Bitget Research: Market Decline Shows No Signs of Rebound, Three Bitget Launchpool in Two Weeks Keep BGB Price Stable

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Bitget Research2024/09/02 08:02

By:Tommy & Jarseed

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.

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

The Fed's September interest rate cut seems almost certain, coinciding with a significant decline in BTC and the broader market. Both BTC and ETH spot ETFs saw notable net outflows last week. Ethereum's persistently low gas fees signal weak market sentiment, with no signs of a rebound. Bitget's launch of three Launchpool projects within two weeks has helped BGB maintain relative price stability.

Sectors with strong wealth creation effect: BGB.
Top searched tokens and topics: CARV, CryptoKitties, TON.
Potential airdrop opportunities: Fuel and Story Protocol.

Data collection time: September 2, 2024, 4:00 AM (UTC)

1. Market Environment

The Fed's September interest rate cut is nearly certain. According to CME FedWatch, there is a 67% probability of a 25-basis-point cut and a 33% chance of a 50-basis-point cut.

BTC has seen a significant decline, along with the broader market, with BTC spot ETFs experiencing a net outflow of $277 million and ETH spot ETFs $12.6 million last week. Ethereum on-chain gas fees have remained below 1 gwei, and the ETH/BTC exchange rate has dropped to 0.042. Market sentiment and on-chain activity have plummeted to freezing levels, with no signs of a rebound in the short term.

Despite the downturn, Bitget has launched three Launchpool projects within two weeks, making BGB the fifth best-performing token among the top 100 by market capitalization (excluding stablecoins) in the past seven days, with a 4.69% drop, outperforming BTC's 10.8% decline.

2. Wealth Creation Sectors

Sectors to Focus on Next — BGB

Primary reasons:

Bitget has launched three Launchpool projects—Orderly Network (ORDER), Counterfire Economic Coin (CEC), and MetaCene (MAK)—within two weeks, consistently providing benefits to BGB holders and helping to stabilize BGB's price.
Bitget's fundamentals continue to strengthen, with the platform's monthly website traffic increasing by 284% compared to last year. According to news released on August 19, the Bitget app has seen a significant rise in its rankings within the Apple App Store—now featuring in the top ten finance apps across 11 countries, including second in Nigeria, sixth in Ukraine, and eighth in Belarus.

Factors affecting future market conditions:

Bitget's ability to continue providing benefits to BGB holders through Launchpool and similar initiatives will be the most direct driver of a BGB price boost.
Bitget's ongoing brand development and ability to promote user growth will remain the strongest driving forces for stabilizing BGB's price.

3. Trending Searches

3.1 Popular DApps

CARV:

CARV is a gaming-focused ID infrastructure designed to create a player-owned identity for showcasing achievements, discovering friends and games, enabling direct monetization, and ensuring portability across platforms. The number of unique active wallets for the DApp exceeded 445,000 in the past week. CARV has been particularly active recently—on April 26, it announced a $10 million Series A funding round, and on May 31, Animoca Brands announced a strategic investment in CARV and became its node operator.

3.2 X (former Twitter)

CryptoKitties:

The well-established NFT project CryptoKitties has launched a new series called "Egg." This NFT series recently completed its minting process, with a minting price set at 0.008 ETH. A total of 3,134 NFTs were minted during this period. The floor price of the series currently stands at 0.1121 ETH, reflecting a 24-hour increase of 261.67%.

3.3 Google Search (Global and Regional)

Global focus:

Why is crypto crashing:

The crypto market has seen a widespread downturn recently, leading investors to search for reasons behind the decline. The current downturn is primarily due to a lack of liquidity and the absence of significant market drivers. The market is likely to improve significantly following the Federal Reserve's interest rate decisions or the upcoming U.S. presidential election. However, in the short term, the market is likely to remain volatile and continue its downward trend.

Regional focus:

(1) Asia and Africa: The focus in these regions is more dispersed, with searches including Blum, Solana, reasons for frequent price drops, overall crypto market capitalization, and the Fear & Greed Index.

(2) English-speaking region: Searches include projects like ONDO, PEPE, TON, and FLOK, which have shown some resilience despite the recent downturn. This indicates that users in English-speaking regions are particularly interested in assets that are holding up relatively well during the market decline.

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 that monolithic chains cannot, all 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. The project also secured investments from several leading 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 between July 8 and July 22.

Story Protocol

Story Protocol is an IP management protocol aiming to revolutionize how human history is recorded using blockchain technology, documenting and integrating content and intellectual property across various blockchains.

The project recently completed a $80 million Series B funding round led by a16z Crypto, with participation from institutions like Foresight Ventures and Hashed. To date, PIP Labs, the development team behind Story Protocol, has raised $140 million, with a valuation of $2.25 billion. The project is attracting significant market attention and could become a leading contender in the new blockchain sector.

How to participate: Story Protocol has partnered with multiple projects, including Colormp. Users can participate in the Color Commemorative Launch NFT minting for these projects and stay engaged by completing related tasks, potentially securing airdrops of IP tokens in the future.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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