Cryptocurrencies surged as the Federal Reserve's aggressive rate cut boosted confidence among traders of risk assets across the board, and the move could mark the start of an easing cycle by the U.S. central bank, with Bitcoin prices rising nearly 6% from Wednesday's shock drop below $60,000 to near $64,000 yesterday. Yesterday's gains in the S&P 500 and Nasdaq, which rose 1.7% and 2.5% respectively, also helped boost crypto trading sentiment.
The 30-day increase in Bitcoin short-term holders (STH) has fallen to the lowest level since 2012. This also means a significant reduction in new demand in the Bitcoin market. Since new demand from short-term holders is needed to maintain price increases, Bitcoin's further upward momentum is currently weak.
Wealth-making sector
1) Sector changes: Solana Meme (BILLY, MANEKI)
main reason:
Kyle Samani, co-founder and managing partner of Multicoin Capital, spoke at the roundtable discussion on the theme of "Why SOL Will Flip ETH" on the first day of the TOKEN2049 main venue, saying that in terms of total validator fees paid to Ethereum and Solana holders in their respective systems, some weeks Ethereum has higher returns, and some weeks Solana has higher returns. These indicators are now basically evenly matched.
The price of SOL has rebounded, the panic over ecological assets has eased, and liquidity has shown signs of temporarily improving, driving up the overall ecological assets.
Rising situation:
BILLY and MANEKI rose 17.59% and 12.25% respectively in 24 hours;
Factors affecting the market outlook:
SOL token trend: In the Solana ecosystem, the trend of SOL tokens will affect the price of the entire ecosystem token, because many tokens on DEX are priced in SOL. Continue to pay attention to the price trend of SOL. If SOL maintains an upward trend, you can continue to hold SOL ecosystem assets.
Increase or decrease in open interest: The open interest of SOL increased yesterday, indicating an influx of hot money. First, look at the increase in net long positions on the contract; then look at whether the contract data shows a net increase in long positions, an increase in OI, and an increase in trading volume. If so, it means that the main force continues to buy and can continue to hold.
2) The sector that needs to be focused on in the future: Restaking sector
main reason:
Ether.fi has launched the EIGEN airdrop query portal, with a total of 16,480,753 EIGEN tokens allocated to eETH re-staking users. The EIGEN token transfer function will be enabled at the end of September. With EIGEN about to go online, there may be a wave of market for Restaking projects in the future.
Specific currency list:
ETHFI: It was the first among the Restaking projects to hold TGE and carried out the first round of airdrops of its ETHFI tokens, which brought a significant wealth effect;
EIGEN: Based on the Restake protocol of Ethereum, it is currently the leading project with the largest market value and the highest TVL;
REZ: One of the core projects in the Restaking track, with a current TVL of US$1 billion.
