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Bitget Research: Altcoins Experience Significant Rebound, SUI Ecosystem Shows Strong Wealth Effect

John & Victoria
2024/08/09
Bitget Research: Altcoins Experience Significant Rebound, SUI Ecosystem Shows Strong Wealth Effect
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

Bitcoin rose 6.94% in the past 24 hours, driven by new investment trusts joining the Grayscale and the legalization of cryptocurrency mining in Russia, which spurred an increase in the price of various altcoins. The highlights are as follows:
  • Sectors with strong wealth creation effect: SUI ecosystem and New tokens sector.
  • Top searched tokens and topics: Vessel, TON, Putin, and SUI.
  • Potential airdrop opportunities: LayerN and Elixir.
Data collection time: August 9, 2024, 4:00 AM (UTC)

1. Market Environment

Bitcoin has seen a rise of 6.94% in the last 24 hours, now trading at $61,200. Ethereum has broken the $2600 mark, up 9.8% in the same period, ending its continuous decline against BTC.
Crypto asset management firm Grayscale has added Bittensor (TAO) and Sui Network (SUI) to its list of crypto investment products. Additionally, Russian President Vladimir Putin has signed a bill that legalizes cryptocurrency mining in Russia. The country appears to be taking steps to keep pace with the United States. National-level Bitcoin FOMO in Russia is heating up. Several positive developments have contributed to the significant rise in altcoin prices.

2. Wealth Creation Sectors

2.1 Sector Movements – SUI Ecosystem (SUI, SCA, and CETUS)

Primary reasons:
  • Crypto asset management firm Grayscale has added Bittensor (TAO) and Sui Network (SUI) to its list of crypto investment products.
  • Its mainnet will integrate the DAG-based consensus algorithm Mysticeti, with the upgrade process unfolding in several steps over the coming weeks.
Gainers: SUI, SCA, and CETUS rose 30.22%, 25.79%, and 19.12% respectively within 24 hours.
Factors affecting future market conditions:
  • Changes in open interest: Using SUI as an example, the volume of SUI's open interest started rising from a low point yesterday, indicating hot money inflows. Consider using tv.coinglass to gauge the movement of major funds and monitor futures data. Start by observing the uptick in net long positions, and then monitor the futures data for any increase in open interest and trading volume. If this is the case, it means that major players are still buying as prices rise, so it might be advisable to continue holding.
  • Impact of news: Pay attention to recent product updates and partnerships announced by projects. If an AMA is scheduled, consider positioning in related assets early, as there is a high likelihood that positive news will be released soon given the improved liquidity conditions.

2.2 Sector Movements – New Tokens (ZRO, ZK, and REZ)

Primary reasons:
  • The prices of high market cap new tokens such as ZRO, ZK, and REZ rebounded from significant lows, which had fallen well below pre-market expectations due to prevailing negative market sentiment. As the market sentiment gradually stabilized, investment and pricing returned to rational levels, allowing ZRO, ZK, and REZ to quickly recover during the rebound.
Factors affecting future market conditions:
  • Whether new token projects like LayerZero, ZKsync, and Renzo can release further positive news to stabilize their token prices, and the extent to which negative market sentiment is absorbed, will directly impact the prices of new tokens.

3. Top Searches

3.1 Popular DApps

Vessel
Vessel, a ZK order book trading platform, has completed a $10 million seed round of financing, with participation from Sequoia Capital, Scroll co-founders Sandy Peng and Ye Zhang, the Avalanche Foundation, the Algorand Foundation, IMO Ventures, Folius Ventures, Incuba Alpha, and a group of angel investors. The funds will be utilized to combine the efficiency of CEXes with the transparency of DEXes, improve liquidity efficiency, and develop advanced Zero-Knowledge Proof (ZKP) solutions for DeFi.

3.2 X (former Twitter)

Bitget Research: Altcoins Experience Significant Rebound, SUI Ecosystem Shows Strong Wealth Effect image 0
TON
The TON chain was formerly known as GRAM. GRAM was launched in 2019 but faced a setback when the SEC issued a restraining order the same year, prompting investors and the team to postpone the token issuance. In 2021, the open-source development team NEWTON resumed operations of the GRAM ecosystem and renamed it The Open Network (TON) and changed the token's name from GRAM to TON. Binance announced the listing of TON token, leading to a rapid 10% increase in its price, now trading at $6.15. Bitget was among the first to list TON in the spot and futures markets, allowing users to trade TON tokens on its platform.

3.3 Google Search (Global and Regional)

Bitget Research: Altcoins Experience Significant Rebound, SUI Ecosystem Shows Strong Wealth Effect image 1
Global focus:
Putin: TASS news agency announced that Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in Russia.
SUI: Grayscale has added Bittensor (TAO) and Sui Network (SUI) to its list of crypto investment products. Currently, SUI's trading volume and price have surged, with the token price increasing by 32.28% in 24 hours, ranking high on X searches.
Regional focus:
(1) The trending searches in Asia are very scattered, with XRP, Sanctum, and Aevo appearing in the top searches of Indonesia, the Philippines, Thailand, and Malaysia, respectively, without any general pattern.
(2) In Europe, the USA, and English-speaking regions, FLOKI is a focal point of interest, along with AI projects, particularly in Spain, the USA, and Germany.

4. Potential Airdrop Opportunities

LayerN
Layer N is a high-performance rollup network designed to scale financial applications on Ethereum. It consists of ultra-high-performance, modular rollups with top-tier scalability and a shared communication layer for unified liquidity.
Layer N raised $5 million in seed round funding led by Founders Fund and dao5.
How to participate: Visit the project website, connect your wallet, link social media accounts, and go to http://nord.layern.com to connect your wallet and trade ETH 4 to 8 times. Then, visit https://app.galxe.com/quest/layern/GCdcmthdaA...
to connect your wallet and complete the simplest task ever, which is to claim points.
Elixir
Founded in 2022, Elixir is a modular DPoS liquidity network that allows anyone to provide liquidity directly to the order book, bringing liquidity to long-tail crypto assets and enabling exchanges and protocols to direct their ledger liquidity.
On March 12, 2024, Elixir completed an $8 million Series B funding, bringing its valuation to $800 million. Previously, on October 18, 2023, Elixir completed a $7.5 million Series A funding, and on January 17, 2023, it secured $2.1 million in seed funding, with investors including Hack VC, GSR, Sui, and Amber Group.
How to participate: Earn points on Apothecary by depositing at least $100 worth of ETH to mint elxETH and unlock treasure boxes. elxETH is a native yield token backed on a 1:1 ratio by ETH, which will become a universal LP token across all chains upon mainnet launch, powering order book liquidity for exchanges. Additionally, you can provide liquidity for Elixir-supported protocols through https://agg.elixir.xyz/.
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