Bitget Research: Bitcoin rebounds to $57,000, AI sector leads the recovery
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Bitget Research: Bitcoin rebounds to $57,000, AI sector leads the recovery
Over 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
Over the past 24 hours, Bitcoin rebounded to touch $57,000, with trading volume hitting a post-halving high of over $1.14 billion. Key highlights include:
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High-wealth-generation sectors: AI sector, Solana sector;
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Most-searched tokens and topics: Kelp DAO, Zircuit, Pendle;
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Potential airdrop opportunities: Term Finance, Fuel;
Data cutoff time: August 7, 2024, 04:00 (UTC+0)
I. Market Environment
Over the past 24 hours, Bitcoin rebounded to $57,000, marking a phase of market recovery. Yesterday, U.S.-listed Ethereum ETFs recorded a net inflow of 8,815 ETH, while Bitcoin ETFs saw a net outflow of 3,615 BTC. BlackRock's official update on its spot Ethereum ETF shows that as of August 5, the iShares Ethereum Trust ETF (ETHA) reached a market value of approximately $568,651,893.12, with holdings rising to 237,882.8821 ETH.
On the macro front, after Monday’s sharp decline, Japan’s Nikkei 225 Index surged 8% on Tuesday, recovering most of its previous losses. The TOPIX rose 2%, while South Korea’s KOSPI opened up 3.7%. Futures on Japan’s Topix index triggered circuit breakers. In contrast, the crypto market showed strength—Bitcoin gained 3.83%, and Ethereum rose 5.05%. According to the latest data from CoinGecko, total cryptocurrency market capitalization has returned above $2 trillion, up 3.6% in 24 hours. As reported by Cointelegraph, Bitcoin trading volume hit a post-halving record, exceeding $1.14 billion on August 6. The current market correction since the halving resembles the 2015–2017 halving bull cycle. Cointelegraph compared the depth of market adjustments since the halving dates and noted strong similarities. While some indicators currently show bearish signals, further rebounds remain possible. Investors should stay vigilant.
II. Wealth-Generating Sectors
1) Sector Movement: AI Sector (TAO, NEAR, RENDER)
Main reasons:
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The AI sector had undergone an extended period of consolidation. With the broader market rebounding from oversold conditions, it attracted early capital inflows;
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NVIDIA opened lower but rebounded strongly yesterday and continued gaining after hours, boosting sentiment across the entire AI sector;
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Grayscale launched a new fund—Grayscale Decentralized AI Fund LLC—to strengthen investment in AI within the crypto industry. As of today, the fund includes decentralized AI projects such as Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR). NEAR, FIL, and RNDR are the top-weighted assets in the fund.
Price performance: TAO, NEAR, and RENDER each rose 8% within 24 hours;
Factors influencing future trends:
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NVIDIA’s price action: As a bellwether for the AI sector, NVIDIA influences overall market valuation. If it continues rallying in tomorrow’s U.S. session, the crypto-based AI sector may sustain its upward momentum;
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News flow: Monitor project updates, product launches, and partnerships. Consider early positioning ahead of AMAs, as projects are likely to release positive news during this improved liquidity environment.
2) Sector Movement: Solana Sector (SOL, JUP, WIF)
Main reasons:
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SOL led the recovery of the entire Solana ecosystem, rebounding from around $130 to $150, which drove gains in ecosystem tokens;
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SOL is currently trading around $143, down more than 30% over the past two days. However, this dip mirrors the pattern seen before its massive 2021 price surge. The next resistance level is at $217.15; a breakout could push SOL toward $279.76.
Price performance: SOL, JUP, and WIF rose 10%, 10%, and 20% respectively in 24 hours;
Factors influencing future trends:
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Community dynamics: Meme coin operations significantly impact price movements. Monitor AMAs and Twitter content related to targeted assets. Timely trades based on new announcements can capture early entry opportunities;
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Open Interest (OI) changes: SOL’s OI increased yesterday, indicating hot money inflows. Use tv.coinglass to track derivatives data—first check the increase in net long positions, then see if there’s a combination of rising net longs, increasing OI, and higher trading volume. If so, it suggests sustained institutional buying, supporting a hold strategy.
3) Sector to Watch: POW Sector (KAS, ALPH, SMR)
Main reason:
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Governments worldwide are gradually legalizing cryptocurrency mining—for example, Russia has introduced relevant policies, and the U.S. is actively expanding the industry. As a result, beyond mainstream mining assets, investors are exploring emerging POW tokens. Several promising projects have recently seen significant hash rate growth and strong price performance.
Factors influencing future trends:
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Hash rate trends: Sustained hash rate growth indicates continuous miner participation and rising mining costs, suggesting most market participants believe profitability remains viable at current levels. A surge in hash rate may also signal institutional miners joining—a sign of large capital inflows;
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Ecosystem development: Many POW chains host application ecosystems. Ecosystem growth is key to mass adoption. If a project attracts sufficient developers and users, demand for its token will rise, increasing the likelihood of sustained price momentum.
III. User Search Trends
1) Popular Dapp
Kelp DAO: Ethereum restaking platform Kelp DAO announced that its Gain feature will launch on August 13. This feature aggregates multiple Layer 2 solutions to provide users with enhanced rewards and multiple airdrops. Kelp DAO’s TVL has surpassed $800 million, and it has raised $9 million in private funding, positioning it as a leading project in the restaking space.
2) Twitter
Zircuit:
Zircuit is a fully EVM-compatible zk-rollup featuring AI-enabled sequencer-level security. Today, the project announced the mainnet’s first stage is now live. Over $2 billion has been staked on the Zircuit platform, and Season 1 airdrop claims are now open. Users who participated in Season 1积分 activities can now claim their tokens.
3) Google Search & Regional Trends
Global trends:
Pendle:
Pendle is an interest rate derivatives protocol deployed across multiple chains. It enables "coupon splitting"—tokenizing yield-bearing assets into separate tradable components for interest and principal. Fueled by broad altcoin rallies and Upbit’s listing of PENDLE against Korean won and BTC pairs, PENDLE briefly broke $3 before pulling back, still posting over 30% gains in 24 hours.
Regional search trends:
(1) Search trends in Asia are highly fragmented. Indonesia, the Philippines, Thailand, and Malaysia each show different trending projects such as public chains, RWA, Layer 2, and Restaking, with no common theme.
(2) Trends in Western and English-speaking regions are also scattered, though public chain tokens are relatively popular. The UK saw interest in icp and monad, while the U.S. featured more meme coins like boden, hero, and pepe.
(3) In Latin America, Brazil’s top searches included stella, bonk, and polyx, while Argentina searched for Kelp, sand, and tron.
IV. Potential Airdrop Opportunities
Fuel
Fuel is a UTXO-based modular execution layer that brings globally accessible scale to Ethereum. As a modular execution layer, Fuel achieves global throughput in ways monolithic chains cannot, while inheriting Ethereum’s security.
In September 2022, Fuel Labs raised $80 million in a round led by Blockchain Capital and Stratos Technologies, with participation from top-tier investors including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit eligible tokens into Fuel to earn points. For every $1 deposited in the following assets, users earn 1.5 points daily: ETH, WETH, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. From July 8 to July 22, depositing ezETH earned 3 points per day.
Term Finance
Term Finance is a decentralized lending protocol utilizing a unique auction model to enable scalable fixed-rate, term-based borrowing and lending—the first of its kind in DeFi. It brings together borrowers and lenders in a fair, transparent auction process to determine a single market-clearing interest rate for all participants, regardless of size.
Term Finance recently completed seed and strategic rounds totaling $8 million, with investments from prominent firms such as Electric Capital and Coinbase Ventures. On July 9, the project announced via Twitter:
Participation steps: 1. Register using an invite code or referral link; 2. Link social accounts: Connect X and Discord for login access; 3. Check bonus eligibility; 4. Participate: Engage in periodic auctions for lending/borrowing; 5. Track: Learn how to maximize points through Term’s tracking dashboard.
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