Bitget Research: The Federal Reserve announced a 50bp rate cut yesterday, leading to broad gains in altcoins and improved short-term market sentiment
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Bitget Research: The Federal Reserve announced a 50bp rate cut yesterday, leading to broad gains in altcoins and improved short-term market sentiment
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
The Federal Reserve convened its FOMC meeting early Thursday morning Beijing time, announcing a 50bp rate cut and officially launching the easing cycle. Key highlights:
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Sectors with strong wealth-creation potential: Layer 1 blockchains (SEI, SUI), modular blockchain sector (TIA, SAGA, DYM);
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Most-searched tokens & topics: MomoAI, KDA, Bigtime;
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Potential airdrop opportunities: Symbiotic, Polymarket;
Data cutoff time: September 19, 2024, 04:00 UTC
1. Market Environment
Early Thursday morning Beijing time, the Federal Reserve's FOMC meeting lowered the federal funds rate by 50 basis points to a range of 4.75%-5.00%, officially beginning the rate-cutting cycle. Market reaction was notable—Bitcoin stabilized above $61,000, and broader crypto sectors began to show increased activity.
On the ETF front, Bitcoin ETFs saw a net outflow of $52.7 million yesterday, while Ethereum ETFs recorded a net outflow of $9.8 million. The ETF data suggests that traders adopted a risk-averse stance yesterday, refraining from actively trading on the rate cut.
In the broader crypto ecosystem, Layer 1 blockchains experienced a collective rebound. Tokens from various upcoming unlock events rose in price. With the 50bp rate cut, market sentiment is gradually improving, leading to more active participation from traders.
2. Wealth-Creation Sectors
1) Sector Movement: Layer 1 Blockchains (SEI, SUI, TAIKO)
Main Drivers:
The recent price increases of SEI, SUI, and TAIKO are primarily driven by broad market enthusiasm for Layer 1 blockchains, technological innovation, and ecosystem development. SEI has excelled due to its optimization in decentralized exchanges, gaining over 20% in the past 24 hours. SUI’s efficient transaction speed and rapidly growing DeFi ecosystem contributed to a 17.2% price increase. These projects reflect investor confidence in new blockchain technologies and demonstrate market demand for high performance, scalability, and novel use cases.
Price Performance:
SEI, SUI, and TAIKO rose 22.1%, 14.5%, and 24.1% respectively over the past 24 hours.
Factors Influencing Future Trends:
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Market and institutional support: SUI’s backing by USDC, Grayscale’s launch of a SUI Trust, and suspected large-volume buys have strengthened its market credibility and liquidity.
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Ecosystem growth: SUI’s DeFi TVL has surpassed $600 million, highlighting its competitiveness. A healthy and expanding ecosystem typically leads to greater market recognition and investor interest. Macroeconomic and policy environments, such as the impact of the FOMC meeting on market sentiment, may also indirectly influence these tokens’ price movements.
2) Sector Movement: Modular Blockchain Sector (TIA, SAGA, DYM)
Main Drivers:
Celestia-led data availability (DA) layers continue to attract sustained developer attention and experimentation. Additionally, new DA projects in niche areas are increasingly conducting airdrops to TIA stakers. After an extended consolidation period, TIA’s price has nearly returned to its initial TGE level, indicating significant undervaluation. As a result, some capital has started flowing into the DA sector, driving valuation recovery across related tokens.
Price Performance:
TIA, SAGA, and DYM rose 16.3%, 23.2%, and 14.5% respectively within 24 hours.
Factors Influencing Future Trends:
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Ecosystem health and user growth: Recent signs of healthy development and increasing user adoption directly enhance market value. The broad rally across modular blockchain projects reflects strong consensus around this sector’s long-term potential.
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Market sentiment and speculation: Social media discussions and investor sentiment significantly influence short-term price volatility and perceptions of future growth. For example, news of Eclipse Labs’ fundraising triggered short-term bullish momentum for both TIA and DYM.
3. Most-Searched Tokens & Topics
1) Popular Dapp
MomoAI:
MomoAI is an AI-powered social gaming platform focused on the Web3 ecosystem, distinguished by viral growth mechanisms and AI-driven user engagement. Recent developments include a successful airdrop campaign and gameplay centered around the MOMO token, which attracted a large user base and demonstrated effective growth and engagement strategies. MomoAI achieved remarkable user growth—surpassing 1 million users in just 50 days—and ranks among the top platforms on DappRadar, solidifying its leadership position in the Web3 gaming space.
2) Twitter
Kadena (KDA):
Kadena is a Proof-of-Work (PoW) blockchain network designed for scalability, providing developers with a more stable environment for on-chain application development. In the past 24 hours, Binance launched futures trading pairs for KDA, sparking widespread community interest and a price surge. Combined with improved macro liquidity, the token may experience a sustained rebound. Bitget has listed this asset and users are advised to monitor it closely.
3) Google Search & Regional Trends
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Global Overview:
Bigtime recently launched its third "Clockie Chaos" event, maintaining strong user interest. The project’s token has doubled over the past two weeks with steady momentum. Contract data shows significant increases in open interest on September 3 and September 12, driven primarily by declining net short positions and rising net longs. With nearly 100% gains in two weeks and sustained popularity, Bigtime remains a project worth watching.
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Regional Search Trends:
(1) Blum is the primary focus in CIS regions, while Grass and Sandbox have become trending searches in Ukraine, Russia, and surrounding areas.
(2) Search trends in Europe and the U.S. are more diversified, focusing on recently high-performing projects including KDA, HNT, NEIRO, and FLOKI. Additionally, regional investors are closely monitoring monetary policy, with keywords like FOMC and FED ranking among top searches.
4. Potential Airdrop Opportunities
Symbiotic
Symbiotic is a universal restaking protocol enabling decentralized networks to bootstrap robust, fully sovereign ecosystems. It offers decentralized applications a mechanism called Active Validation Service (AVS) to collectively secure one another.
Symbiotic recently completed a seed round raising $5.8 million, with participation from Paradigm and Cyber Fund.
How to participate: Visit the project’s official website, connect your wallet, and deposit ETH or ETH liquid staking derivatives (LSDs).
Polymarket
Polymarket is a prediction market platform where all events are community-proposed, allowing users to place predictions and earn rewards for correct outcomes.
The centralized prediction market platform Polymarket has raised a total of $70 million across two funding rounds. The latest round was led by Founders Fund, following a $40 million Series B and a $25 million Series A in 2023 and 2022 respectively.
How to participate: While no official airdrop instructions have been released, community speculation suggests users should register an account, link a wallet, deposit USDC via the Polygon network, and actively participate in predictions to increase eligibility for potential airdrops.
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