In the past 24 hours, the market has seen several new popular cryptocurrencies and topics that may be the next wealth creation opportunities. These include:
1. Strong wealth creation sectors: RWA sector, Ethereum Layer 2 sector.
2. User trending tokens & topics: Particle network, Atomicals Protocol, Celestia.
3. Potential airdrop opportunities: Espresso, Morph.
Data statistics as of May 29, 2024, 4:00 (UTC+0).
I. Market Environment
Yesterday, Mt. Gox announced that it has not sold any Bitcoin and the previous transfer was in preparation for the repayment deadline on October 31st for creditors. As a result of Mt. Gox’s actions, the market experienced a slight correction, with BTC briefly falling below $68,000 in the early morning. The overall ETH/BTC trading pair has seen a certain increase this week, currently at 0.056 compared to 0.045 in the middle of the month, a 25% increase. Compared to BTC, ETH is relatively undervalued and has great potential for future growth.
On a macro level, yesterday the US Bitcoin ETF increased its holdings by 694 BTC, worth about $47 million, surpassing Grayscale’s GBTC. The Cryptocurrency Fear and Greed Index is at 72 (down from 74 yesterday), indicating a sustained rebound in market sentiment.
II. Wealth Creation Sectors
1) Sector Movement: RWA sector (ONDO, TRU, POLYX)
Main reasons: This bull market is mainly driven by traditional market buying pressure brought by ETFs. RWA, as a way to introduce traditional financial markets, has constantly updated its products and financing. Recently, RWA Layer 2 network “plume network” completed a $10 million seed round of financing.
Price increases: ONDO up 10% today, TRU up 20%+, POLYX up 5% today.
Factors affecting future market:
– Change in macro monetary policy: From a macro perspective, the rise in the 10-year US Treasury bond yield provides support for the fundamentals of the RWA track. It is necessary to pay attention to changes in the US dollar index, US bond yields, and the cryptocurrency market to make dynamic adjustments to trading strategies.
– Changes in project TVL (Total Value Locked): Most RWA track projects have TVL support. It is advisable to pay attention to changes in TVL of the RWA track. If there is a continuous or sudden increase in TVL of a certain project, it is usually a buying signal.
2) Sector Movement: Ethereum Layer 2 sector (ARB, OP, STRK)
Main reasons: Influenced by the potential approval of Ethereum ETFs, Ethereum Layer 2 tokens have generally seen an increase. The approval of Ethereum ETFs is interpreted as positive news for Layer 2 tokens in the market. Therefore, investors can also pay attention to investment opportunities in related Layer 2 tokens when monitoring the approval of Ethereum ETFs.
Price increases: ARB up 19.3% in the past 4 days, OP up 8.5% in the past 4 days, STRK up 16.6% in the past 4 days.
Factors affecting future market:
– Approval of ETH ETF: Currently, the market generally anticipates the approval of Ethereum ETFs. If there is an unexpected delay in the approval of Ethereum ETFs tomorrow morning, the market may experience a reversal.
– Development of Layer 2 projects: As Layer 2 is widely used in the ecosystem, its future development depends on its cooperative projects and user expansion.
3) Sectors to watch closely: AI sector
Main reasons: There have been numerous positive news related to AI from major tech companies recently, driving the entire US AI sector and cryptocurrency AI sector. Worth watching are:
– OpenAI’s flagship product AI model GPT-4o, which allows real-time audio, visual, and text inference processing. The release of GPT-4o keeps the AI sector in focus.
– According to Cointelegraph, tech giant Microsoft is closely monitoring the cryptocurrency industry, including blockchain technology and the potential ways in which it can support artificial intelligence.
Specific coin list:
TAO: Bittensor is an open-source protocol that supports blockchain-based machine learning networks. Machine learning models are collaboratively trained, and participants are rewarded in TAO based on the value of information provided to the collective.
NEAR: Recently, there are many AI projects in the NEAR ecosystem in the build/financing stage, and NEAR is expected to become the future AI hub.
III. User Trending
1) Popular Dapp
Particle network: Particle Network is a Web3 development platform aimed at improving developer efficiency and accelerating the mass adoption of Web3. Its core product is middleware for logging in and wallets based on MPC-TSS technology, eliminating the need for end users to remember mnemonic phrases and pay gas fees, significantly reducing the barriers to Web3 adoption. Currently, Particle Network has completed three rounds of financing, totaling $8.5 million. Participation opportunities are currently limited, so it is recommended for users to keep an eye on it.
2) Twitter
Atomicals Protocol: Yesterday, Atomicals Protocol released the Atomicals Virtual Machine (AVM) whitepaper, and the software release will be completed in stages, starting with the interpreter runtime and then modifying the indexer nodes. Head projects in the Atomicals asset sector have seen an increase in response to the positive news, with ATOM up 11.09% in the past 24 hours and QUARK up 13.33%. As AVM gradually improves, related assets will attract further funding.
3) Google Search by region
From a global perspective:
Celestia:
Last night, Celestia founder Mustafa published an article on the official forum about sovereign blockchains, explaining his views on how blockchain technology empowers communities to achieve sovereignty through self-organization and collective action. This technological innovation allows for the emergence of new social and economic models, and the aggregation of sovereign chains further simplifies the deployment of sovereign chains. Celestia’s native token TIA has risen from a low of $9 to nearly $12, currently up 11.49%, with a gain of over 20%.
From regional searches:
1) Europe, America, and Middle East: Meme tokens are back in the mainstream searches, with pepe, floki, and shib appearing frequently.
2) Asia: No significant focus or features in yesterday’s regional searches.
IV. Potential Airdrop Opportunities
Espresso:
Espresso is a shared sequencer market project that uses ZK-Rollups. The project primarily addresses consensus and interoperability between different Layer 2 solutions. Espresso’s strategic focus is on privacy and decentralization, with core team members from Stanford University’s Applied Cryptography Research Group.
The project recently announced the completion of a $28 million Series B financing round, led by A16Z, with participation from Polychain, Coinbase Ventures, Sequoia, and others. It has a star-studded lineup of investors.
Participation method: The project is currently in the early stages, and users can participate in the early-stage project by running a validator node, which may qualify them for early airdrops. Specific execution can be found in the official documentation: https://docs.espressosys.com/sequencer/guides/running-a-sequencer-node
Morph:
Morph is a consumer-level blockchain that meets everyday blockchain needs through zkEVM and reactive technology. Morph aims to provide project founders with a one-stop development tool and solution. Morph is built on three key technologies: decentralized sequencer, Optimistic zkEVM integration, and modular design.
Morph announced the completion of a $19 million seed round of financing, led by Dragonfly Capital with participation from Pantera Capital and others.
Participation method: Log on to the Morph official website to add the testnet RPC to the wallet software, receive test ETH from the official faucet, and cross-chain the test ETH to the Morph testnet to participate in on-chain projects on the Morph testnet.
Original article link: [https://www.bitget.com/zh-CN/research/articles/12560603810442](https://www.bitget.com/zh-CN/research/articles/12560603810442)
[Disclaimer] The market carries risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.
