May 16, 2024 [Navigator Chinese Community] Market Dynamics
Today, the market fluctuated sharply, and many hot spots emerged in the field of digital currency. The price of Bitcoin rose sharply, and altcoins also rose generally. At the same time, the exchange rate of Ethereum to Bitcoin reached a three-year low.
In the traditional financial market, the US stock market hit a new high, while the US dollar index fell sharply. The US Consumer Price Index (CPI) fell month-on-month in April, resulting in a probability of a rate cut in September of more than 80%.
Market hot spots are concentrated in several areas:
1. Related topics in the field of political finance (Polifi), such as People, Maga, Jeo Boden, Doland Tremp, etc., rose sharply. These topics are related to the upcoming November election and may become the focus of market speculation.
2. Ar, Phb, Lpt, and Octa in the field of artificial intelligence (AI) performed well. In particular, Octa, as the underlying infrastructure of AI computing power and the EVM public chain of POW consensus, has a market value of 60 million US dollars, an increase of more than 10 times this year.
3. Jto, Gmx, and Bome in the Solana ecosystem have seen strong gains. Brokerage firm Robinhood launched a Solana staking campaign, further boosting the gains of Solana-related tokens.
4. The public chain SEI rose, and the V2 version upgrade was launched, attracting market attention.
5. BN is about to launch Notcoin. Notcoin is a meme token in the TON ecosystem, with a total issuance of 100 billion, all of which are in circulation. Futures prices predict that its market value will reach $800 million, and market expectations are active.
6. Blast in the L2 network will be airdropped on June 26. Blast is the L2 extension of the NFT platform Blur, and Blur's trading volume has been surpassed by Magic Eden. At the same time, the social protocol Lens also plans to launch an L2 solution based on zero-knowledge proofs. These dynamics will further promote the development of the L2 network.
