Bitget Research Institute: Altcoins rebounded sharply, and the SUI ecological wealth effect was good

Written by: Bitget Research Institute

Summary

Bitcoin has risen by 6.94% in the past 24 hours. The addition of new members to the Grayscale Trust and the legalization of crypto mining in Russia have promoted the expansion of the rise of altcoins in the entire market, including:

• The sectors with strong wealth-creating effects are: SUI ecology and new coin sectors;

• User Hot SearchToken& Topics: Vessel, TON, Putin, SUI;

• Potential airdrop opportunities include: LayerN, Elixir;

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

1. Market environment

Bitcoin has gained 6.94% in the past 24 hours and is currently trading at $61,200. Ethereum has broken through $2,600, gaining 9.8% in the same period, ending its losing streak against BTC.

Crypto asset management company Grayscale has added Bittensor (TAO) and Sui Network (SUI) to its list of crypto investment products. Meanwhile, Russian President Vladimir Putin signed a bill making the country’scryptocurrencyMining is legalized. Russia seems to be taking action to keep up with the United States. Bitcoin FOMO is heating up at the national level. Multiple positive news have promoted the expansion of the rise of altcoins across the market.

2. Wealth-making sector

1) Sector changes: SUI Ecosystem (SUI, SCA, CETUS)

main reason:

• Crypto asset management company 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, and the upgrade process will be carried out in several steps in the coming weeks.

Rising situation: SUI, SCA, and CETUS rose by 30.22%, 25.79%, and 19.12% respectively within 24 hours;

Factors affecting the market outlook:

• Open Positionscontract量的增减：以 SUI 为例，SUI 的未平仓合约量昨日自从低位开始上涨，说明热钱涌入。通过 tv.coinglass 网站看合约数据了解主力资金的动向，首先看观察合约上净多头的增量有多少；再看合约数据上是否形成合约多头净增加、OI 上涨，且交易量放大的情况。如果是的话，说明主力持续在买涨，可以持续持有。

• Impact of news: Pay attention to the product updates and partnerships recently promoted by the project party. If an AMA is held, you can consider deploying related assets in advance, because there is a high probability that good news will be released in the near future using the improved liquidity environment.

2) Sector changes: New coin sector (ZRO, ZK, REZ)

main reason:

• New coins rebounded from oversold levels. The prices of high-market-cap new coins such as ZRO, ZK, and REZ were far lower than pre-market expectations amid negative market sentiment. As market sentiment was gradually digested, investment and pricing gradually returned to rationality, and ZRO, ZK, and REZ quickly rebounded.

Factors affecting the market outlook:

• Whether new coin projects such as LayerZero, ZKsync, and Renzo can take further actions to release positive factors to continuously stabilize the coin price, and the extent to which the market's negative sentiment is digested will directly affect the price of the new coin.

3. User Hot Searches

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, Avalanche Foundation, Algorand Foundation, IMO Ventures, Folius Ventures, Incuba Alpha, and a group of angel investors. The funds from this round of financing will be used to combine CEX efficiency with DEX transparency, improve liquidity efficiency, and develop advanced ZKP solutions for DeFi.

2) Twitter

TON

TON 公链原先称为 GRAM。GRAM 公链于 2019 年上线，但是由于 SEC 在 2019 年发布了限制令，GRAM 投资者和团队选择推迟代币发行时间。2021 年开源开发团队 NEWTON 重新开始运营 GRAM 生态，并把它命名为 The Open Network，把代币的名称从 GRAM 从改成了 TON。Binance 宣布上线 TON 代币，TON 迅速上涨 10% 到目前 6.15 美金水平。Bitget 上线 TON 现货和合约资产比较早，用户可以在 Bitget 交易 TON 代币。

3) Google Search & Region

From a global perspective:

Putin: TASS reported that Russian President Vladimir Putin signed a law making RussiacryptocurrencyLegalization of mining.

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 soared, with the token price rising by 32.28% in 24 hours and ranking high on Twitter.

From the hot searches in each region:

(1) The hot searches in Asia are very scattered. XRP, Sanctum, and Aevo appear in the top search lists in Indonesia, the Philippines, Thailand, and Malaysia, respectively, with no universal characteristics.

(2) FLOKI is a hot search topic in Europe, America and English regions.AI The project is a key track of attention in several countries, including Spain, the United States, and Germany.

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 and customized modular rollups with best-in-class scalability and a shared communication layer for unified liquidity.

Layer N completed a $5 million seed round of financing, led by Founders Fund and dao5.

How to participate: Log in to the project website and connectwallet, bind your social media account and go to http://nordXiaobai Navigation.layern.com connectionswalletTrade ETH Repeat 4-8 times. Go to https://app.galxe.com/quest/layern/GCdcmthdaA…

连接钱包 完成有史以来最简单的任务 领取积分。

Elixir

Founded in 2022, Elixir is a modular DPoS liquidity network that enables anyone to provide liquidity directly to the order book, bringing liquidity to long-tail crypto assets and allowingexchangeand protocols to guide liquidity on its ledger.

On March 12, 2024, Elixir completed an $8 million Series B financing round with a valuation of $800 million; on October 18, 2023, Elixir completed a $7.5 million Series A financing round; on January 17, 2023, Elixir completed a $2.1 million seed round of financing; investors include Hack VC, GSR, Sui, and Amber Group.

具体参与方式：参与 Apothecary 赚取积分，可以存入至少 100 美元的 ETH 来铸造 elxETH 来解锁宝箱。elxETH 是一种以 ETH 1:1 比例支持的原生收益代币，主网启动后将成为全链 LP 代币，为交易所的订单簿流动性提供动力。同时，可以通过 https://agg.elixir.xyz/ 给 Elixir 支持的协议提供流动性。

The article comes from the Internet:Bitget Research Institute: Altcoins rebounded sharply, and the SUI ecological wealth effect was good

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