Bitget Research: Altcoins rebound sharply, SUI ecosystem shows strong wealth effect
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Bitget Research: Altcoins rebound sharply, SUI ecosystem shows strong wealth effect
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very well represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Bitcoin rose 6.94% in the past 24 hours. The addition of new members to Grayscale’s trust and Russia's legalization of cryptocurrency mining have driven broader altcoin gains across the market, including:
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High-wealth-generation sectors: SUI ecosystem, newly launched tokens;
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User-searched tokens & topics: Vessel, TON, Putin, SUI;
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Potential airdrop opportunities: LayerN, Elixir;
Data cutoff time: August 9, 2024, 04:00 (UTC+0)
1. Market Environment
Bitcoin increased by 6.94% over the past 24 hours, currently trading at $61,200. Ethereum broke above $2,600, rising 9.8% during the same period, ending its consecutive underperformance against BTC.
Grayscale, a digital asset management firm, has added Bittensor (TAO) and Sui Network (SUI) to its list of eligible assets for crypto investment products. Meanwhile, Russian President Vladimir Putin signed a bill legalizing cryptocurrency mining in the country. Russia appears to be following in the footsteps of the U.S., as national-level Bitcoin FOMO intensifies. Multiple positive developments have fueled stronger altcoin rallies across the market.
2. Wealth-Generating Sectors
1) Sector Movement: SUI Ecosystem (SUI, SCA, CETUS)
Main reasons:
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Grayscale has added Bittensor (TAO) and Sui Network (SUI) to its list of eligible assets;
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Its mainnet will integrate Mysticeti, a DAG-based consensus algorithm, with upgrades rolling out in stages over the coming weeks.
Price movements: SUI, SCA, and CETUS rose 30.22%, 25.79%, and 19.12% respectively in the last 24 hours.
Factors affecting future performance:
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Open Interest (OI) changes: For example, SUI’s OI began rising from lows yesterday, indicating inflow of speculative capital. Using tv.coinglass to track derivatives data, monitor net long positions first. Then check whether there is a sustained increase in net longs, rising OI, and increasing trading volume. If so, it indicates strong buying pressure, supporting a hold position.
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News impact: Monitor project updates, partnerships, or AMAs. Consider early positioning ahead of announcements, as projects are likely to release positive news amid improved market liquidity.
2) Sector Movement: Newly Launched Tokens (ZRO, ZK, REZ)
Main reason:
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New tokens rebounding after oversold conditions. High-market-cap new tokens like ZRO, ZK, and REZ had fallen well below pre-launch market expectations due to negative sentiment. As market psychology normalizes and valuations stabilize, these tokens are experiencing rapid rebounds.
Factors affecting future performance:
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Whether project teams behind LayerZero, ZKsync, Renzo, and others can deliver further positive catalysts to sustain price strength, along with the degree to which negative sentiment has been absorbed, will directly influence token prices.
3. User Search Trends
1) Popular Dapp
Vessel
Vessel, a ZK orderbook-based decentralized exchange, raised $10 million in seed funding. Investors include Sequoia Capital, Sandy Peng and Ye Zhang (co-founders of Scroll), Avalanche Foundation, Algorand Foundation, IMO Ventures, Folius Ventures, Incuba Alpha, and several angel investors. The funds will be used to combine CEX-like efficiency with DEX transparency, enhance liquidity efficiency, and develop advanced ZKP solutions for DeFi.
2) Twitter
TON
The TON blockchain was originally known as GRAM. GRAM launched in 2019 but was delayed due to an SEC injunction. In 2021, the open-source development team NEWTON resumed operations of the GRAM ecosystem, rebranding it as The Open Network and changing the token name from GRAM to TON. Binance announced TON listing, driving a 10% surge to its current level of $6.15. Bitget listed TON spot and futures early, allowing users to trade TON on Bitget.
3) Google Search & Regional Trends
Global trends:
Putin: TASS reported that Russian President Putin signed a law legalizing cryptocurrency mining in Russia.
SUI: Grayscale added Bittensor (TAO) and Sui Network (SUI) to its investment product list. SUI has seen surging trading volume and price, up 32.28% in 24 hours, ranking high on Twitter trends.
Regional search trends:
(1) Search trends in Asia are highly fragmented, with XRP, Sanctum, and Aevo appearing in top searches in Indonesia, the Philippines, Thailand, and Malaysia—no common pattern observed.
(2) Western and English-speaking regions show interest in FLOKI. Additionally, AI-related projects are key focus areas in several countries, including Spain, the U.S., and Germany.
4. Potential Airdrop Opportunities
LayerN
LayerN is a high-performance rollup network designed to scale financial applications on Ethereum. It consists of ultra-high-performance, customizable modular rollups, featuring top-tier scalability and a shared communication layer for unified liquidity.
LayerN raised $5 million in seed funding led by Founders Fund and dao5.
How to participate: Visit the official website, connect your wallet, link social media accounts, go to http://nord.layern.com, connect your wallet and trade ETH 4–8 times. Then visit https://app.galxe.com/quest/layern/GCdcmthdaA…, connect your wallet, complete the simplest tasks ever, and claim points.
Elixir
Founded in 2022, Elixir is a modular DPoS liquidity network enabling anyone to provide liquidity directly to orderbooks, bringing liquidity to long-tail crypto assets and helping exchanges and protocols bootstrap ledger liquidity.
On March 12, 2024, Elixir raised $8 million in Series B funding at an $800 million valuation. On October 18, 2023, it raised $7.5 million in Series A, and on January 17, 2023, secured $2.1 million in seed funding. Investors include Hack VC, GSR, Sui, and Amber Group.
How to participate: Earn points through Apothecary by depositing at least $100 worth of ETH to mint elxETH and unlock treasure chests. elxETH is a native yield-bearing token backed 1:1 by ETH and will become a cross-chain LP token upon mainnet launch, powering orderbook liquidity for exchanges. Additionally, provide liquidity to Elixir-supported protocols via https://agg.elixir.xyz/.
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