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Bitget Research: Crypto Market Fluctuates in a Narrow Range, BWB Rises Against Trend

Victoria & John
2024/08/14
Bitget Research: Crypto Market Fluctuates in a Narrow Range, BWB Rises Against Trend
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

In the past 24 hours, BTC briefly broke through the $61,000 mark, while the U.S. Producer Price Index (PPI) for July was below expectations, remaining steady compared to the previous month. The highlights are as follows:
  • Sectors with strong wealth creation effect: Blue chip blockchains, RWAs, and Bitget platform tokens.
  • Top searched tokens and topics: Pump.fun and Perplexity.
  • Potential airdrop opportunities: Tonstakers and Kelp DAO.
Data collection time: August 14, 2024, 4:00 AM (UTC)

1. Market Environment

Over the last 24 hours, BTC briefly broke through $61,000 and is currently oscillating between $59,000 and $61,000, with a noticeable narrowing of intraday fluctuations suggesting that the rebound may face resistance. ETH briefly surpassed $2700, and for the first time, the spot Ethereum ETFs saw a net weekly inflow of 31,500 ETH, equivalent to approximately $75.07 million. The fund inflow into spot Ethereum ETHs was primarily driven by BlackRock, which has cumulatively bought $168.55 million worth of ETH. The top blue-chip blockchains have shown robust growth over the past seven days. Additionally, Bitget Wallet users exceeded 30 million, with July downloads surpassing those of MetaMask, warranting continued observation of BWB’s performance.
From a macroeconomic perspective, the U.S. PPI for July increased less than expected and was unchanged from June. The more closely watched CPI data will be released on Wednesday, expected to show a slight increase. With inflationary pressures easing and weak employment data for July, economists anticipate the Federal Reserve will begin a series of rate cuts starting next month. According to CME FedWatch, there is a 50.5% probability that the Fed will cut rates by 25 basis points in September, and a 49.5% probability of a 50 basis point cut.

2. Wealth Creation Sectors

2.1 Sector Movements — Blue Chip Blockchains (FTM, APT, and TON)

Primary reasons:
  • The new blockchain sector has been in a downtrend for an extended period, and in a market environment rebounding from being oversold, it was among the first to attract investment attention. Recently, ETH's performance has been too weak, with institutions frequently selling off ETH in the secondary market, leading to investment in new blockchains which is supported by a consensus among investors. Additionally, Tapos Game #2 has been launched on Aptos, which is available on browsers and Telegram, attracting high attention recently.
Gainers: In the past 24 hours, FTM, APT, and TON have risen by 5%, 9%, and 6% respectively.
Factors affecting future market conditions:
  • Continuous rise in TVL: According to DefiLlama, Aptos’ TVL surpassed $400 million, setting a new historical high, and TON's total ecosystem TVL exceeded $80 million, also reaching a new high, which is four times the TVL value at the beginning of March. It is recommended to keep an eye on the TVL changes within various ecosystems. If capital inflows are sustained, investing in leading chains is advisable.
  • Ongoing ecosystem development: OKX Ventures and the global blockchain leader Aptos Foundation announced the launch of a new $10 million fund aimed at supporting the growth of the Aptos ecosystem and the broader adoption of Web3.

2.2 Sector Movements – RWA Sector (ONDO and PENDLE)

Primary reasons:
  • The RWA sector continues to draw significant attention within the cryptocurrency industry and is viewed as having substantial potential for market growth. ONDO and PENDLE dominate the RWA sectors for government bonds tokenization and crypto asset interest rate swaps, respectively. These segments have a high asset ceiling, and as such, the revenue generated by these protocols increases with the growth in asset volume. Investors should pay special attention to these sectors during each market rebound.
Gainers: Over the past 24 hours, ONDO and Pendle have increased by 3.4% and 6% respectively.
Factors affecting future market conditions:
  • Total protocol asset size: The cash flow generated by such protocols primarily depends on the asset size they manage. As the asset size within these protocols gradually increases, the revenue produced will also rise, leading to strong performance in their respective token prices.
  • Policy impact: As the cryptocurrency industry gradually gains legislative approval and societal acceptance, favorable policies for this sector will also become a major factor driving the rise in token prices. With more asset management giants entering this field, the continued development of this sector is expected to advance steadily.

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

Primary reasons:
  • 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. Bitget Wallet’s user base exceeding 30 million, along with a download count in July that surpassed MetaMask, has made the market optimistic about potential price increases.
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

Pump.fun:
According to DefiLlama, the Solana based memecoin platform Pump.fun achieved a protocol revenue of $28.73 million in July, setting a new record high. The platform’s cumulative protocol revenue now stands at $89.03 million. Over the past three months, Pump.fun’s fee account has converted 222,073 SOL into 35.54 million USDC at an average price of $160. The popularity of Pump.fun indicates that trading of memecoins on the Solana chain is intensifying, though the marginal revenue and wealth effect of these trending tokens are diminishing.

3.2 X (former Twitter)

Bitget Research: Crypto Market Fluctuates in a Narrow Range, BWB Rises Against Trend image 0
Perplexity:
Polymarket, a prediction marketplace, is collaborating with the AI-driven search engine Perplexity to display news summaries for events. When users click on an event on Polymarket, they can now view a news summary based on Perplexity's search results and use a search box to pose further questions.
Perplexity completed a Series B funding round in January this year, raising $73.6 million at a valuation of $520 million, led by IVP. Perplexity’s total funding has reached $100 million. With Perplexity's search tool, users can obtain reliable answers to any question instantly, complete with full sources and citations, eliminating the need to click through various links, compare answers, or endlessly look for information. Given that the project is equity-financed, it is unlikely to issue cryptocurrency.

3.3 Google Search (Global and Regional)

Bitget Research: Crypto Market Fluctuates in a Narrow Range, BWB Rises Against Trend image 1
Global focus:
Blast:
Official sources have announced that Blast has launched the second phase of its Gold (gold points) distribution, allocating 11 million Gold to DApps on its mainnet. Of this, 10 million Gold are reserved for existing DApps on the Blast mainnet, and 1 million Gold for newly launched DApps. According to DefiLlama data, the TVL on Blast's mainnet has fallen by over 60% from its peak, currently standing at $883 million. Moreover, the price of Blast token has dropped by over 46%, indicating a significant downturn, and the market conditions remain unclear. Users are advised to participate with caution.
Regional focus:
(1) In Asia: Interest in projects and sectors is widely varied across the region, with no significant common themes. However, there are localized hotspots. For instance, Vietnam, the Philippines, and Singapore show increased interest in RWA-related projects, while Indonesia frequently searches for Layer 1 projects. Malaysia, conversely, focuses more on mainstream cryptocurrencies like Bitcoin.
(2) Europe and the Americas: Search terms are quite diverse without any widespread trends. Additionally, enthusiasm for memecoins has waned, with search focus primarily on PEPE and FLOKI.
(3) In the CIS Region: Besides the popular TON ecosystem keyword, other frequently searched terms include the Solana ecosystem's LST project Sanctum and AI-related topics.

4. Potential Airdrop Opportunities

Tonstakers
Tonstakers is the largest liquid staking service provider in the TON ecosystem. Users can stake their TON in the protocol to earn a 3.8% APY. The project currently boasts a TVL of $256 million, indicating a high potential valuation.
It has garnered attention from the Ton Foundation and currently has 68,000 stakers. Tonstakers collaborates with Ton's core developers, Tonkeeper, and OKX, which supports its potential for future token issuance.
How to participate: 1. Visit the project's official website and select Stake Now; 2. Connect your Ton wallet to stake.
Kelp DAO:
Kelp DAO is currently developing an LRT solution on EigenLayer, with its restaked token known as rsETH. The supported LSTs include tETHx (Stader), sfrxETH (Frax), and stETH (Lido). According to DeFiLlama data, Kelp DAO's TVL currently stands at $617 million.
Kelp DAO has introduced the Kelp Miles incentive program, which tracks user contributions to Kelp and determines future reward distribution ratios. Kelp Miles are calculated based on the restaked LST amount and the staking duration. This project is highly anticipated in the restaking space and is expected to launch its token in Q2.
How to participate: (1) Connect your wallet to Kelp DAO, (2) Deposit ETHx (Stader), sfrxETH (Frax), and stETH (Lido) or ETH into the staking contract, and (3) Hold the converted rsETH and earn points.
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