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Bitget Research: Crypto Market Continues to Fluctuate, BGB Breaks Through $1.2 with Strong Momentum

Aaron & Tommy
2024/07/02
Bitget Research: Crypto Market Continues to Fluctuate, BGB Breaks Through $1.2 with Strong Momentum
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

The crypto market remains volatile, with BTC fluctuating narrowly between $62,500 and $63,500, with certain wealth effects in the market. The highlights are as follows:
  • Sectors with strong wealth creation effect: Solana sector and Bitget platform tokens.
  • Top searched tokens and topics: Pixels, ENS, HERO, and Sony Exchange.
  • Potential airdrop opportunities: Mitosis and GaiaNet.
Data collection time: July 2, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, the market continued its volatility, with BTC fluctuating narrowly between $62,500 and $63,500, providing some intraday trading opportunities. ETH showed greater volatility, with implied volatilities for BTC and ETH at 44 and 59, respectively, in the options market. Generally, ETH’s implied volatility being 10 points higher than BTC’s is a bullish signal for ETH/BTC, as funds tend to flow into higher volatility assets, resulting in a net inflow into the ETH ecosystem.
The USD index remains strong, with the 10-year US Treasury yield rising to 4.44%, exerting some upward pressure on the crypto market. As the expectation for interest rate cuts in the second half of the year was priced in, accompanied by a drop in the 10-year US Treasury yield, the USD index may weaken. Interest rate cuts would benefit crypto assets, making it advisable to consider positioning for the second half of the year in advance.

2. Wealth Creation Sectors

2.1 Sector Movements – Solana Sector (BONK, DRIFT, and HNT)

Primary reasons:
  • The SOL token has shown strong resilience during the strong pullback.
  • Events such as SOL Blinks and SOL ETF directed traffic to the SOL ecosystem.
Gainers: BONK, DRIFT, and HNT rose by 13.4%, 10.4%, and 8.8%, respectively, within 24 hours.
Factors affecting future market conditions:
  • SOL trend: The price of SOL impacts the prices of Solana ecosystem tokens, as many pairs on DEXs are priced in SOL. Keep an eye on the price trend of SOL. If SOL maintains its upward trend, holding SOL ecosystem assets is advisable.
  • Changes in open interest: SOL's recent increase in open interest suggests increased hot money inflows. Utilize tv.coinglass to gauge the movement of major funds and monitor futures data, particularly focusing on the uptick in net long positions. Keep an eye on futures data for any increase in open interest (OI) and trading volume. Such trends typically signify heightened bullish sentiment, implying potential stability in holdings.

2.2 Sectors to Focus on Next – Bitget Platform Tokens (BGB and BWB)

Primary reasons: BGB recently broke through $1.20, showing very stable technical indicators. Bitget recently announced a smart contract upgrade for Bitget Token (BGB) to help its long-term development and enhance the perks of BGB holders. This upgrade aims to expand BGB's usage in decentralized applications and sectors such as DEX, DeFi, and GameFi.
Specific tokens:
  • BGB: Bitget's platform token. The recent smart contract upgrade aims to integrate BGB into the development of DeFi, DEX, and GameFi applications. Potential purchase demand for BGB may surge in the future, making it a key token to watch.
  • BWB: Bitget Wallet token, with a total market cap of only $500 million. The wallet sector has strong growth potential, making BWB suitable for long-term holders.

3. Top Searches

3.1 Popular DApps

Pixels :
As Pixels released the gameplay for Chapter 2, the founder, Luke Barwikowski, revealed that the studio is developing other games within the Pixels universe. They are collaborating with external developers to expand the series and are considering launching on Telegram.

3.2 X (former Twitter)

Bitget Research: Crypto Market Continues to Fluctuate, BGB Breaks Through $1.2 with Strong Momentum image 0
ENS:
ENS has become one of the ETH ecosystem tokens with the largest increase during the market rebound. Yesterday, the token surged 30%, reaching a new high for the past 29 months.

3.3 Google Search (Global and Regional)

Bitget Research: Crypto Market Continues to Fluctuate, BGB Breaks Through $1.2 with Strong Momentum image 1
Global focus:
HERO:
YouTube influencer SteveWillDoIt issued the celebrity token, HERO. Known for his prank and challenge videos, Steve has over 4.6 million subscribers on YouTube and 860,000 followers on X. The token has high trading volume and showed strong gains in the first two days of its TGE. The total market cap has surpassed $50 million, but there is an issue of token concentration, with the top 10 addresses holding over 60% of the tokens.
Sony Exchange:
Japan’s Sony Group has acquired Japanese crypto trading platform Amber Japan for billions of yen. Singapore-based market maker Amber Group had acquired the Japan-regulated cryptocurrency exchange DeCurret in early 2022 and renamed it Amber Japan.
Regional focus:
(1) No significant altcoins were trending in Asian countries yesterday. "ETH," "DCA," and "staking crypto" were popular searches, possibly reflecting the market’s attitude towards holding, auto-investing, and staking ETH ahead of the spot Ethereum ETF approval.
(2) Europe and the Americas: Kaspa (KAS) appeared in the hot searches of Poland, Switzerland, Italy, and Belgium. Blum and Grass, two popular pre-TGE projects, were trending in multiple European, North/South American, and CIS countries/regions.

4. Potential Airdrop Opportunities

Mitosis
Mitosis is a liquidity protocol for the modular era aiming to redefine cross-chain liquidity. It makes cross-chain LPing more attractive by making it liquid. Mitosis LPs receive derivative tokens that are 1:1 convertible to their locked assets. LPs can use these derivative tokens to participate in various DeFi applications on the supported Ethereum L1 chain and L2 Rollups, essentially enabling LPs to let their cross-chain assets work for additional yield on top of the default fee sharing.
In May 2024, Mitosis raised $7 million in a funding round, led by Amber Group and Foresight Ventures with participation from Big Brain Holdings, Folius Ventures, Citizen X, and GSR.
How to engage: 1. Deposit ETH into ether.fi on Linea to convert it into weETH; 2. Then deposit the weETH into Mitosis to convert it into miweETH; 3. Activate Linea The Surge to earn Mitosis points, Linea points, and guaranteed future ether.fi airdrops for triple rewards.
Gaianet
GaiaNet is a decentralized network offering secure and monetizable AI agents, combining individual proprietary knowledge and skills while protecting privacy. Instead of centralized servers, GaiaNet builds a distributed network of edge computing nodes controlled by individuals and enterprises, hosting finely-tuned AI models based on the node operators’ domain knowledge and expertise.
In May 2024, GaiaNet raised $10 million in a seed round funding led by EVM Capital, Mirana Ventures, Mantle EcoFund, Generative Ventures’ Lex Sokolin, and Republic Capital’s Brian Johnson.
How to engage: 1. GaiaNet announced the Beta version launch on June 5, enabling node operations; 2. Professional developers can train AI models using proprietary data to qualify for airdrops; 3. Regular users can contribute idle hardware computing power to become nodes (similar to io.net) and qualify for airdrops. Refer to the official documentation for detailed node operation instructions.
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