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Bitget Research: Bitcoin Rebounds to $57,000, AI Sector Experiences the Fastest Recovery

Victoria & John
2024/08/07
Bitget Research: Bitcoin Rebounds to $57,000, AI Sector Experiences the Fastest Recovery
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, Bitcoin rebounded to $57,000, marking a post-halving high in trading volume with transactions exceeding $1.14 billion. The highlights are as follows:
  • Sectors with strong wealth creation effect: AI and Solana sectors.
  • Top searched tokens and topics: Kelp DAO, Zircuit, and Pendle.
  • Potential airdrop opportunities: Term Finance and Fuel.
Data collection time: August 7, 2024, 4:00 AM (UTC)

1. Market Environment

Over the past 24 hours, Bitcoin rebounded to $57,000, resulting in a phase of increase in the market. The US Ethereum ETF saw a net inflow of 8815 ETH, while the Bitcoin ETF experienced a net outflow of 3615 BTC yesterday. Official updates from BlackRock on the spot Ethereum ETF show that as of August 5, the iShares Ethereum Trust ETF (ETHA) reached a market cap of approximately $568,651,893.12, with holdings increasing to 237,882.8821 ETH.
In macroeconomic data, after a sharp decline on Monday, Japan's Nikkei 225 index rose by 8% on Tuesday, recovering most of the losses from the previous day. The TOPIX index rose by 2%, and South Korea's KOSPI index opened up by 3.7%. Japanese TOPIX index futures triggered a circuit breaker on the rise. In contrast, the crypto market saw Bitcoin increase by 3.83% and Ethereum by 5.05%. According to the latest CoinGecko data, the total crypto market cap has returned above $2 trillion, with a 24-hour increase of 3.6%. Cointelegraph disclosed that Bitcoin's trading volume reached a new post-halving high with transactions exceeding $1.14 billion on August 6. The decline in Bitcoin since the last halving now resembles the 2015-2017 halving bull cycle. Cointelegraph compared the depth of market corrections since the halving dates and noted their remarkable similarity. While some indicators are showing bearish signs, there is still potential for a rebound, and investors should keep an eye on developments.

2. Wealth Creation Sectors

2.1 Sector Movements – AI Sector (TAO, NEAR, and RENDER)

Primary reasons:
  • The AI 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.
  • Nvidia opened low yesterday but rebounded, maintaining its upward trend after the market closed, thereby encouraging more long positions.
  • Grayscale launched Grayscale Decentralized AI Fund LLC to bolster investment in AI in the cryptocurrency industry. The fund has already invested in the decentralized AI projects such as Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR). Near, Filecoin, and Render are the highest weighted assets in this fund.
Gainers: TAO, NEAR, and RENDER each rose by 8% within 24 hours.
Factors affecting future market conditions:
  • Nvidia's future trend: Nvidia is a bellwether for the AI sector and influences the overall market valuation of the sector. If Nvidia continues to rebound in the US stock market tomorrow, the AI segment of the crypto market is likely to sustain its rebound.
  • 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 — Solana Sector (SOL, JUP, and WIF)

Primary reasons:
  • SOL led the rebound across the Solana ecosystem, first touching $130 and then quickly bouncing back to $150, prompting a rise in ecosystem tokens.
  • SOL's current price hovers around $143, down over 30% in two days. This decline mirrors patterns seen before significant price increases in 2021. The most recent resistance level is at $217.15, and breaking this could potentially push SOL to $279.76.
Gainers: SOL, JUP, and WIF rose by 10%, 10%, and 20%, respectively, within 24 hours.
Factors affecting future market conditions:
  • Community information: Memecoin operations significantly influence market movements. Stay updated on AMA sessions and X posts for timely trading opportunities.
  • 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.

2.3 Sectors to Focus on Next – POW Sector (KAS, ALPH, and SMR)

Primary reasons:
  • Recently, governments globally have been progressively legalizing crypto mining. For instance, Russia has rolled out relevant policies, and the United States is actively expanding this industry. Thus, mining sector is not only focusing on mainstream mining assets but is also exploring new POW tokens for investment. The market has seen some high-quality assets, with recent significant increases in computing power and impressive price performances.
Factors affecting future market conditions:
  • Computing power performance: The continuous investment in computing power indicates ongoing deployment of mining rigs, which increases the cost of token mining. This suggests that the majority of the market participants believe it is still profitable to invest in computing power at this cost. At the same time, the entry of large computing powers also indicates the possibility of mining groups joining these projects, which is a sign of large capital inflows.
  • Ecosystem development: The POW sector has several application ecosystems. An ecosystem is key to achieving mass adoption. Therefore, if these ecosystems can attract enough developers and users, the demand for these tokens will rise, potentially sustaining their market performance.

3. Top Searches

3.1 Popular DApps

Kelp DAO: The Ethereum restaking platform Kelp DAO has announced that it will launch the Gain feature on August 13. This feature will consolidate multiple Layer 2s in one place, offering users multiple airdrops and enhanced rewards. Kelp DAO's TVL has already surpassed $800 million, and it has raised $9 million in a private funding round, establishing itself as a leading project in the restaking platform concept.

3.2 X (former Twitter)

Bitget Research: Bitcoin Rebounds to $57,000, AI Sector Experiences the Fastest Recovery image 0
Zircuit
Zircuit is a fully EVM-compatible ZK rollup with AI-enabled sequencer-level security features. Today, the project announced that the first phase of its mainnet is now live. Zircuit has over $2 billion staked on its platform and has opened claims for the Season 1 airdrop. Users who staked assets during the Season 1 points promotion can now claim their tokens.

3.3 Google Search (Global and Regional)

Bitget Research: Bitcoin Rebounds to $57,000, AI Sector Experiences the Fastest Recovery image 1
Global focus:
Pendle
Pendle is an interest rate derivative protocol built on multiple chains that performs "yield stripping" — tokenizing yields by splitting the interest payment component from the principal payment component into independently tradable tokens. Influenced by a general rise in altcoins and news of new PENDLE markets in Korean Won and BTC on Upbit, Pendle briefly surged past $3 before retreating. It is still up over 30% in the last 24 hours.
Regional focus:
(1) Asia: Search interests are quite diversified across Indonesia, the Philippines, Thailand, and Malaysia, featuring top searches for chains, RWA, Layer 2, and restaking projects without any common trend.
(2) Europe, the USA, and English-speaking regions: Searches are also varied, but chain sector tokens are relatively popular. The UK featured tokens like ICP and Monad, while the USA had various memecoins like Boden, Hero, and Pepe topping the searches.
(3) Latin America: Brazil's top searches included Stella, Bonk, and Polyx, while in Argentina Kelp, Sand, and Tron topped the searches.

4. Potential Airdrop Opportunities

Fuel
Fuel is a UTXO-based modular execution layer that brings a globally accessible scale to Ethereum. As a modular execution layer, Fuel can achieve global throughput in a way not possible with monolithic chains, while inheriting security from Ethereum.
In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies. Fuel also received investments from several leading investment institutions, including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit qualifying tokens to earn points. For every $1 deposited, participants will earn 1.5 points per day.
Earn 1.5 points per day with the following assets: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. Additionally, earn 3 points per day when you deposit ezETH from July 8 to July 22.
Term Finance
Term Finance is a decentralized lending protocol that utilizes a unique auction model to support scalable interest rate/fixed lending—a first in the DeFi sector. It brings borrowers and lenders together in a fair and transparent auction process to determine a single market-clearing interest rate for all participants, regardless of size.
Recently, Term Finance completed seed and strategic funding rounds with investments from notable institutions like Electric Capital and Coinbase Ventures, raising $8 million. On July 9, the project announced on X the start of Term points.
How to participate: 1. Register using a referral code; 2. Connect X and Discord for easy log-in; 3. Check reward eligibility; 4. Participate by engaging in the fixed auctions for lending; 5. Learn how to maximize points through Term's tracking dashboard.
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