Bitget Research: Bitcoin breaks through $71,000, assets within the ecosystem expected to continue rising
TechFlow Selected TechFlow Selected
Bitget Research: Bitcoin breaks through $71,000, assets within the ecosystem expected to continue rising
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
Bitcoin has surpassed $71,000, and the first leveraged Ethereum ETF has launched with over $5 million in trading volume on its first day. The BTC ecosystem sector shows significant wealth effects, including:
-
The sectors with strong wealth creation potential are: Ordinals sector, new BTC ecosystem assets;
-
Most searched tokens & topics by users: Catizen, Natix Network, Jasmy
-
Potential airdrop opportunities: Scroll, Zircuit
Data collection time: June 5, 2024, 04:00 (UTC+0)
1. Market Environment
Yesterday, Bitcoin broke above $71,000, rising 2.74% in 24 hours. As BTC approaches previous highs, altcoins broadly rallied. Assets from the BTC ecosystem and ordinals-related assets have rebounded, showing significant wealth effects. Meanwhile, Babylon, the Bitcoin staking protocol, announced on Twitter that it will launch Cap 2 of Bitcoin Staking Testnet-4 on June 5. Market expectations for its secondary market performance are high, and investors should continue monitoring its testnet developments.
On the market front, spot ETFs recorded net inflows for the 15th consecutive day, indicating improved market liquidity. Yesterday, the U.S. launched its first leveraged Ethereum ETF, which saw over $5 million in trading volume on its first day.
2. Wealth-Creating Sectors
1) Sector Movement: Ordinals Sector (ORDI, SATS)
Main Reason: The BTC ecosystem's recovery has led to a resurgence in the ordinals ecosystem, with projects like ORDI and SATS seeing capital inflows and price increases.
Price Performance: ORDI rose 15% today, while SATS increased by 5.15%;
Factors affecting future trends:
-
Updates from core BTC developers such as Casey and related project teams: Monitor announcements from project teams on Twitter, Telegram, or Discord. There is a high possibility of positive news emerging from BTC ecosystem projects. Timely attention to official updates is crucial. As a new赛道, the Runes asset protocol may drive speculative interest in ecosystem assets;
-
Progress of Atomicals' AVM rollout: Atomicals Protocol released the whitepaper for the Atomicals Virtual Machine (AVM), with software deployment rolling out in phases—starting with an interpreter, followed by indexer node modifications. Each major milestone could trigger subsequent market rallies.
2) Sector Movement: New BTC Ecosystem Assets (RUNE, CKB, STX)
Main Reason: BTC’s short-term breakout above $71,000 has reignited interest in the BTC ecosystem, creating room for speculation around new types of BTC-based assets;
Price Performance: Over the past 24 hours, Runestone rose 5%, CKB surged 23% today, and STX gained 15%;
Factors affecting future trends:
-
CKB and STX have drawn significant market attention during BTC’s rally: CKB, as a prototype of the UTXO Stack, is highly favored and considered one of the most technically advanced Layer2 solutions for Bitcoin. Recently, asset issuance protocols based on RGB++ have gradually emerged, generating wealth effects within the ecosystem. STX adopted the threshold signature scheme token T, and following its Nakamoto upgrade on May 15, there has been speculative anticipation. Additionally, Bitcoin’s halving will bring further changes, reducing miner income and necessitating ecosystem growth to support revenue transformation. Investors can monitor fund flows within the ecosystem to inform investment decisions.
3) Sector to Watch Going Forward: AI Sector
Main Reasons:
-
With the recent recovery of the BTC ecosystem and capital inflows, the AI sector is likely to see another rebound. The SuperAI conference recently held in Singapore may also spark new developments among project teams;
-
OpenAI launched its flagship AI model GPT-4o, capable of real-time audio, visual, and text reasoning. In February, OpenAI introduced the text-to-video model Sora, which boosted valuations across the entire sector. The release of GPT-4o warrants continued attention on the AI sector.
Specific token list:
-
TAO: Bittensor is an open-source protocol supporting a blockchain-based machine learning network. Machine learning models collaborate in training and are rewarded in TAO based on the informational value they contribute to the collective.
-
NEAR: Recently, many AI projects within the NEAR ecosystem are in the build or fundraising stage, positioning NEAR to potentially become a future AI hub.
3. User Search Trends
1) Popular Dapp
Catizen: According to official announcements, Catizen, a cat-raising metaverse game on the TON blockchain, has achieved over $13 million in on-chain trading volume, attracted more than 12 million players, engaged over 730,000 on-chain users, and recorded over 2.2 million on-chain transactions. Its fishing event concluded on June 3, and the team will distribute TON and FISH rewards via airdrop to active participants within a week. With a token launch likely approaching, users are encouraged to actively participate in gameplay.
2) Twitter
Natix Network: Natix Network is a blockchain-based crowdsourced camera network that creates real-time world maps. This decentralized physical infrastructure network (DePIN) uses Natix’s AI technology to map the world while ensuring no private data is collected. Having recently conducted a token sale on CoinList in May, the project has attracted widespread attention and remains highly popular. Users are encouraged to engage in its ecosystem activities.
3) Google Search & Regional Trends
Globally:
JASMY: Jasmy Coin is a cryptocurrency created by Jasmy Corporation, a Japanese company founded by former Sony executives. JasmyCoin differentiates itself through its commitment to data security and user sovereignty. By leveraging edge computing and IPFS technology, JasmyCoin enables decentralized data storage and management, ensuring data remains secure and under owner control. The project is particularly popular in Japan, having risen 50% within seven days.
By regional search trends:
(1) Search trends in Asia are relatively scattered, with interest spread across various sectors, but no single dominant hot project.
(2) In Europe and North America, interest focuses on the TON ecosystem. Besides TON and NOT, Layer2 and public chain projects are also widely followed, with STRK, SOLANA, and MONAD appearing most frequently.
(3) In CIS countries, DePIN projects like GRASS rank highly in multiple nations.
4. Potential Airdrop Opportunities
Scroll
Scroll recently launched a points system, signaling a final push toward token issuance. The current points system is well-defined: users can earn points by staking ETH, LSTs, and various stablecoins, allowing them to capture last-minute airdrop opportunities before the token launch.
Scroll has raised a total of $80 million, with investors including Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, and Qiming Venture Partners.
How to participate: Users can connect their wallets at https://scroll.io/sessions and complete tasks outlined in Session Zero to earn points and qualify for future airdrop rewards.
Zircuit
Zircuit is a parallelized and AI-integrated Layer2 public chain project built on zkRollup, backed by Pantera and Dragonfly. Its TVL has already exceeded $1.1 billion. Zircuit’s ecosystem is gradually maturing, now featuring staking, cross-chain bridges, and a block explorer. Users can gain eligibility for airdrops by participating in ecosystem development and community engagement.
Participation methods: 1) Visit the staking page (https://stake.zircuit.com/) to stake and earn points; 2) Participate in node deployment to earn points (https://build.zircuit.com/build).
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
