Bitget Research Weekly News: Bitcoin's market share reaches a two-year high of 51%, Scroll officially launches mainnet

In the past week (10.16-10.20), the market has seen several new popular cryptocurrencies and topics.

1. Market Trends

The main topics of interest in the market this week (10.16-10.20) are:

• The ten-year U.S. Treasury yield rose to 4.97%, and the SEC dropped charges against Ripple's CEO.

• Bitcoin's market share reached a two-year high of 51%, while Reddit terminated its blockchain community points service.

• Scroll officially launched its mainnet, maintaining single-digit Gas on the Ethereum network as of October 18.

• A news blunder regarding Bitcoin spot ETFs caused a spike in BTC, and TipChat will launch, driving TIP prices up.

• Grayscale plans to convert GBTC into an ETF, with LOOM and other Korean concept tokens performing well.

2. Popular Projects

The hottest projects this week (10.16-10.20) include:

ARB (Token): Arbitrum's short-term incentive program (STIP) completed its first round of voting last week, with 29 out of 97 submitted proposals eligible for participation according to Arbitrum's rules. After a short price surge, ARB's token price has retraced to near historical lows, experiencing significant volatility due to governance demand.

JOE (Token): Recently popular MEME coin, the project team has relinquished contract permissions, with many top KOLs in the crypto community, including Pranksy, 0x Lawliette, LaserCat, and cousin crypto, promoting it.

VEXT (Token): The VEXT project by Veloce, a media company focused on esports, gaming, and Web3, recently launched its VEXT token. Veloce aims to enhance audience engagement in both real and virtual sports activities through the VEXT token and hopes it will serve as a tradable asset to aid in its expansion.

WSM (Token): A popular MEME token in the crypto community, originating from the Wall Street meme movement, the WallStMemes community has over 800,000 members, blending meme humor with Web3 elements. Besides promoting MEME value, the project also offers staking features, currently yielding over 40% annually.

REKT (Token): A meme coin themed around "running away," launched on October 19, has gained attention from well-known KOLs like former Bitmex CEO Arthur Hayes, RektGuy, and Dave Waslen, resulting in high community interest with a 24-hour trading volume exceeding $14 million.

Tofu NFT Marketplace (NFT): Tofu NFT Marketplace is a completely rewritten NFT marketplace based on experiences from SCV.finance's NFT Marketplace. It retains all advantages like fast loading and advanced filters while introducing many new features and enhancements. The project currently maintains a certain trading volume on Arbitrum and is worth watching.

Uniswap (Dapp): According to an official announcement, Uniswap will charge a 0.15% exchange fee on certain tokens in its web application and wallet starting October 17, including ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD. These fees will only apply when trading through Uniswap Labs' interface on the mainnet and L2, to sustainably fund Uniswap's operations.

Friend.Tech (Dapp): SlowMist founder Yuxian posted on social media to remind users that tools related to friend.tech may pose hidden risks, especially those that directly request private keys or require users to log in with their friend.tech account (such as phone numbers) and independent passwords (friend.tech's 2FA). These services can interact with friend.tech through reverse proxies, potentially manipulating user funds.

Blur (Dapp): After Blur announced that its second season airdrop event would end on November 20, investment firm ARCA proposed to increase fee sharing and special rights for BLUR in the community, which was retweeted by the official account. As a result, the BLUR token experienced a counter-trend rally, with a maximum increase of 30% over the past week, although it has since retraced, with a total trading volume of $270 million.

3. Hot Searches

The hottest topics this week (10.16-10.20) include:

XRP (Token): Ripple announced today that the U.S. Securities and Exchange Commission (SEC) has dropped all charges against its CEO Brad Garlinghouse and Executive Chairman Chris Larsen. This victory marks the third consecutive win for Garlinghouse, Larsen, and Ripple, following the July 2023 ruling that XRP itself is not a security and the subsequent October federal judge's decision to dismiss the SEC's appeal.

Bitcoin (Token): International risk aversion continues to rise, with VXX up 5% yesterday and nearing a breakout. U.S. Treasury yields are rising rapidly, stabilizing the dollar index, putting pressure on asset risks. Recently, Bitcoin has emerged as a safe-haven asset, with its market share rising to 51%.

BIGTIME (Token): After several days of significant gains during its TGE, BIGTIME experienced a nearly 30% drop yesterday as the project team increased the threshold for earning in-game currency, requiring more NFT purchases to enter the dungeons. (BIGTIME is a PC multiplayer action RPG led by the former founder of Mana, recruiting an all-star team from top gaming companies like Epic Games, Blizzard, EA, and Riot, raising over $90 million through NFT sales in its early stages).

PAAL (Token): Surged to a new high, gaining 1 million users, with future staking rewards (with a 4% transaction tax). The project announced yesterday that it has become a member of Nvidia's Inception program, allowing it to access certain computing resources. The token has risen over 40% and is worth continued attention.

Bitget Research Institute focuses on "focusing on on-chain data and uncovering valuable assets," providing institutional-level insights for crypto enthusiasts by real-time monitoring of on-chain data and regional hot searches to identify cutting-edge value investments. To date, it has provided Bitget's global users with early value assets in several popular sectors, including the 【Arbitrum ecosystem】, 【AI ecosystem】, and 【SHIB ecosystem】, creating a better wealth effect for Bitget's global users through data-driven in-depth research.

【Disclaimer】The market is risky, and investments should be made cautiously. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at your own risk.