Bitcoin will not resume its upward trend so quickly in the short term, but there is no reason to fall sharply. It is currently oscillating in a range, and this position requires repeated testing of whether the bottom support level is firm. The support below the 4-hour level is around 41700, and the resistance above is around 44300.
The trend of Ether is still stronger than that of the broader market, and ETH’s presence is now very strong. The bullies on the chain are taking off. Various financings are asking for ETH. Next, there will be an upgrade in Cancun. With expectations for ETFs, I feel that ETH is The rhythm of taking off.
ETF trading entered its third day last night, and the trading volume is still very large. According to statistics, the three-day trading volume of ETF trading has exceeded the US$10 billion mark, and yesterday the trading volume of Bitcoin spot ETF exceeded the 500 US dollars launched in 2023 in the United States. The single-day trading volume of ETFs is three times the total, which is enough to illustrate the popularity of spot ETFs. Although Grayscale’s GBTC accounts for the majority of the 10 billion, everyone knows that Grayscale should continue to ship goods, and BlackRock is the fastest growing among them, and with the size of BlackRock , the growth scale of ETFs in the future may be much larger than that of the previous Grayscale. Grayscale can attract more than 600,000 BTC. Once BlackRock is ready, the scale may be several million. You must know that the current circulating Bitcoins are only Around 18 million, so the pricing power of BTC may also be controlled by BlackRock bosses in the future.
Back to the market, last night the market stood above 43,000 again. Although it fell below again during the day, the trading during the day had nothing to do with ETFs. It can be seen from the trend at night that the initial pricing of BTC by institutions has basically been completed. , so it may be difficult to see the sharp rise and fall like last week in the future.
ETH is still stronger than the big pie. Although Morgan Creek’s prediction for the adoption of the ETH spot ETF is very pessimistic, saying that ETH is still a security rather than a commodity in the SEC, and Gary Gensler’s attitude towards encryption is still very unfriendly. This Two points will still restrict the approval of ETFs. However, ETH’s next Cancun upgrade is already showing signs of speculation. This can be seen from the fact that DA data availability has been constantly mentioned recently. Now everyone is beginning to argue that if ETH’s L2 chooses other DA projects as data availability layer, then ETH will be completely ignored. The reason why Ethereum is so anxious to carry out the Cancun upgrade is because it is worried about this. This is also the reason why $tia has been so hyped recently. Even Buterin personally came out to explain ETH as DA layer advantage, and bluntly stated that if ETH's L2 project uses other chains as DA, then the project will be ETH's validium instead of zkrollup, because the core of rollup is unconditional security, which cannot be guaranteed if the DA of other public chains is used. At this point, it becomes validium.
Let’s talk about copycats. This wave of copycat market conditions is actually the opposite of the last round. I remember that in the last round, the big market started, then ETH started, and then came the market trends of various competitive chains and DEFI. However, this wave of ETH is the weakest among them. Yes, it has even reached the hype period of the Cancun upgrade. The trend of ETH is also being beaten by L2 DEFI LSD. Even this meme market has started, but ETH still has not started. Of course, this is also related to the transfer of ETH to POS and L2 as Is it related to the main expansion strategy? Even if ETH is launched later, we have to admit that ETH, as the former overlord of the public chain, now has a reduced ability to capture the value of ecological projects.
The sector with the strongest performance last night was still meme. Now the entire Internet is focusing on Musk and Buterin. Various reports also indicate that someone bought a certain meme token and made a huge profit of 1 million. I summarize the current memes. It’s just all kinds of tricks, see who makes the right move, and the chips are scattered evenly, then the project will be easy to take off. For example, last night’s $tcati used Buterin’s Twitter profile, and $Bowie used Musk’s dog name. , and $ec $Ocisly $nobody $gfy and so on. But don’t think about chasing this kind of hot-button meme, because it will return to zero after the heat is over. Take $d/acc as an example, which has been followed recently. $zuzalu took off again, but did you know that it took a while for it to go back to zero after the heat in December, and it wasn’t until this wave of memes became hot again that it took off, as well as the previous $grok. At that time, Musk couldn’t wait to tweet about this every day, But after the heat passed, this meme didn't succeed either, so don't force it on meme.
The depin track has received good news again. First, $honey was listed on coinbase, and then $dimo also completed a US$11.5 million Series A financing led by coinfund. Both depin projects performed well last night. The IDO shovel on Binance has ushered in a new market. The latest ido issue of $hook was announced, and the project is wom_eth. Everyone should have played with this before. A new round of $Auction should also be coming. Yesterday, the related tokens were It took off, especially $ammx soared by nearly 70%, and $mubi $bssb also increased by 20%.
Compilation of major bull market tracks:
1. DEFI financial sector
Three major lending infrastructures: Aave (decentralized lending protocol),
Mkr (decentralized autonomous organization and smart contract system based on Ethereum), Comp (financial protocol based on Ethereum);
Decentralized exchange DEX: uni; (the second and third are cake and sushi);
Oracle: link (the second child looks at the band)
Aggregator: YFI (Laoer look at 1inch);
DAO:ant
(ps: The most important thing about defi, a large financial sector, is infrastructure)
2. NFT major sector
critical infrastructure;
Public chain:Layer1~Flow
Layer2~ARB、OP ;
Side chain: matic (horseshoe)
Application concepts:
Take a look first: Theater (video streaming), enj (online games),
chz (sports e-sports),
mana (virtual reality);
sand (virtual game),
axs (digital pet),
rari (digital collection and trading), rndr (3D rendering);
paint (NFT production platform).
(ps: There is no breakdown of application concepts here, only the most important ones are listed)
3. Web3.0 concept
1. The underlying blockchain: dot;
2. Data storage and transmission: fil;
3. Communication and computing: eth, ankr, pha;
4. Distributed network: nkn; (distributed network acceleration cdn: private exclusive network vpn; Internet of things iot)
5. Decentralized applications:
Search grt, advertising bat, data exchange protocol ocean, database band, computing power rental gnt;
6. Decentralized identity index: LIT
4. Decentralized storage sector:
1. Contract-based storage: fil;
2. Based on permanent storage: ar;
3. Transportation and storage platform: sc;
4. Storage based on web3.0: cru;
5. ETH2.0 sector
1. Decentralized mining pools: rpl, ldo
2. Decentralized storage: swarm
6. Other related
1. Social communication: steem;
2. Payment: xlm;
3. Shanzhai: doge, ltc;
4. Asset trading: xrp;
5. Public chain series: ada, vet (domestic), trx (domestic), neo (domestic), eos (except for pie and concubine);
6. Anonymous: zec, zen, dash;
7. Crypto wallet: cro;
8. Internet of Things: itoa, iotx:
9. Sports competition: chz10, advertising and entertainment: bat
11. Game concept: enj, mana
12. Laver2 and platform currency: matic stake bnb okb ht
Finally, there are still many things that have not been written in, such as specific opportunities and specific decisions. These things often cannot be summarized in one article.
The new year has begun. Create a high-quality circle, mainly to explain various basic industry knowledge in the currency circle, the rotation of hot sections, and the basic methods of identifying tops and bottoms, how to better grasp this bull market, etc. Waiting for a series of knowledge, if you are interested, you can contact me.
