Research Summary
The report discusses the recent surge in Bitcoin’s value, the potential impact of the ETF narrative, and the growing strength of the gaming and AI sectors in the crypto market. It also highlights the rise of Ordinals in the Bitcoin NFT sector, the expansion of DeFi projects, and the potential role of Dogecoin in Elon Musk’s plans for Twitter.
Key Takeaways
Bitcoin’s Bullish Run
- Bitcoin’s Surge: The report notes that Bitcoin has broken the resistance around $35,000 and is on its way to potentially reaching $40,000. This surge is attributed to the ETF narrative, which is expected to provide a boost to the market until at least January 10th, the final decision deadline.
Strength of Gaming and AI Sectors
- Gaming and AI’s Dominance: The gaming sector, along with AI, is identified as one of the strongest branches of the crypto market. The report highlights the upcoming launch of Illuvium on the Epic Games platform and the partnership between Immutable and UbiSoft as key developments.
Rise of Ordinals
- Ordinals’ Emergence: The report discusses the rise of Ordinals in the Bitcoin NFT sector, spurred by Elon Musk’s comments and the plans of exchanges like Binance, Kucoin, and Gate to list BRC-20 tokens. The Ordinals sector is now surpassing the Ethereum NFT sector in terms of on-chain activity and trading volumes.
Expansion of DeFi Projects
- DeFi’s Growth: The report provides insights into various DeFi projects, including Redacted Cartel’s expansion to Binance chain, Lybra’s phase one of Lybra Wars, and Vertex’s planned token launch. It also mentions the launch of staking by DYDX and Curve’s expansion plans.
Dogecoin’s Potential Role
- Dogecoin’s Future: The report speculates on the potential role of Dogecoin in Elon Musk’s plans for Twitter, noting that the Dogecoin Foundation is advised by Jared Birchall, head of Elon’s family office. It also mentions the planned Doge Moon mission in 2024.
Actionable Insights
- Investigate the Potential of Gaming and AI: Given the strength of the gaming and AI sectors in the crypto market, it may be worthwhile to explore opportunities in these areas.
- Consider the Impact of Ordinals: With the rise of Ordinals in the Bitcoin NFT sector, it could be beneficial to understand their potential impact on the market.
- Monitor DeFi Developments: The expansion of DeFi projects suggests a growing market, which could present opportunities for investment and collaboration.
- Assess Dogecoin’s Role: Given the speculation around Dogecoin’s potential role in Elon Musk’s plans, it may be prudent to monitor developments in this area.
