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Follow and star Beep News 1 time a day "Looking at”  Let me show you different blockchain information!   The night before yesterday, Huobi officially announced on Twitter that Raven Coin (RVN) would be listed. Subsequently, Raven Coin experienced a wave of rise. Coin360 data shows that Raven Coin rose by about 15% within the day.  In fact, those who pay a little attention to the market will find that altcoins have been taking off recently. Bikan user Wang Dayou said, “Bitcoin has almost become a stable currency recently, with the price hovering around 9,000 points, but this time, altcoins have performed very well. ” Altcoins are in chaos. It’s not just Ravencoin. The recent rise of altcoins is like a relay race. On June 16, Compound launched the governance token COMP and proposed the "liquidity mining" gameplay. The price of COMP once rose from dozens of dollars to 400 dollars, along with BAL, BAT and other DeFi tokens. A week ago, Doge (Dogecoin) experienced a surge in transaction volume and price due to a video on the topic of "Investing in Dogecoin" on TikTok, the "overseas version of Douyin". The transaction volume increased by nearly 20 times, and the currency price rose by up to 106% in a single day. During the same period, ADA's increase was also very obvious, and this increase has not subsided like Dogecoin. As of today, ADA is still one of the mainstream currencies with the highest increase. Non-small data shows that ADA has increased by nearly 70% in the past month. Among the currencies with more eye-catching gains, LINK has to be mentioned. On July 13, LINK's price hit 8.5 USDT in the short term, setting a new all-time high, and its market value ranked among the top ten. In the past four days, LINK's trading volume on Coinbase once exceeded BTC. In the past two days, ONT, XTZ, ALGO, etc. have performed more prominently among the mainstream currencies. Yesterday, ONT once rose by more than 18%. Just the day before, Ontology revealed good news, saying that it had become an official partner of Google Cloud and had multiple implementation cases selected. …Altcoins are rising one after another, while in sharp contrast the price of Bitcoin remains unchanged. In fact, in the past month, the price of Bitcoin has been stable between 9,000 and 9,500 US dollars, without major fluctuations. The market value of Bitcoin has also shown a slow downward trend in recent times, and the current market value ratio is around 63%. From focusing on halving to chasing the next hot spot for getting rich, Bitcoin lacks market momentum, while the prices of altcoins, represented by high-quality mainstream currencies, have left the feeling of a "bull market". Unlike after the 3.12 crash, when investors only invested in a few "deterministic currencies" such as Bitcoin, Ethereum, and platform coins, now investors are starting to switch sides, and altcoins have gained more attention. In the BiKan community, some users joked that LINK is the “demon coin”.” ； Industry media reported that LINK’s real transaction volume in the past 24 hours reached US$465 million, far exceeding Ethereum’s US$299 million. On Coinbase, LINK’s transaction volume in the past four days even exceeded Bitcoin. The price of Doge has fallen after the TikTok effect, but there are still users in the community who are optimistic about the follow-up trend. They predict that Doge will soon have a big rebound and "decisively add positions." As for DeFi coins, as we all know, the concept of “liquidity mining” once supported the industry’s popularity for nearly half a month. COMP has surpassed MKR by virtue of "liquidity mining" and has become the second-ranked DeFi currency in market value (the first is LINK). Even now, the Compound effect is still there, and Compound's total locked-up volume and mortgage loan assets are still higher than MakerDAO, the former leading DeFi project. Well-known investors and institutions are also placing their bets on altcoins. Morgan Creek co-founder Jason Williams and Compound founder Robert Leshner have expressed their interest in buying Dogecoin. ； OKEx’s official Twitter also expressed its recognition of Dogecoin, “Dogecoin’s unlimited supply and 1-minute block confirmation time are very suitable for small transactions, so Dogecoin can be used to reward high-quality content, and can also raise funds and donations for good content. ” Binance will list ADA and LINK leveraged tokens today ； Huobi recently launched RVN... It can be clearly felt that the focus on the Bitcoin halving effect has been partly transformed into chasing the next "wind of wealth", whether it is Filecoin mining, altcoins, or the stock market outside the crypto circle. All in all, Bitcoin has been pretty quiet lately. However, although the price of Bitcoin is weak and the market sentiment is relatively tired, it can be seen from some on-chain data that Bitcoin is still the core of the currency circle. On July 13, the Bitcoin network mining difficulty was raised by 9.89%, from 15.78T to 17.35T. On the same day, the computing power of the entire Bitcoin network hit a record high, reaching 147.88 EH/s. The competitiveness of miners in Bitcoin mining has not decreased but increased. If we dig deeper into the reasons behind the altcoin boom, we can see that in addition to simply hoping that altcoin speculation will bring profits, investors also have hidden expectations that the rise of altcoins will drive the rise of Bitcoin, and then drive a comprehensive bull market. Weibo user "Bitcoin Caesar" said, "I don't believe that funds will remain in the altcoins. The final flow of funds will definitely be Bitcoin and mainstream currencies. ” Financial blogger "Blockchain William" also compared this year's DeFi craze with last year's platform currency concept. “Take the leading BNB as an example. BNB's bull market was from December 2018 to May 2019, with an increase of nearly ten times. Bitcoin's 'bull market' was in June, that is, after the wave of platform coins. If I had to guess, it would still be the same rhythm this year, but last year it was CeFi that was the most popular, and this year it’s DeFi. Last year, BNB was the leader. What is the leader this year? LINK. When LINK shuts down, the market will almost be like a pie. ” Is a Bitcoin bull market coming? So, the topic returns to Bitcoin. Is the Bitcoin bull market coming? Different people have different opinions on this topic. Although some users are happy to see the market rise, their fundamental understanding of why altcoins can rise is still the "pulling effect." Since the beginning of this year, ADA has increased by nearly 300%. While the increase is strong, the project Cardano has also faced a lot of negative news. For example, at the beginning of this month, the project was exposed to promote multi-level marketing activities in rural China (the official later clarified that it had nothing to do with this matter). Also at the beginning of this month, there was a WeChat public account called "Cardano Community" that criticized Cardano CEO for "talking too much" and "ADA is a pure market practice". Although the public account is a personal account, it still made the outside world question why ADA can rise despite negative news. There are also some analysts who explain the rise from the perspective of fundamentals and news. For example, Chainlink has always been known for its extensive partnerships. In June this year, China Blockchain Service Network (BSN) officially announced its cooperation with Chainlink. In addition, Chainlink has also established cooperative relationships with Polkadot, Orchid, Ontology, etc. this year, which corresponds to LINK’s strong currency price trend this year. Weibo user "Understanding Coin Brother" commented on LINK this way - LINK is one of the rare, maybe even the only coins that has become stronger year by year so far, and has escaped the fate of altcoins returning to zero. As for whether the current rise in altcoins can drive up the price of Bitcoin, many people use analogies to make judgments. A user on Zhihu said that the big bull market in 2017 and the small bull market in 2019 were actually driven by "altcoins". In 2017, they relied on the "altcoin" Ethereum and Ethereum's additional fabi function. In 2019, they relied on IE0, which is the disguised fabi of the exchange. Therefore, he believes that the bull market was driven by altcoins. Deep Chain Finance analyzed the data and concluded that there is not much relationship between the surge of altcoins and whether the bull market is coming. During the 2017 bull market, Bitcoin’s market dominance on Coinbase dropped below 30%, indicating that during the bull market, investors’ choices tilted towards altcoins. ； After March 2018, Bitcoin's share of the total market capitalization of cryptocurrencies dropped from 45% to 36%. At that time, altcoins exploded, but the price of Bitcoin plummeted, followed by a market winter. Therefore, the explosion of altcoins does not necessarily lead to a Bitcoin bull market. When asked whether the rise of altcoins will bring about a bull market for Bitcoin, Liu Changyong, founder of Zhimi University and advocate of the crypto economy, said that "the bull market history of Bitcoin and a large number of competing coins with different characteristics does not have a long history, and it is difficult to summarize the rules." “However, from the perspective of market value, the market value of non-mainstream altcoins is relatively small, and their rise is not enough to drive the rise of Bitcoin. On the contrary, if Bitcoin rises, its amount of funds is relatively large, and it is more likely to overflow and drive the rise of other cryptocurrencies. ” However, in terms of time and cycle, Mr. Chang Yong expressed optimism about the possibility of a bull market. “Considering that the bear market has been going on for two and a half years since 2018, social pessimism has almost been digested, and there are conditions for a bull market to brew. Combined with the performance of non-mainstream currencies, I believe that the overall cryptocurrency market will pick up in the second half of the year, and it is more likely to enter a bull market next year. ” Wang Tao, the initiator of the public accounts "Thinking on the Other Side" and "betaponzi", expressed similar views to Teacher Chang Yong. Wang Tao said that it is currently the alt season. Bitcoin is stagnant, and so is the mainstream, causing funds to promote new currencies. "There is surplus funds in the market, but it cannot push the big pie, and the bull market may not necessarily follow directly." ” Conclusion Compared with Bitcoin, which remains calm, the craziness of altcoins makes the market excited and excited. This rise may be driven by surplus funds seeking new investment opportunities, or it may be brought about by the benefits of high-quality altcoin projects. However, overall, the continuous rise of altcoins may not be necessarily related to the arrival of a bull market. Where will be the opportunity and driving force for the next bull market? Perhaps only time will tell us the answer. Reference article: "Mainstream coins are silent, altcoins are carnival, where is the cryptocurrency train headed?" 》 by DeepChaindeep chain  Don’t miss past highlights. Click on the picture to read the full text.   Why don't you look at me quickly?  |
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