Bitcoin continues to consolidate. Today I will tell you the logic of the next focus. I will not talk about the old DEFI, as it has been basically explained before. Then, with the launch of major public chain meme platforms, the public chain is a good target. In the past two days, with the popularity of the Tron network meme, everyone has seen that TRX is close to a historical high.
In addition to TRX, MATIC FTM AVAX ICP and so on are also worth paying attention to. As long as the MEME platform is launched, it will undoubtedly require public chain coins as bargaining chips, which is similar to the previous wave of public chain inscription market.
Bitcoin has not yet recovered from the shock and it will take time. Secondly, we should focus on the speech of the Americans. Although there are various voices and speculations in the market that interest rates will be cut in September, we are not sure how much it will be cut yet. So we have to wait for the official accurate news, and then the fluctuations will be relatively large.
Friends who have been following the news should know that there was another incident in Mentougou yesterday, but overall it has been almost digested by the market. The current market sentiment is also very rational, not as panic and sensitive as before.
The tokens that have been significantly pushed up by exchanges recently are all small-cap and illiquid tokens. These tokens also have no liquidity chips, so their push up actually does not require any cost. This is a bull market created by exchanges and parties together. It looks lively, but it is difficult for anyone to make money from the projects. It is speculated that prosperity is also prosperity. It is enough to serve as a fuse for the market to strengthen, because the market has reached a sufficient freezing point. Just a little spark can ignite the capital sentiment in the market. Please pay more attention to the crypto, and the effect of getting twice the result with half the effort will come in the bull market.
As for the game tokens that GameFi has recently promoted, don’t chase them casually. The popularity of Black God Sun Wukong will die down in a few days, and the hype of the concept will not last long.
Some positive factors in the current market:
FTX: The reorganization plan has been voted in favor of all categories of creditors: According to PR Newswire, the bankrupt crypto exchage FTX and its affiliated debtors announced that the reorganization plan submitted to the U.S. Bankruptcy Court for the District of Delaware has received overwhelming preliminary support from all categories of creditors.
Unofficial voting reports indicate that more than 95% of voting creditors, representing 99% of the value of voting claims, voted in favor of the plan, which is expected to exceed the acceptance threshold set by the Bankruptcy Code.
FTX CEO and Chief Restructuring Officer John J.Ray III said: "The plan provides for the return of 100% of bankruptcy claims and interest to non-government creditors and resolves complex disputes with dozens of government and private stakeholders. We will continue to work constructively with creditors and the court in the coming weeks until the confirmation hearing."
FTX will submit its final vote results to the U.S. Bankruptcy Court for the District of Delaware ahead of a confirmation hearing scheduled to begin on October 7, 2024.
Vitalik Shill for Ethereum:
On August 21, Ethereum co-founder Vitalik Buterin posted on social media that many people always suggested that he should post less "philosophical thinking" and more "bullish views" on Ethereum, so he posted this tweet. Later, Vitalik Buterin said that this "bullish Ethereum" tweet took only three minutes to interact more than the 11,700-word philosophical content blog post he just released.
Institutional prediction: As the hype of Bitcoin ETF slows down and indicators show weak demand for Bitcoin, the market is expected to strengthen in Q4, and the whale will not let the fourth quarter perform dull.
What is the main narrative of this bull market?
When Bitcoin’s inscription ecosystem began to flourish last year, I thought that the next major theme driving the bull market would be the Bitcoin ecosystem.
But the fact is, after that period of popularity, there were no disruptive applications in the Bitcoin ecosystem, but only a large number of infrastructure projects and DeFi and NFT projects that repeated Ethereum. In my opinion, neither infrastructure nor repetitive applications can directly drive the growth of the Bitcoin ecosystem, let alone become the main narrative of the next bull market.
Not to mention Ethereum, which has no innovation in applications except for a bunch of newly emerging second-layer extensions.
Whether it is the endless MEME coins or the DeFi, games or social networking that appear on the second layer, they are basically the continuation of the narrative of the last round of bull market. Although there are some slight innovations in content and gameplay, there is no essential difference in the scenario. Some applications that were highly expected have not continued to flourish so far and have failed to attract a large number of new users.
If we must say that there are any new application scenarios, the so-called "AI+blockchain" and "DePIN" can barely be considered, but my opinion on these two tracks is: the vast majority of projects in them are basically traditional projects in a shell, and many of them appeared as early as the 1CO in 2017, but almost none of them succeeded later.
So far, I can’t see what direction or ecosystem will become the main narrative of the next bull market.
This is also what I have deeply regretted recently. If this situation continues to develop, even if we enter a bull market, it will be a bull market without its own main narrative and will be driven solely by external funds.
This kind of bull market will not last far and will not be strong.
If we enter a bull market next, most Altcoin may not be able to break their previous highs. At most, only Altcoin with strong fundamentals or better narratives will be able to rise along the trend and even break through their previous highs. Therefore, we must be more cautious when choosing altcoins next!
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