Bitget Research Institute: The crypto market rebounded sharply, and the BTC ecosystem contains potential wealth-making opportunities

Written by: Bitget Research Institute

Summary

The market rebounded sharply yesterday, with BTC hitting a high of $72,880, and ETH following suit. The market wealth effect is very significant, and the BTC ecosystem contains wealth opportunities. Among them:

• Sectors with strong wealth creation effects are: blue chip sector, TON ecosystem

• User Hot SearchToken& Topic: MomoAI, TNSR, TON, GMX

• Potential airdrop opportunities include: Ethena Season 2, Kiloex

Data statistics time: April 9, 2024 4:00 (UTC+0)

1. Market environment

Yesterday,cryptocurrencyThe market rebounded sharply, and BTC surged by 3,000 US dollars in a short period of time, reaching a high of 72,880 US dollars. The upward momentum is very strong, and it is very likely to continue to break upward in the near future. If a new high is set, it may form the next wave of rising market. However, the market may have a "false breakthrough" near the previous high, and the market volatility will be amplified. ETH soared 10%, and the ETH/BTC exchange rate of 0.048 formed a strong support.

This Wednesday, the U.S. Department of Labor will release last month's CPI data, with an expected increase of 3.2%. Since the market currently predicts that the probability of a rate hike in June is basically 50-50, the CPI data will greatly affect the market's expectations of whether the Federal Reserve will raise interest rates in June, thereby affecting data such as the US dollar index and the 10-year Treasury bond yield. Tomorrow, the volatility of the crypto market may reach a new high. If the CPI is weaker than expected, BTC does not rule out the possibility of directly breaking through the previous high, becoming a catalyst for BTC's next stage of upward movement.

2. Wealth-making sector

1) Sector changes: blue chip sector (BTC, ETH)

The main reasons are: 1. BTC's technical indicators in the secondary market formed an ascending triangle, which formed a force for traders to be bullish; 2. The Hong Kong conference exchanged industry information, causing the market to be bullish;

Rising situation: BTC rose to a maximum of US$72,880, and ETH soared by US$300 to around US$3,700;

Factors affecting the market outlook:

• US CPI data on Wednesday: The market expectation is a growth of 3.2%. If it is higher than expected, the crypto market may pull back due to the decline in interest rate expectations; otherwise, the market may continue to rise, and BTC is expected to form a new high. The probability of market volatility amplification is high;

• Market Liquidation: Market in the past 24 hourscontractThe liquidation of 180 million US dollars, of which 120 million US dollars were short orders. If the market volatility increases, the market liquidation volume will also increase, forming a temporary unilateral risk/trading opportunity. Risk control needs to be done well in the past two trading days to avoid liquidation.

2) Sector changes: TON ecosystem (TON, FISH)

The main reasons are: 1. The TON Foundation announced the launch of a $5 million incentive plan, which is good for the ecosystem; 2. In the past 7 days, the number of active addresses on the TON network exceeded 900,000, a month-on-month increase of 39.4%, and the number of active users continued to increase;

Rising situation: TON and FISH transaction volume and price surged.TokenThe price increased by 20.54% and 38.41% in 24 hours;

Factors affecting the market outlook:

• Operation of the TON Foundation: The TON ecosystem is relatively centralizedCommunityIts token distribution and support for the ecosystem are mainly influenced by the TON Foundation. We should continue to pay attention to the operation of the TON Foundation. If there are favorable activities, we can choose the right time to invest.

• Project narrative: TON ecosystem projects are in their early stages, so paying attention to the narrative of ecosystem projects will have a greater impact on the secondary market. Generally speaking, when TON rises, the increase in ecosystem assets will be higher than TON itself. If you miss the rise in TON, you can deploy TON ecosystem projects in a timely manner.

3) The sector that needs to be focused on in the future: BTC ecosystem

The main reason: BTC will undergo Nakamoto Upgrade on the 15th of this month. Combined with the upcoming BTC halving, the BTC ecosystem will become the focus of funds and traffic;

Specific currency list:

• T: Nakamoto Upgrade includes Threshold signature upgrade technology. Threshold recently announced the launch of thUSD to lay out the BTC ecosystem DeFi;

• CKB: The RGB++ protocol developed by CKB has been very popular recently. It is an asset issuance protocol for the BTC ecosystem and has a good ecological wealth effect.

• STX: The ecosystem of Stacks is developing gradually and soundly, and the overall track TVL continues to break through. The network performance will be greatly enhanced after the Nakamoto upgrade. It is also a good BTC to buy on dips in the near future. L2 Subject matter;

3. User Hot Searches

1) Popular Dapps

MomoAI:

A Telegram game product based on the Solana ecosystem, the project won the global hackathon championship in 2021 and 2022. MomoAI The list of investors includes some well-known venture capital firms such as Magnus, Yusaku Maezawa, SL2, MH, etc. Yesterday, MomoAI's Unique Active Wallets data rose to more than 60k, ranking third in the entire Solana ecosystem, second only to Jupiter and Raydium. As a popular project across the Solana and TON ecosystems, investors can consider understanding and participating.

2) Twitter

Tensor（TXiaobai NavigationNSR):

Solana Ecosystem’s well-known NFT market Tensor opened trading and airdrops yesterday, with several leadingexchange, the initial airdrop accounted for 12.5%. Before TGE, the pre-market trading price of TNSR reached $3; after TGE, the price fell from around $2.5 to $1.7, which was lower than market expectations, which may be related to the large number of airdrops and heavy selling pressure during TGE. Tensor has strong product strength, and its coin price may be mediocre for a period of time after the opening like BLUR, but it is likely to return to value in the future and break through the price at TGE.

3) Google Search & Region

TON:

Yesterday, Steve Yun, Chairman of the TON Foundation, delivered a keynote speech entitled "Web3 and Incentive Plan in Telegram", mentioning that $150 million in ecological incentives will be issued from April to June. The TON coin price broke through $6.5 and set a new record high. Next, projects within the TON ecosystem are worthy of investors' attention, such as the IDO platform TonUP (token is UP), the ecosystem's top meme coin - FISH, etc.

GMX:

Yesterday, BitMEX founder Arthur Hayes transferred all of his GMX (237,000 GMX, worth $9.78 million) to a newly created address, which then transferred 41,000 GMX (1.68 million USD) to three centralized exchanges.exchangeThis newly created address received Gas from Wintermute, and its GMX is likely to be sold or OTC by Wintermute. Investors can pay close attention to GMX chain changes and control risks appropriately.

Potential Airdrop Opportunities

Ethena Season 2

A Delta-neutral stablecoin protocol based on ETH, with investments from Dragonfly, Binance Labs, etc. The generous airdrops in the first season were well received, and the price of the token ENA doubled within a week after it was launched.

Ethena has launched the second season of the Ethena campaign on April 2. "Shards" will be replaced by "Sats" to match Ethena's addition of BTC as a supporting asset. The campaign will last for 5 months. Users can deposit USDe to earn Sats. In the second season, rewards for early users will be increased. The Sats earned by existing deposits of users in the first season in the second season will be increased by 20%.

Specific ways to participate (multiple ways are available, one of which is given as an example): 1) Convert USDT to USDe to get points; 2) Deposit USDe into Zircuit to get more Zircuit points; 3) Pledge a certain amount of ENA to get bonus points.

Kiloex

Obtained funding from Binance Labs, Foresight Ventures, and 7upDAO The derivatives DEX for investment, etc., currently supports three chains: opBNB, Manta, and BNB. Points can be obtained by trading derivatives, depositing USDT and converting it into kUSDT financial management, and depositing STONE.

Specific ways to participate: 1) Trade in the derivatives market. On this platform, you can open both long and short orders in the same currency to prevent trading losses. You can get 35 points for every $1,000 traded. 2) It is recommended to choose opBNB or Manta chain for trading, as the fee rate is lower than that of BNB chain. 3) When it comes to financial management to obtain points, you should note that kUSD has a premium. If the price of kUSD falls, there will be a loss when redeeming it, so you need to judge for yourself whether to participate in financial management.

The article comes from the Internet:Bitget Research Institute: The crypto market rebounded sharply, and the BTC ecosystem contains potential wealth-making opportunities

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