TL;DR

In the past week, the overall cryptocurrency market has experienced a general decline, with most sectors showing a clear downward trend and the market sentiment being relatively weak. Among the different categories in the top 20 rankings, Layer1 stands out as the sector with relatively smaller decline in overall magnitude and higher market ranking position, indicating higher popularity this week.

The overall fluctuation range of Layer1 track in the past week is -8.5%, which is relatively less than the decline of many mainstream tracks, and the overall market share still accounts for an absolute proportion of the encryption market share. Most of the other mainstream popular tracks have a higher decline in the past week than L1 track, so this week we choose to provide a basic overview and a simple introduction to popular projects, including popular dApp or token issuance information, and make certain predictions for the market.

The overall Market Cap of the current Layer1 track is $1.74 trillion, with a 1% change in the past 24 hours. The overall market has rebounded during the day.

Popular Projects

SAGA

SAGA is an L1 protocol that allows developers to automatically launch dedicated networks that are not associated with a Virtual Machine, are parallel, and interoperable, providing applications with longer scalability. Each Chainlet owned by SAGA is a copy of the Mainnet with the same validator set and security model.

The project Token was launched on the Binance platform on April 9, 2024, but its network ecology layout is earlier, mainly serving game-type applications, also covering a few Non-fungible Token and DeFi type applications.

SAGA achieved a significant pump in the current market trend, with a short-term increase of 17.4%, approaching a high of $1.4 and falling to a low of $0.9 per unit near the end of the weekend closing. Compared to other Layer1 track projects, SAGA's price rebounded earlier and is in a leading position.

The reason for this trend is that SAGA protocol has achieved the existing extension of various projects in the L1 network environment, while the official Token release thread has reached a phase-end within a week. In addition, the volume on the Binance platform has increased significantly, which has led to a relatively good performance of the currency associated with this project among various L1 projects within a week.

But in the long run, the coin has basically been in a state of Fluctuation since its launch, and whether it will continue to fluctuate in the normal cycle this week or follow the trend of the overall market remains highly probable.

SAGA price data

HAC

Hacash is a Cryptocurrency system based on the PoW mechanism and Programmability. It is the first Cryptocurrency to achieve both Decentralization and purchasing power stability. The entire currency system consists of three different PoW coins with different characteristics: HACD, BTC, and HAC, among which HACD is the first Non-fungible Token and art generation based on the PoW mechanism.

The price of HAC ushered in a new high in the first quarter of 2024, but then basically showed a continuous decline, which has been unable to be compared with the high price period. However, the performance of the project's currency in the past week is still acceptable, and it is relatively hot in the Layer1 track projects.

The highest point of HAC's weekly price is at $5.97, and the lowest point is at $3.79. The short-term fluctuation is around 12.5%, and the current price is maintained around $4.87. The price trend of the currency is still relatively gentle.

The reason for the rapid short-term pump is that the project has recently officially launched its market operation strategy, attracting a lot of attention. There is a high probability of future pump for this currency, which is due to the recent active updates from the official side, as well as the heat brought by the initial market action. The probability of pump is relatively high.

HAC price data

Later market forecast

The Layer1 track basically represents the basic market performance of the encryption market. Due to occupying the majority of the market share, the current track is more affected by recent news factors. The overall market performance is relatively sluggish, and we need to wait for further changes in the market cycle and news factors.

However, this cycle of change is likely to be further prolonged with the market bottoming out, and it is expected to undergo more significant changes in July.

Author: Charles T. This article only represents the author's point of view and does not constitute any trading advice. This article is original, and the copyright belongs to Gate.io. Please indicate the author and source if you need to reprint, otherwise legal responsibilities will be pursued.