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Bitget Research: ETH/BTC Exchange Rate Drops to 3-Year Low, ETH May Bounce Back

Jarseed & Aaron
2024/08/29
Bitget Research: ETH/BTC Exchange Rate Drops to 3-Year Low, ETH May Bounce Back
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 last 24 hours, the price of BTC has fluctuated around $59,000, currently stabilizing after a second bottom test. DOGS gained huge popularity after its TGE, and its price rose despite the downward market trend. The highlights are as follows:
  • Sectors with strong wealth creation effect: TON's T2E sector (DOGS and Notcoin), ETH ecosystem blue-chip projects (ETH, ENS, and AAVE).
  • Top searched tokens and topics: Pyth Network, Arkham (ARKM), Hamster Kombat
  • Potential airdrop opportunities: Owlto Finance, Polymarket
Data collection time: August 29, 2024, 4:00 AM (UTC)

1. Market Environment

NVIDIA, the world's leading tech giant, announced yesterday its financial results. The data showed an upward trend but the company's business outlook fell short of market expectations, leading to a 8% drop in NVIDIA's stock price. The crypto market is generally stable, maintaining mild fluctuation after yesterday's decline.
Regarding ETFs, Bitcoin ETFs saw a net outflow of $105 million yesterday, marking two consecutive days of net outflows. Ethereum ETFs saw a net inflow of $5.9 million, ending nine-day streak of net outflows. The ETH/BTC exchange rate has dropped to a three-year low, a point widely considered suitable for bottom buying in ETH. It is possible that ETH will rebound faster than BTC.
Regarding cryptocurrency ecosystems, DOGS, a leading project in the Telegram ecosystem, has achieved impressive performance since its launch, recording a 24-hour increase of 21.5% and a total trading volume of US$2.38 billion. This will have a positive impact on upcoming token launches of Telegram bot projects and may sustain the wealth creation opportunities in the ecosystem.

2. Wealth Creation Sectors

2.1 Sector Movements – TON's Tap2Earn sector (DOGS and Notcoin)

Primary reasons:
  • Recently, DOGS which started as a Tap2Earn project in the Ton ecosystem got listed on larger centralized exchanges. Its huge user base and popularity helped the project gain market recognition. Major exchanges did not hesitate to arrange Launchpool promotions and listed futures products for DOGS. Thanks to its user base and popularity, the project's token price has stayed strong since TGE, with an extremely high level of trading activities.
Gainers: DOGS has risen by 21.5% and NOT by 4.4% in the last 24 hours.
Factors affecting future market conditions:
  • Project popularity: DOGS is reaching beyond typical crypto users thanks to the large user base of the Telegram app, and attracted many to trade crypto. On-chain data explorers show that DOGS has reached 734,000 holders, a figure relatively rare to be seen in the crypto industry. If the number can harness the momentum for organic growth, the token price may increase further.
  • Telegram-related event: The recent arrest of Telegram's founder, Pavel Durov, in France has directly affected the price of the TON token and various projects in the TON ecosystem. If the charges against Durov are proved invalid and he walks free, TON and other projects in the ecosystem will benefit from it. However, if Durov is found guilty of the charges, the ecosystem token will be at risk.

2.2 Sectors to Focus on Next – Ethereum and ETH Ecosystem Blue-Chip Projects (ETH, ENS, AAVE)

Primary reasons:
  • The ETH/BTC exchange rate has just hit a 3-year low, a low point widely acknowledged by the market. Looking at the inflow to Ethereum ETFs, the sell-off of Ethereum ETFs in the mainstream markets appears to have stopped and more positions are opened. Meanwhile, the open positions of the Bitfinex ETH/BTC pair indicate that the market expects a greater rebound in ETH than that in BTC.
Factors affecting future market conditions:
  • Continuous inflow: Ethereum ETFs just saw an end to the nine-day streak of net outflows. If the net inflows persist, which indicates higher expectation on Ethereum from market, ETH price will bounce back further.
  • Ethereum ecosystem blue chip projects: If Ethereum's price rebounds, ecosystem funds will likely target projects with strong fundamentals, such as AAVE and ENS, for speculative investment. Investors should keep a close watch on these projects.

3. Trending Searches

3.1 Popular DApps

Pyth Network
Pyth Network announces a partnership with Sony, becoming Soneium's first oracle service provider. This collaboration is set to advance the blockchain experience for developers, applications, and users, with Pyth Network playing a crucial role in supporting Sony's Web3 infrastructure. Developers on Soneium can leverage over 500 ultra-low latency feeds, providing their applications with accurate market data. This month, Pyth Network also partnered with Ton Network. The project has made solid progress lately, and its price feed service holds significant negotiating power. Pyth's token, listed on Bitget under the ticker "PYTH", is showing strong trading activity, making it a token to watch.

3.2 X (former Twitter)

Bitget Research: ETH/BTC Exchange Rate Drops to 3-Year Low, ETH May Bounce Back image 0
Arkham (ARKM)
Yesterday, NVIDIA released its financial report. While the data exceeded expectations, the company's business outlook fell short of market expectations, leading to a 6% drop in NVIDIA's stock price. Arkham is a Web3 platform that utilizes AI computing for on-chain data processing, aggregation, and analysis. Recently, ARKM tokens were added on exchanges such as OKX. As an important AI project in the crypto market, Arkham's token could perform well as AI projects regain momentum in the future.

3.3 Google Search (Global and Regional)

Bitget Research: ETH/BTC Exchange Rate Drops to 3-Year Low, ETH May Bounce Back image 1
Global focus:
Hamster Kombat:
Hamster Kombat is a clicker game on Telegram, where players can earn tokens by tapping and through other methods of interaction. Players take on the role of a cryptocurrency exchange CEO. By tapping on a hamster, they can earn tokens, which can be used to enhance their exchange and upgrade their hourly earnings. Future token airdrop rewards are possible, and players can also boost their earnings by subscribing to Telegram channels or inviting friends. The project may soon announce a token issuance plan and already has a clear airdrop strategy, making it a project to watch closely.
Regional focus:
(1) Asia: The region is relatively dispersed, focusing on sectors and ecosystems such as Polgyon and TON, including Matic and Blum.
(2) English-speaking region: The market is closely following NVIDIA's financial report, with significant attention on the AI sector.

4. Potential Airdrop Opportunities

Owlto Finance
Owlto Finance is a decentralized cross-rollup bridge focused on Layer 2. It supports cross-chain transactions among over 15 Layer 2 networks, including Ethereum mainnet, zkSync Era, and Starknet.
Owlto Finance has reached a funding valuation of $150 million, making it the top cross-chain bridge on DefiLlama in terms of 24-hour cross-chain volume, holding a market share of 33%.
How to participate: The Metaverse Owlypics cross-chain airdrop promotion will begin on August 28, with a prize pool of $34,000. The two-week promotion supports interactions and rewards on Arbitrum, Optimism, Linea, Scroll, Base, Blast, Taiko, and BOB networks.
Polymarket
Polymarket is a project that allows users to predict market outcomes. All prediction events are initiated by the community, and participants can earn rewards if their predictions are correct.
Polymarket, a centralized prediction marketplace, raises $70 million in two funding rounds, It raised $40 million in Series B funding led by Founders Fund in 2023, and $25 million in Series A funding in 2022.
How to participate: Although no official airdrop has been announced yet, community speculation suggests that users should register an account, bind a wallet, deposit USDC via the Polygon network, and participate in predictions to qualify for the project's airdrop opportunities.
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