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Bitget Research: Bitcoin Surpasses $71,000, BTC Ecosystem Assets Expected to Continue Rising

Victoria, Bitget Research
2024/06/05
Bitget Research: Bitcoin Surpasses $71,000, BTC Ecosystem Assets Expected to Continue Rising
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

Bitcoin surpassed $71,000, with the first leveraged Ethereum ETF launched, achieving over $5 million in trading volume on its first day. The wealth creation effect of the BTC ecosystem sector is significant, including:
  • Sectors with strong wealth creation effect: Inscription sector and new BTC ecosystem assets.
  • Top searched tokens and topics: Catizen, Natix Network, and Jasmy.
  • Potential airdrop opportunities: Scroll and Zircuit.
Data collection time: June 5, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, Bitcoin surpassed $71,000 with a 24-hour increase of 2.74%. As BTC approaches its previous high, altcoins are rising. Inscription assets and BTC ecosystem assets are making a comeback, showing notable wealth effects. Meanwhile, the Bitcoin staking protocol Babylon announced it would launch Bitcoin Staking Testnet-4 Cap 2 on June 5, creating high market expectations for its secondary market performance. Investors should keep an eye on updates regarding this testnet.
In terms of market dynamics, spot ETFs have seen net inflows for 15 consecutive days, improving market liquidity. Yesterday, the first leveraged Ethereum ETF in the U.S. was launched, with over $5 million in trading volume on its first day.

2. Wealth Creation Sectors

2.1 Sector Movements – Inscription Sector (ORDI and SATS)

Primary reason: As the BTC ecosystem began to recover, leading the way in the inscription ecosystem, inscription projects like ORDI and SATS saw an influx of hot money and began to rise.
Gainers: ORDI rose by 15% today, and SATS by 5.15%.
Factors affecting future market conditions:
  • Updates from BTC core developers like Casey and other project teams: Follow the project team's Twitter, Telegram, and Discord announcements. The Bitcoin ecosystem projects are very likely to share positive news. Staying updated with these news is crucial. As a relatively new sector project, the new asset protocol Runes may generate some hype around the ecosystem.
  • Release schedule of Atomicals' AVM: Atomicals Protocol released the whitepaper for the Atomicals Virtual Machine (AVM), detailing a phased software launch, starting with the interpreter operation followed by modifications to the indexer nodes. Each major advancement could potentially catalyze subsequent market movements.

2.2 Sector Movements — New Assets in the BTC Ecosystem (RUNE, CKB, and STX)

Primary reason: With Bitcoin briefly surpassing $71,000, the BTC ecosystem is recovering, offering speculative opportunities in new asset types within this ecosystem.
Gainers: In the past 24 hours, Runestone has increased by 5%, CKB by 23%, and STX by 15%.
Factors affecting future market conditions:
  • Market attention on CKB and STX during Bitcoin's rise: CKB, as a prototype project for the UTXO Stack, is highly favored and considered one of the best representatives of Bitcoin Layer 2 technology. Recently, the asset issuance protocols based on RGB++ has been gaining traction, bringing a wealth creation effect to the ecosystem. STX, using threshold signature scheme Token T, is experiencing speculative anticipation following the Nakamoto upgrade on May 15. Additionally, Bitcoin halving will introduce new changes, further reducing miner income, necessitating a thriving ecosystem to support the transition of income sources. Investors should monitor the fund inflows to the ecosystem to aid their investment decisions.

2.3 Sectors to Focus on Next — AI Sector

Primary reasons:
  • With the recent recovery of the BTC ecosystem and an influx of hot money, the AI sector is poised for a rebound. The upcoming SuperAI conference in Singapore will also reveal new developments from various projects.
  • OpenAI launched its flagship AI model, capable of real-time audio, visual, and text reasoning processing. The release of the text-to-video model Sora by OpenAI in February drove up valuations across the sector. The launch of GPT-4o highlights the importance of maintaining focus on the AI sector.
Specific tokens:
  • TAO: Bittensor is an open-source protocol that powers a blockchain-based machine learning network. Machine learning models train collaboratively and are rewarded in TAO according to the informational value they offer the collective.
  • NEAR: Recently, many AI projects within the NEAR ecosystem are in the development or funding stage, positioning NEAR to potentially become a future AI Hub.

3. Top Searches

3.1 Popular DApps

Catizen: According to official announcements, the Ton chain-based metaverse cat game, Catizen, has exceeded $13 million in on-chain trading volume, with over 12 million players and more than 730,000 on-chain users participating, totaling over 2.2 million on-chain transactions. The Fishing Event concluded on June 3, and the project will airdrop TON and FISH rewards to active participants within a week. With a potential token issuance approaching, users are encouraged to engage actively in the game.

3.2 X (former Twitter)

Natix Network: Natix Network is a blockchain-based crowdsourced camera network that creates real-time world maps. This decentralized physical infrastructure network (DePIN) uses Natix’s artificial intelligence technology to map the world while ensuring no private data is collected. Due to widespread attention received during a token raise on Coinlist in May, the project currently enjoys high popularity, and users are encouraged to actively participate in its ecosystem activities.

3.3 Google Search (Global and Regional)

Global focus:
JASMY: Founded by former Sony executives, Jasmy Corporation has created JasmyCoin, a cryptocurrency that sets itself apart with a strong commitment to data security and user sovereignty. Leveraging edge computing and IPFS technologies, JasmyCoin enables decentralized data storage and management, ensuring that the data remains secure and under its owner's control. The project is particularly popular in Japan, having seen a 50% increase in value over the past seven days.
Regional focus:
(1) Asia: Interest is dispersed across various sectors with no single project dominating the hot searches.
(2) Europe and the USA: Focus is on the TON ecosystem. Besides TON and NOT, there is significant interest in Layer 2 and chain projects, with STRK, SOL, and MONAD appearing most frequently.
(3) CIS region: DePIN projects like GRASS are trending in multiple countries.

4. Potential Airdrop Opportunities

Scroll
Scroll has recently launched a points system in preparation for its upcoming token issuance. This system clearly outlines the methods through which users can accumulate points by staking assets such as ETH, LST, and various stablecoins, providing an opportunity for the airdrop before the token launch.
Scroll has completed a funding round of $80 million, with investments from Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, and Qiming Venture Partners.
How to participate: Users can link their wallets at https://scroll.io/sessions and complete tasks as required by Session Zero to earn points and future airdrop rewards.
Zircuit
Backed by Pantera and Dragonfly, Zircuit is a Layer 2 ZK-rollup with parallel sequencers and AI-based security. The project's TVL has surpassed $1.1 billion. Zircuit's ecosystem has evolved to include features such as staking, cross-chain bridges, and an explorer. Users can receive airdrops by participating in ecosystem development and community interaction.
How to participate: 1. Go to the Stake page (https://stake.zircuit.com/) and stake to earn points; 2. Deploy nodes to earn points (https://build.zircuit.com/build).
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