The recent adjustment of Bitcoin has not seen a downward push. The adjustment from 99588 to 90791 may be the full adjustment, or it may be part of the adjustment. Two potential support levels for Bitcoin's adjustment are proposed, 94500 and 91500. Bitcoin successfully rebounded near the 91500 level, and has already eaten up the Fibonacci 0.786 of the decline. If Bitcoin can continue to rise and break through the high of 97208, it will form an upward push, and the possibility that the first statement of 99588 to 90791 is the full adjustment and a new round of uptrend will be greatly increased.
Bitcoin's current market capitalization ranks 7th among global assets. When its price breaks through $100,000, it will surpass Google and move up to 6th place. In this round of the bull market, Bitcoin's price is expected to rise to the range of $150,000 to $300,000, so it should have no problem surpassing Apple and moving up to the second largest market capitalization globally.
In the past few days, Ethereum has not fallen with Bitcoin. It started to surge significantly last night, once approaching $3,700, which has allowed the Ethereum ecosystem to regain the market's attention, and many popular tokens have performed brilliantly, including:
- ENS: The price soared by more than 53% in a single day, becoming the best performer among the top 300 tokens by market capitalization, currently at $33.25.
- Puffer: The price surged by 60% in a single day, currently at $0.6546.
- EIGEN: The price rose by 25% in a single day, breaking through $4.1, just less than 10% away from the historical high, currently at $3.77.
- INST, ENA, etc.
With the continued strong performance of Ethereum, the performance of related ecosystem tokens is worth watching, and the market may officially usher in the "altcoin season"! This makes people think of the market conditions in 2020-2021. At that time, Bitcoin kicked off a significant main upward wave, Ethereum rose, and then the roles reversed, with Ethereum surging significantly and various tracks also emerging with violent main upward waves. Although history will not simply repeat itself, the reference value is huge.
Despite the fundamental differences from 2021, such as the Federal Reserve not providing liquidity and limited liquidity, if BTC maintains FOMO sentiment and ETH continues to rise, which track projects are worth focusing on?
MEME track:
The focus is on new MEME projects that have been launched on platforms like BNB, which will likely continue to be hyped up, as market makers need to rely on market hype to make money. Of course, the old MEME projects also have opportunities, but the specific position allocation needs to be grasped by the partners. Don't forget that a new awesome MEME was born at the end of 2023, and during the BTC $73,700 high this year, an awesome new MEME was also listed on BNB spot.
Public chain track:
In every main upward wave, the public chain has never been absent from the table. SOL, INJ, TIA, SUI, SEI, and so on, there are too many. Especially the new public chain projects that have landed on platforms like BNB in the past one or two years, such as OMNI, have risen a lot in the past two days. As for the opportunities of old public chains, you can focus on SOL, INJ, ADA, etc.
AI track:
In the wave at the beginning of 2023, crypto market projects related to AI were all pulled up a lot. Then from the end of 2023 to the beginning of 2024, crypto projects related to AI like FET, or even those on the edge of AI like WLD and ARKM, also had good gains. Then in this wave, the recent AI-related projects that are hot, I don't need to say more.
L2 track
Since the related projects in this track have landed on platforms like BNB, the real hype wave was during the ETH narrative upgrade, and then the wave from the end of 2023 to the beginning of 2024, when ARB, OP, etc. had huge gains, which the partners should still have fresh memories. And it also needs ETH to surge, so pick the track leaders with strong narratives and capable of making things happen.
The market has new tracks and new narratives, which are worth paying more attention to. Then for other tracks like infrastructure, etc., if the partners have extra positions, you can select the leaders to configure, which is summarized by combining the track situation of new projects listed on BNB, CB, etc. in the past one or two years, as well as the macroeconomic and stock market situation in the US, and the feedback from the past bull market.
Since the relevant projects of this track have landed on Binance and other major exchanges, the real wave of speculation was during the ETH narrative upgrade, and then the wave at the end of 2023 to the beginning of 2024, when ARB, OP, and others had huge gains. I'm sure the buddies still have a fresh memory of that. And it also requires a big rally in ETH, so the track should choose the leading projects with strong narratives and the ability to cause a stir. The market has new tracks and new narratives, which are worth paying more attention to. Then for other tracks like infrastructure, etc., if the buddies have extra positions in their own funds, they can choose the leading projects to configure a bit. This is the conclusion I have drawn by comprehensively summarizing the track situation of the new projects launched by Binance, CB, etc. in the past one or two years, as well as the situation of the US macro and US stocks, and the feedback from the past bull market market speculation.
