeded 900,000, up 39.4% week-on-week, indicating growing user engagement;
Price performance: Trading volume and prices of TON and FISH spiked, with token prices rising 20.54% and 38.41% respectively over 24 hours;
Factors influencing future trends:
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TON Foundation operations: The TON ecosystem is relatively centralized, with token distribution and ecosystem support largely driven by the TON Foundation. Continued monitoring of foundation activities is advised—favorable developments may signal good entry points;
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Project narratives: TON ecosystem projects are still early-stage; their storytelling significantly impacts secondary markets. Typically, when TON rises, associated assets outperform TON itself. Investors who missed TON’s rise can consider positioning into TON-based projects.
3) Sector to Watch: BTC Ecosystem
Main reason: Bitcoin’s Nakamoto Upgrade is scheduled for April 15, coinciding with the upcoming Bitcoin halving, making the BTC ecosystem a focal point for capital and traffic;
Specific token list:
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T: The Nakamoto Upgrade includes Threshold signature technology. Threshold recently launched thUSD, expanding DeFi applications within the BTC ecosystem;
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CKB: Its RGB++ protocol has gained popularity recently as an asset issuance standard within the BTC ecosystem, showing strong wealth creation potential;
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STX: The Stacks ecosystem is maturing steadily, with TVL consistently setting new records. Post-upgrade, network performance will improve significantly, making it a solid BTC L2 candidate for accumulating during dips.
3. User Search Trends
1) Popular Dapp
MomoAI:
A Telegram-based gaming product built on the Solana ecosystem, which won global hackathons consecutively in 2021 and 2022. MomoAI's investor roster includes notable venture firms such as Magnus, Yusaku Maezawa, SL2, and MH. Yesterday, MomoAI’s Unique Active Wallets surpassed 60k, ranking third across the entire Solana ecosystem, behind only Jupiter and Raydium. As a trending project spanning both Solana and TON ecosystems, investors may want to explore participation opportunities.
2) Twitter
Tensor (TNSR):
Solana’s well-known NFT marketplace Tensor opened trading and airdrop claims yesterday, listing on multiple top-tier exchanges with an initial airdrop allocation of 12.5%. Pre-TGE, TNSR traded at up to $3; post-TGE, it dropped from ~$2.5 to $1.7, below market expectations—likely due to heavy airdrop supply and selling pressure. Despite this, Tensor possesses strong product fundamentals. Like BLUR, its price may underperform initially but is likely to see value recovery and eventually surpass its TGE price.
3) Google Search & Regional Trends
TON:
Yesterday, TON Foundation Chairman Steve Yun delivered a keynote titled “Web3 and Incentive Programs in Telegram,” announcing a $150 million ecosystem incentive program to be distributed from April to June. TON’s price broke above $6.5, setting a new all-time high. Upcoming projects within the TON ecosystem warrant investor attention, such as the IDO platform TonUP (token: UP) and top meme coin FISH.
GMX:
Yesterday, BitMEX founder Arthur Hayes transferred his entire GMX holdings (237,000 tokens, worth $9.78 million) to a newly created address, which subsequently sent 41,000 GMX ($1.68 million) to three centralized exchanges. This new address received gas from Wintermute, suggesting the GMX may have been entrusted to Wintermute for sale or OTC. Investors should closely monitor GMX’s on-chain movements and manage exposure accordingly.
4. Potential Airdrop Opportunities
Ethena Season 2
A delta-neutral stablecoin protocol based on ETH, backed by investors including Dragonfly and Binance Labs. Its first-season airdrop was generous and well-received, with the ENA token doubling in price within a week of launch.
Ethena launched its second season campaign on April 2, replacing “Shards” with “Sats” to align with the addition of BTC as a reserve asset. The campaign will run for five months. Users can earn Sats by depositing USDe. Early users will receive enhanced rewards in Season 2, with existing balances from Season 1 earning 20% more Sats.
Participation methods (multiple options available; one example provided): 1) Convert USDT into USDe to earn points; 2) Deposit USDe into Zircuit to earn additional Zircuit points; 3) Stake a certain amount of ENA to gain bonus points.
Kiloex
A derivatives-focused DEX funded by Binance Labs, Foresight Ventures, 7upDAO, and others. Currently supporting opBNB, Manta, and BNB chains, users can earn points via derivative trades, converting USDT into kUSDT for yield, or depositing STONE.
Participation methods: 1) Trade on the derivatives market—users can open both long and short positions on the same asset to hedge losses, earning 35 points per $1,000 traded; 2) It’s recommended to trade on opBNB or Manta chains, where fees are lower than on BNB chain; 3) For yield farming, note that kUSD carries a premium—redemption losses may occur if kUSD price declines, so participation should be assessed carefully.
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