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Bitget Research: Bitcoin Continues to Consolidate at High Level, AI Sector Surges Across the Board

Jarseed & Victoria
2024/03/07
Bitget Research: Bitcoin Continues to Consolidate at High Level, AI Sector Surges Across the Board

In the past 24 hours, many new popular tokens and topics have emerged in the market, which could potentially be the next wealth creation opportunity.

Overview

In the past 24 hours, Bitcoin has continued to consolidate within the $64,000 to $68,000 price range. The AI sector saw significant gains influenced by the news of the NVIDIA GTC conference. The highlights are as follows:
  • Sectors with strong wealth generation effect: AI and L2 sectors.
  • Top searched tokens and topics by users: Aevo, FET, RNDR, NEAR, and other AI sector tokens.
  • Potential airdrop opportunities: Kinza Finance and Bouncebit.
As Bitcoin's price entered a consolidation phase, market funds began to hype other sectors in response to the news. Yesterday, NVIDIA's GTC conference announced its list of speakers, with several AI-related crypto projects invited, including the founders of NEAR and RNDR projects, leading to a significant surge in the AI sector. Investors may consider increasing their investment in leading AI-related projects such as RNDR, TAO, FET, and ARKM.
Data collection time: March 7, 2024, 4:00 AM (UTC+0)

1. Market Environment

In the past 24 hours, the price of BTC has continued to fluctuate between $64,000 and $68,000. Mainstream L1 and L2 projects have shown divergence. First, L2s related to the Cancun upgrade, such as OP and ARB, have seen considerable gains; second, there has been a shift in hype toward different sectors, with memecoins like Doge and PEPE experiencing pullbacks, while the AI sector has surged collectively due to news impacts.
Currently, the global technology and venture capital communities are highly focused on AI, with the crypto industry also witnessing significant financing news related to high-value AI projects. The crypto industry's AI sector is finely segmented, and the core factor affecting the secondary performance of each project is whether it has made significant progress in the AI field, such as securing large-scale financing, forming partnerships with NVIDIA or AMD, or launching major features or products. Users are advised to pay attention to leading projects in each sub-sector, represented by distributed rendering leader RNDR and distributed computing network leader TAO.

2. Wealth Creation Sectors

1) Sector Movements: AI (RNDR, NEAR, FET)

Primary reason: NVIDIA's GTC conference announced its list of speakers, inviting the founders of RNDR and NEAR.
Price increase: Over the past 24 hours, RNDR saw a 48.7% increase, NEAR saw a 41.8% increase, and FET saw a 54.3% increase.
Factors affecting future market conditions:
  • News impact: Currently, the prices of AI-related tokens in the crypto industry are largely influenced by whether the company has direct or indirect cooperation with chip giants NVIDIA, AMD, or the famous AI company, Open AI. Investors need to pay attention to related important conferences, product releases, and social media posts.
  • Major product releases or changes in development direction: The crypto industry has projects closely related to AI on both the software and hardware fronts. Some older projects, with a foundation of technical accumulation, actively embrace the AI development path and can experience a second bloom. For example, NEAR has accumulated years of expertise in the field of sharding technology and holds a leading position, with some technical overlap with distributed AI computing networks.

2) Sector Movements: DeFi Sector (UNI, AAVE, DYDX, SUSHI)

Primary reason: The Uniswap "Activate Uniswap Protocol Governance" proposal has passed its first vote.
Price increase: UNI rose by 13.7% in 24 hours, with a peak increase of 27.9%.
Factors affecting future market conditions:
  • The initial approval of Uniswap's proposal to activate protocol governance means that the Uniswap community has reached a preliminary consensus to allow the upgrade of the protocol's automated fee collection function. This move lays the groundwork for turning protocol income into discretionary income for the protocol. Whether protocol income can be distributed to UNI holders will require ongoing voting. If this process progresses smoothly, it could mean UNI and even the entire DeFi sector is entering a new era, potentially leading to a comprehensive price increase.
  • Potential upward momentum in other DeFi sector tokens: Currently, DeFi protocols with solid and stable income have the potential to distribute protocol income to token holders. Investors should continue to follow the developments of DeFi protocols with strong cash flows, such as AAVE, DYDX, and SUSHI.

3) Sectors to focus on next: Cancun upgrade (OP, ARB, METIS)

Primary reason: The Ethereum Cancun upgrade, scheduled for March 13, will most directly benefit L2 solutions. This upgrade will significantly reduce network fees for L2 sequencers, substantially increasing their revenue.
Specific tokens list:
  • OP: Optimism, with its complete OPStack technology stack and rich ecosystem, is one of the leading projects to benefit from the Cancun upgrade.
  • ARB: Arbitrum, currently the L2 project with the highest TVL, has a token price that has been consistently undervalued compared to the development of its ecosystem, indicating significant room for growth in the current bull market.
  • METIS: Metis is about to announce a decentralized sequencer. This feature will not only benefit from the Cancun upgrade but also attract more users and projects to the Metis ecosystem.

3. User Trending Searches

1) Popular DApps

Aevo:
Aevo is a decentralized derivatives exchange that specializes in options trading using an order book and margin model. It is part of the on-chain structured products under Ribbon Finance (native token: RBN). Aevo has raised $16.6 million across three funding rounds. Yesterday, Binance announced it would list AEVO through Launchpool, and AEVO released its tokenomics, leading to a short-term 70% surge in RBN, which can be exchanged 1:1 with AEVO. RBN holders may consider partially taking profits at an opportune time. If holders are bullish on AEVO, they can continue to hold but should be aware of a two-month lock-up period for the exchange.

2) Twitter

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Astar Network (Token symbol: ASTR):
The smart contract platform Astar Network announced yesterday the launch of Astar zkEVM, a Layer 2 chain fully integrated with Polygon's blockchain aggregation layer, AggLayer. Astar has raised $22 million from investors such as Polychain, Crypto.com, and GSR. With the token issuance imminent, users can participate in the airdrop by adding the Zkatana testnet. Additionally, the progress in the richness of the ecosystem for Astar and Astar zkEVM, as well as changes in TVL, are worth monitoring. When famous projects emerge within the ecosystem and attract capital, leading to a surge in TVL, both the Astar ecosystem and the ASTR token itself are likely to generate significant wealth effects.

3) Google Search

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From a global perspective:
(1) The AI sector's Fetch.ai (Token symbol: FET) is highly discussed
Fetch.ai announced the launch of a $100 million infrastructure investment project "Fetch Compute", aimed at enhancing the computational capabilities of developers and users by deploying Nvidia H200, H100, and A100 GPUs. Starting March 7, users staking Fetch.ai's native token FET will receive Fetch Compute points as rewards, which can be used to pay for GPU usage on the network. This initiative has attracted significant market attention, especially against the backdrop of BTC ETF inflows into the crypto space, substantial rises in BTC and ETH prices, and Elon Musk's lawsuit against OpenAI, propelling the AI sector into the spotlight and attracting noticeable external capital inflow. The token $FET saw a 24-hour increase of over 50%.
From a regional perspective:
(1) The English-speaking countries and Europe show a keen interest in the AI+Crypto topic
The market has demonstrated tremendous enthusiasm for the potential applications of combining crypto with artificial intelligence. Since the beginning of 2024, artificial intelligence has shown exceptional performance in the crypto sector, especially in the emerging Crypto x AI verticals, showing synergistic effects. Among these, DePIN has emerged as a sub-sector drawing significant attention, where cryptographic technology activates potential resources through token incentives to support computational and storage needs for artificial intelligence. This trend has generated ongoing interest and spirited discussions on Twitter in both Europe and English-speaking countries.
(2) Latin America and Africa have shown interest in specific AI sector projects, RNDR and NEAR
NVIDIA announced it will hold the GTC 2024 conference from March 18 to 21 at the San Jose Convention Center, where Jensen Huang will unveil the latest breakthroughs in accelerated computing, generative AI, and robotics. NEAR Protocol co-founder Illia Polosukhin will participate in a keynote speech during the conference, and Render Network founder Jules Urbach will also share insights on rendering technology and future perspectives. Currently, both RNDR and NEAR have seen significant increases in trading volume and token prices, leading to widespread attention on social media, with token prices increasing 41.79% and 52.64% in 24 hours, respectively.

4. Potential Airdrop Opportunities

Kinza Finance - Lending protocol that will issue token and conduct airdrop by the end of Q1
Kinza Finance, a lending protocol utilizing ve(3,3) tokenomics, operates on the BNB chain and opBNB chain. It was one of the best-performing projects of the Binance Labs Season 6 MVB. To date, the project's TVL exceeds $100 million.
At the end of 2023, the project launched an airdrop points system, offering a straightforward interaction method. This system provides real-time feedback on airdrop points based on the amount and duration of liquidity users deposit on Kinza's mainnet, determining their eligibility for airdrop distribution upon the issuance of KZA tokens.
To participate, users should connect their wallet on the official website, select Market, choose a token to deposit into the staking pool, and then engage in lending. For every $100 staked, users will receive 1 KZA token every 24 hours. For a deposit of $1000, users will receive 10 KZA daily. The project plans to conduct the airdrop in the first quarter of 2024.
BounceBit - Similar to Blast’s gameplay, with low entry threshold and high returns
BounceBit is the first native BTC staking chain, allowing users to stake their idle BTC and earn profits. In terms of project background, BounceBit secured a $6 million seed round led by Blockchain Capital, and also received support from Binance Custody (CEFFU), Breyer Capital, and Mainnet Digital, ensuring the security of users' staked assets.
To date, the TVL on BounceBit chain is $450 million, and it will launch its testnet on March 8. Users who register an account and deposit at least $100 will be eligible to receive BounceClub (formerly BounceBox) when the testnet goes live. BounceBit plans to launch its native token in the future, utilizing a "dual PoS mechanism" to share profits with validators who stake their BTC. Furthermore, holders of the native token will gain additional benefits through income distribution and governance. Participating in the airdrop is one of the ways to acquire BounceBit tokens.
Specific participation methods: Apart from initial airdrops for early Auction holders, early participants can also engage in BounceBit's Point Paradise promotion. Users can earn points on BounceBit by depositing supported tokens such as Fdusd, WBTC, Auction, Mubi, DAII, and BTCB.