Unexpected Leap - Bitcoin Breaks $40,000; ORDI Reaches A New High
Unexpected Leap: Reasons for BTC Breaking Through Resistance Levels and the BRC-20 Eco
On December 4th, Bitcoin broke through $40,000, the highest record since the first half of 2022; And the momentum is completely unstoppable. According to Gate data, BTC’s highest price in 24 hours has exceeded $41743, an increase of over 4%, despite the overall market sentiment being ignited.
Previously, most cryptocurrency analysts had similar views on the trend of Bitcoin, with 39000 being an important resistance level. If this resistance level is broken, it is expected to reach $40,000 in a short period of time. Sure enough, now the Big Bull has arrived, surpassing $41,000 faster than expected. Meanwhile, according to data from IntotheBlock, holding over 1000 BTC addresses has reached a new high in 2023, and the market value of Bitcoin has exceeded $780 billion.
In the previous month, Bitcoin continued to fluctuate at a high level after rising to $36,000. Overall, apart from some outbreaks of BRC20 and GameFi, the market was also almost always fluctuating with Bitcoin’s fluctuations, causing people in the cryptocurrency industry to jump horizontally in suspicion and anxiety. Now the overall situation is clear, and the market is preparing to enter the next node.
Source: Gate.io
The rise of BTC is expected, but the following are the driving forces behind this wave of resistance level breakthrough:
Firstly, the market expects the Federal Reserve to cut interest rates, which is also the first time recently that a representative from the Federal Reserve’s board of directors has announced a rate cut. At this time, safe haven funds are flocking to gold and Bitcoin; Secondly, Bitcoin holders have a relatively firm long-term willingness, with less selling pressure. Meanwhile, over-the-counter funds are steadily flowing in, with a significant increase in the inflow of stablecoins in November; Also, there is new information indicating the approval window for Bitcoin ETFs (around January 10th next year), and multiple positive news factors have led to the current upward trend of Bitcoin.
Source: unsplash
Correspondingly, the situation of Altcoins is relatively stable, and L1 and L2 have not kept up with the overall market yet. For example, ETH has even remained very stable for several months without a strong upward trend; But I believe that funds will soon Flow through major public chains and their derivative projects.
Meanwhile, the BRC20 token, which has undergone ups and downs, once again presents the dramatic nature of the inion asset. According to Gate data, ORDI achieved the highest 24-hour increase of TOP2. As the BRC20 token that has already created a hundred fold miracle and is also the first BRC20 token, ORDI showed a slight decline last week, as it seems that participants are gradually profiting and exiting. The fact is that it bears the wind of BTC and will return in the short term; It has to be said that although there is still a lack of practical value for the time being, the inion track shows the power of market sentiment.
However, overall, the trend of other BRC20 tokens is still quite unpredictable and fluctuates greatly, as the current BRC20 still lacks infrastructure construction. It is not until more developers or institutions participate that this eco can be organically built, but this will definitely take time. Players need to carefully consider whether or not to participate in inscribing and even trading in the secondary market. It is best to have a thorough investigation of the project owner and community before making a decision.
Source: BRC-20.io
Apart from BRC20, other public chain inions have also shown outstanding performance, such as ETHs having a wave of explosive growth. Smart contracts and low GAS fees have brought considerable potential to Ethereum inions. We have previously published analysis articles on the Gate blog, and interested readers can search for inion keywords to uate the potential prospects of ETHs.
The Explosion of Project Energy Storage May Be A Sudden Phenomenon Level Spread: GameFi Track Led by Xpet
In the past two days, the popularity of GameFi is not new. The financing scale of the GAMEFI sector in October was very large, and such results were expected; But even with so many projects, Xpet’s popularity still stands out among the emerging GameFi.
Xpet is an extension based on X, with a simple gameplay. Simply collect your pet and it will be displayed on your X homepage. Players can engage in interactive activities such as feeding, upgrading pets and farms, producing fruits, converting them into game tokens, purchasing items, etc. At the same time, it can be exchanged with ETH.
Simplicity and ease of understanding are exactly the advantages of Xpet, which does not require complex operations. It is related to X, a mainstream social platform, and coupled with a very cute pet image, it is very friendly to mild players and players who really want to play to earn. Although there is no significant promotion, Xpet’s phenomenal spread is also expected.
However, if you want to participate, remember not to “get involved,” as its tokens $BPET and $XPET have not been launched yet, and the project development is also very basic.
Source: Xpet (Google extension)
In addition to this small game that essentially combines GameFi and SocialFi, there are also many exciting game projects waiting to be launched. For example, the 3AFPS masterpiece SHARPNEL created by a professional development team; Well crafted and highly playable RPG game BIG TIME; The Gas Hero promoted by the StepN team If the game is your favorite, you can also search for GameFi on Gate to provide an overview of trends, popular projects, and professional analysis.
I believe that XPET can serve as a starting point to revitalize GameFi which has been stagnant for a long time, thereby driving GameFi platforms such as GALA Games, NFT markets, and forum-based platforms. At the same time, I hope that the improvement of the Web3 game production level can truly bring GameFi into a healthy and prosperous eco.
Finding A New Path Leads to Market FOMO Craze: Blast and LUNC
As a new project of the “acquaintance” BLUR team, Blast’s participation can be said to be a miracle. The last time I collected information about Blast was two weeks ago. Its official Twitter followers were 25000, but today it has surpassed 170.000.
The logic of Blast is by no means innovative. Its narrative is “interest bearing L2,” which actually tells users that it can keep their long-term ETH stable and not depreciate due to inflation - also, it solves the platform’s own TVL problem, and on the other hand, the most direct “passive income” as a selling point is enough to arouse users’ interest in participation.
It has to be said that the BLUR team is good at creating topics and selling points. Now that the TVL of Blast has exceeded 600 million, and with BLUR entering the third season of airdrops, this new highlight about NFT and DeFi may also take off.
Source: Blast.io
Finally, let’s talk about the “resurrection” of the LUNA community - the launch of a new project called mint cash. We hope to re-peg USTC (which is actually UST2.0) to the US dollar, and suggest setting limits on the maximum supply of LUNC and USTC. The Terra team has proposed using BTC as a backup asset to fully support this stablecoin .
When this news was first released, the USTC rose by more than 300%, but there should have been a pull, and then it fell back; The momentum has rebounded in the past two days, hovering around 0.065 USDT.
Source: Gate.io
The concept and vision presented by Mint Cash provide a layer of assurance compared to the previous “algorithmic stablecoin.” However, how to make users who have experienced LUNA crash trust again is a long and challenging journey; Perhaps USTC can really take advantage of the overall market rise and regain its position as a stablecoin, but at least from the perspective of the project itself, Mint Cash currently only has a white paper and lacks sufficient information to support all of this.
Conclusion
The strong breakthrough of BTC has undoubtedly inspired the crypto space; There are signs of the Federal Reserve cutting interest rates, and the fourth halving is getting closer, with more and more people entering accordingly; Whether it’s following the market index or searching for potential Altcoins, now is an excellent opportunity.
When information explodes, it is also a time for players to test their independent thinking ability and composure - especially for retail investors who find it difficult to grasp first-hand intelligence. I hope that everyone can also manage their asset allocation well under the sentiment of the bull returning quickly, and not fall into trouble due to FOMO or panic.
