How much room is there for Saga, which has been launched 10,000 times? How will the price of Bitcoin (BTC) go? Will the crypto market rise or fall in April?
Project background; Saga was previously called Project Sagan. It was established at the end of 2021 and is an incubation project of Ignite (formerly known as Tendermint). Saga is one of the high-quality projects successfully incubated by Ignite. Ignite is the developer behind Cosmos. Cosmos's IBC, SDK modules, and TypeScript are all completed by Ignite and its parent company. So it is not surprising that Saga uses many sections of Cosmos.
Partnerships: So far, Saga has more than 180 partnerships, in addition to Polygon Gaming, Avalanche, Passage, Celestia, Andromeda Protocol, Kado, Nervos Network, Mixmarvel, etc. Their goal is to reach more than 300 partners by the fourth quarter of 2023 to build our new games, infrastructure, and small chains.
Project highlights: There are many highlights about Saga, but most of them are obscure and seem difficult for non-technical people. Let's speak in plain words: Saga provides modular infrastructure, 👉qun Jiawei: 417072555👈 supports developers to launch chains with one click and unlimited expansion. If compared with SaaS (Software as a Service) in the Web2 world, Saga is blockchain-as-a-service.
Not only that, the official also cooperates with Layer1 protocols such as Polygon, Avalanche, and Tia to expand its infrastructure on a larger scale. However, they are almost promoting the game field, which feels a bit overkill.
Token distribution: According to the information released by Binance, the initial circulation is only 4.5% of Launchpool and 1.5% of airdrop, while the ecosystem and foundation shares can be basically ignored:
(1) 75% of the chips are Binance Launchpool, and the selling pressure is very limited;
(2) Only 1.5% of the total 15.5% airdrop was issued, and it is very likely that there will be many rounds in the future. Considering that there are still hundreds of projects on the incentive test network (which may issue tokens), SAGA is still worth participating in after the issuance of tokens (especially staking)
Saga Ecosystem Status: In order to support the development of the ecosystem, Saga launched the Innovator Program to absorb various high-quality blockchain projects. According to the latest published data, the program has more than 350 projects, of which 80% are games, 10% are NFT and entertainment, and 10% are DeFi.
Project Comments: Since its inception, Saga has grown rapidly, with 350 projects built on its protocol in two years, 80% of which are game-related. It has signed major cooperation agreements with leading blockchain networks such as Polygon (MATIC) and Avalanche (AVAX). In addition, Saga recently launched Saga Origins, a game distribution division dedicated to bringing high-quality games to the market. Through Saga Origins, developers can get comprehensive support, including cooperation with influencers, user acquisition activities and community building programs. Saga also holds Play to Airdrop events, where players are rewarded with SAGA tokens by participating in tournaments.
Saga launched the Pegasus incentive testnet in the fourth quarter of 2023 to evaluate performance indicators. Looking ahead, Saga plans to gradually launch its mainnet, starting with the Saga security blockchain and platform blockchain that constitute the Saga mainnet. These blockchains will provide developers with the infrastructure to launch and maintain their Chainlets.
With less than ten days left before the Bitcoin halving, the market expects that the supply halving will stimulate demand and push the Bitcoin price to rebound above $70,000. However, this price seems to be an insurmountable obstacle in this round of bull market, and it has encountered a sharp decline after breaking through $70,000 several times. According to Tradingview data, as of the time of writing, the price of Bitcoin has fallen below $69,000.
In the current bull market, the rise of Bitcoin seems to rely mainly on the story of ETFs, but in contrast, the performance of Ethereum seems to be unsatisfactory, and its price fluctuates around $3,500. Moreover, the price of Ethereum is still affected by Bitcoin and fell below $3,500 again in the recent correction.
Will the crypto market rise or fall in April?
The circulation of Bitcoin ETF is an important indicator for evaluating market development. Although there has been a net outflow for two consecutive days, the outflow amount has slowed down. Therefore, the community generally believes that the crypto market will usher in an upward trend after April.
Halving is already a definite positive. Last week, Laurent Benayoun, CEO of hedge fund Acheron Trading, said that in the current bull market cycle, the price of Bitcoin may rise by 150% again. Based on a combination of factors such as spot Bitcoin ETFs and the upcoming halving, he predicts that the peak of this cycle may reach a potential high of $180,000.
However, there are also dissenting voices. Arthur Hayes, co-founder of BitMEX, believes that the market may be extremely weak in mid-April, and the real bull market will start in May.
From mid-April to early May, the US taxation will drain market liquidity, and coupled with the Fed's continued balance sheet reduction, the market may be extremely weak. But from May 1, as the Fed slows down the pace of balance sheet reduction and the US Treasury uses funds to stimulate the market, a new round of crypto bull market is expected to start.
