Bitget Research: Stablecoin market cap nears all-time high, signaling signs of market recovery
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Bitget Research: Stablecoin market cap nears all-time high, signaling signs of market recovery
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
Driven by gains in U.S. tech stocks and Asian equities, Bitcoin has broken above $58,000, while the total market cap of stablecoins has surpassed $170 billion—reaching its highest level since May 2022. Key highlights include:
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The most wealth-generating sectors are: SUI ecosystem, Solana Memes;
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Most-searched tokens & topics: ChangeNOW, Ripple, SUI;
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Potential airdrop opportunities: Gatto, Redstone;
Data cutoff time: September 13, 2024, 04:00 (UTC+0)
1. Market Environment
Boosted by rallies in U.S. technology stocks and Asian markets, Bitcoin has突破ed $58,000 and is currently trading with narrow volatility around this level.
According to DefiLlama data, the total market capitalization of stablecoins has exceeded $170 billion, marking a new high since May 2022, with a 7-day increase of 0.22%. USDT’s market cap has surpassed $118.38 billion, accounting for 69.7% of the total. Stablecoins play a crucial role in providing liquidity to the crypto market. As their value is pegged to fiat currencies, they serve as a bridge between crypto assets and traditional money, enabling investors to enter and exit markets quickly. An increase in stablecoin market cap typically indicates enhanced market liquidity.
2. Wealth-Generating Sectors
1) Sector Movement: SUI Ecosystem (SUI, SCA)
Main Drivers:
Binance announced it will launch SUI-margined perpetual contracts on September 18, 2024, at 10:00 UTC, with up to 20x leverage.
Price Performance:
SUI and SCA rose by 0.58% and 16.36% respectively within 24 hours.
Factors Influencing Future Trends:
Open Interest (OI) changes: For example, SUI’s OI has been rising from recent lows, indicating inflow of speculative capital. By monitoring contract data via tv.coinglass, observe first the net long positions' growth. Then check whether there's a sustained increase in net longs, rising OI, and expanding trading volume. If so, this suggests continued institutional buying momentum, supporting a hold strategy.
News catalysts: Monitor project announcements regarding product updates or partnerships. Consider early positioning if an AMA is scheduled, as teams are likely to release positive news amid improving liquidity conditions.
2) Sector Movement: Solana Memes (CATDOG, MANEKI)
Main Drivers:
1. OS, a licensed virtual asset exchange under OSL Group, announced the opening of Solana (SOL) trading for professional investors, increasing the number of available tokens for such clients to fifteen. More institutions are beginning to offer SOL trading.
2. The rebound in SOL price has eased panic sentiment across the ecosystem, with temporary signs of improved liquidity, driving broader gains in ecosystem assets.
Price Performance: CATDOG and MANEKI surged 109% and 7.91% respectively within 24 hours.
Factors Influencing Future Trends:
SOL token performance: Within the Solana ecosystem, SOL’s price movement heavily influences other ecosystem tokens, as many DEX trading pairs are priced in SOL. Continued monitoring of SOL’s price trend is essential. If SOL maintains an upward trajectory, holding Solana-based assets remains viable.
Open Interest (OI) changes: SOL’s OI increased yesterday, signaling hot money inflows. Use tv.coinglass to track institutional activity—first assess net long accumulation, then confirm whether rising net longs, growing OI, and increased volume align. Such patterns indicate sustained bullish pressure, supporting a hold position.
3. User Search Trends
1) Popular Dapp
ChangeNOW:
AirDAO announced a partnership with non-custodial cryptocurrency exchange platform ChangeNOW. Through this integration, AirDAO users can conduct cross-chain swaps via ChangeNOW, accessing over 1,000 cryptocurrencies across more than 150 blockchains without undergoing KYC verification.
2) Twitter
Ripple:
Fox Business reported that Grayscale plans to launch the first U.S.-based XRP Trust, potentially paving the way for a future ETF. The newly announced Grayscale XRP Trust is a "closed-end" fund offering qualified investors direct exposure to XRP. The trust carries a 2.5% management fee and has an initial AUM of $250,000. As the current XRP rally is primarily driven by news speculation rather than fundamental improvements, users are advised to participate cautiously.
3) Google Search & Regional Trends
Global Overview:
SUI: Following Binance’s announcement to list SUI-margined perpetual contracts on September 18, 2024, at 10:00 UTC (up to 20x leverage), SUI price gained 1.18% in 24 hours. Its ecosystem tokens saw stronger gains, suggesting opportunities in relatively undervalued projects.
Regional Search Trends:
(1) Driven by Binance’s listing announcement, SUI became a trending search term across Asia, particularly in Indonesia and Singapore.
(2) Telegram mini apps continue to attract widespread regional interest. Blum appeared in top search terms in Myanmar, India, Pakistan, and Russia.
(3) In Western regions, trending searches are more scattered but mainly focus on established, fundamentals-driven legacy projects, primarily layer-1 protocols such as XRP, SUI, AKT, INJ, and ICP.
4. Potential Airdrop Opportunities
Gatto
A pet-raising game built as a Telegram Mini App with high completion quality. Announced a partnership with DWF on Twitter and was one of 11 selected projects out of 170 in the previous TON accelerator program.
The game previously ranked #1 on Telegram Apps Center’s P2E leaderboard and #3 on The Open Legend leaderboard, enjoying strong traffic in CIS regions.
How to participate: Care for pets to level them up, compete in sports events, collect coins and experience rewards. Pets can be converted into NFTs and sold. Players may choose to play for free ("zero grind") or invest funds ("pay-to-win"). Future token airdrops are possible.
RedStone
RedStone is a cross-chain oracle project serving as a modular oracle for LSTs and LRTs, delivering frequent, reliable, and diversified data feeds to dApps and smart contracts across multiple L1s and L2s. The market expects the project to launch its token in the second half of 2024.
In 2022, RedStone raised $7 million in seed funding led by Lemniscap, with participation from Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11, and SevenX Ventures. In 2023, angel investors including the founder of Aave and co-founder of Polygon also backed the project.
How to participate: (1) Earn RSG points by joining on-chain campaigns and Galxe quests hosted by RedStone and its partners. (2) Content creators can earn RSG points by producing content and participating in designated activities on the RedStone Discord server (e.g., Weekly Best Content or Hall of Fame).
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