Bitget Research: Market remains volatile, BGB shows strong momentum breaking above $1.2
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Bitget Research: Market remains volatile, BGB shows strong momentum breaking above $1.2
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very likely represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
The market continues to fluctuate, with BTC oscillating within a narrow range between $62,500 and $63,500, creating certain wealth effects. Specifically:
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Sectors with relatively strong wealth creation: Solana ecosystem, Bitget platform tokens
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User's most searched tokens & topics: Pixels, ENS, HERO, Sony Exchange
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Potential airdrop opportunities: Mitosis, GaiaNet
Data collection time: July 2, 2024, 04:00 (UTC+0)
1. Market Environment
Yesterday, the market continued to experience volatility, with BTC oscillating in a tight range between $62,500 and $63,500, providing some intraday trading opportunities. ETH showed higher volatility. According to options markets, the implied volatility for BTC and ETH was 44 and 59 respectively. Generally, when ETH’s implied volatility exceeds BTC’s by around 10 points, it signals clear bullish sentiment toward ETH/BTC. The primary reason is that capital tends to flow into assets with higher volatility, resulting in net inflows into the ETH ecosystem.
The US Dollar Index remains strong, with the 10-year Treasury yield rising to 4.44%, creating headwinds for upward momentum in the crypto market. However, as rate-cut expectations for the second half of the year are increasingly priced in, accompanied by a potential decline in 10-year Treasury yields, the Dollar Index may weaken. Rate cuts are generally positive for crypto assets, suggesting investors should consider positioning for the second-half market trend.
2. Wealth-Generating Sectors
1) Sector Movement: Solana Ecosystem (BONK, DRIFT, HNT)
Main reasons:
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SOL token demonstrated resilience during its recent strong pullback;
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Events such as SOL Blinks and potential SOL ETFs are driving interest and traffic into the Solana ecosystem;
Price performance: BONK, DRIFT, and HNT rose 13.4%, 10.4%, and 8.8% respectively over the past 24 hours;
Factors influencing future trends:
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SOL price movement: Within the Solana ecosystem, SOL’s price significantly influences other ecosystem tokens, as many DEX trading pairs are priced in SOL. Continued monitoring of SOL’s price is recommended. If SOL maintains an upward trajectory, holding Solana-based assets could remain favorable;
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Open Interest (OI) changes: SOL’s open interest increased yesterday, indicating inflow of speculative capital. By tracking contract data on tv.coinglass, observe first the net long positions’ growth. Then check whether there is a simultaneous increase in net long contracts, rising OI, and expanding trading volume. If all three conditions are met, it suggests sustained institutional buying pressure, supporting a continued hold.
2) Sector to Watch: Bitget Platform Tokens (BGB, BWB)
Main reason: BGB recently broke above $1.20, showing very stable technical indicators. Bitget recently announced a smart contract upgrade for Bitget Token (BGB) to support its long-term development and enhance benefits for BGB holders. This upgrade will expand BGB’s utility across DeFi, DEX, GameFi, and other decentralized applications.
Specific tokens:
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BGB: Bitget’s native token. With the ongoing smart contract upgrade, BGB is expected to be deeply integrated into DeFi, DEX, and GameFi applications. Future demand for BGB may surge significantly—recommended for close attention;
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BWB: Bitget Wallet token, with a current market cap of only $500 million. The wallet sector has strong growth potential, making BWB suitable for long-term holding.
3. User Search Trends
1) Popular Dapp
Pixels:
As Chapter Two of Pixels' gameplay was released, founder Luke revealed that the studio is developing additional games within the Pixels universe and collaborating with external developers to expand the series, potentially launching versions on Telegram.
2) Twitter
ENS:
ENS emerged as one of the top-performing ETH ecosystem tokens during the market rebound, surging 30% yesterday and reaching a new high not seen in over 29 months.
3) Google Search & Regional Trends
Global Overview:
HERO:
A celebrity token launched by YouTube influencer SteveWillDoIt, known for prank and challenge videos, with over 4.6 million YouTube subscribers and 860,000 Twitter followers. The token has seen high trading volume and strong price momentum since its TGE, with a market cap now exceeding $50 million. However, concerns remain about concentrated holdings—top 10 addresses control over 60% of supply.
Sony Exchange:
Japan’s Sony Group has acquired Amber Japan, a Japanese cryptocurrency exchange, for several billion yen. Amber Japan was originally acquired and rebranded from DeCurret—a regulated Japanese crypto exchange—by Singapore-based market maker Amber Group in early 2022.
Regional search trends:
(1) Yesterday, no clear trending altcoins emerged across Asian countries. Instead, "ETH, DCA, staking crypto" dominated search trends, possibly reflecting market sentiment toward accumulating, dollar-cost averaging, and staking ETH ahead of the potential approval of ETH Spot ETFs.
(2) In Western countries: Kaspa (KAS) appeared in search trends in Poland, Switzerland, Italy, and Belgium. Meanwhile, two popular pre-launch projects, Blum and Grass, featured prominently in search trends across multiple European and CIS countries.
4. Potential Airdrop Opportunities
Mitosis
Mitosis is a liquidity protocol for the modular era, aiming to redefine cross-chain liquidity by making cross-chain LPing liquid and more attractive. Liquidity providers (LPs) receive derivative tokens that can be exchanged 1:1 for their locked assets. These derivative tokens can then be used across various DeFi applications on supported Ethereum L1 chains and L2 rollups, enabling LPs to earn additional yield on top of standard fee-sharing mechanisms.
In May 2024, Mitosis raised $7 million in funding led by Amber Group and Foresight Ventures, with participation from Big Brain Holdings, Folius Ventures, Citizen X, GSR, and others.
How to participate: (1) Deposit ETH into ether.fi on Linea to receive weETH; (2) Deposit weETH into Mitosis to receive miweETH; (3) Remember to activate your account via Linea The Surge to earn triple rewards: Mitosis points, Linea points, and guaranteed future airdrops from ether.fi.
GaiaNet
GaiaNet is a decentralized network that provides secure and monetizable AI agents, integrating individuals’ proprietary knowledge and skills while preserving privacy. Instead of centralized servers, GaiaNet builds a distributed network of edge computing nodes controlled by individuals and enterprises, hosting fine-tuned AI models based on each node operator’s domain-specific expertise.
In May 2024, GaiaNet secured a $10 million seed round co-led by EVM Capital, Mirana Ventures, Mantle EcoFund, Lex Sokolin from Generative Ventures, and Brian Johnson from Republic Capital.
How to participate: (1) GaiaNet launched its beta version on June 5, enabling node operation; (2) Developers can train AI models using proprietary data to qualify for potential airdrops; (3) Regular users can contribute idle hardware computing power to become nodes (similar to io.net) and earn potential airdrops. Specific node setup instructions are available in the official documentation.
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