Announcements Gate Research: Bitcoin Dominance Rises, Telegram Founder Released On Bail, Sony Enters Layer 2 Race

Gate Research: Bitcoin Dominance Rises, Telegram Founder Released On Bail, Sony Enters Layer 2 Race

2024-08-29 12:12:04 UTC 7528 Read

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Gate Research Weekly Review and Outlook reports: In the past week, BTC price retreated after a brief rise, dropping nearly 3%, while its market dominance reached a new cycle high of 55.95%. ETH mirrored BTC's weakness, falling over 3.9%. Bitcoin ETFs saw net inflows exceeding $28 million this week, while Ethereum ETFs continued to experience net outflows. Nvidia's better-than-expected earnings report paradoxically led to a sharp drop in its stock price after hours, triggering a pullback in AI-related tokens. Sony launched a new Layer 2 solution, Soneium Minato, with 1,000 ETH staked within the first minute. Notably, large unlocks of OP and SUI tokens are expected soon. The viral popularity of the game "Black Myth: Wukong" has sparked speculation in some Meme tokens.

In the **Market Analysis**, BTC retreated to a low after a brief uptick, with its market dominance reaching a new peak. ETH followed the downward trend, showing relative weakness. This week, three sectors - AI Agents, Optimism Superchain ecosystem, and Meme tokens - achieved significant breakthroughs, rising by approximately 27%, 27%, and 16% respectively over seven days.

The **Weekly Spotlights** highlight that Telegram resumed normal operations after temporarily halting block production, with Pavel Durov released on bail. Nvidia's earnings exceeded expectations, but its stock price plummeted by over 8% in after-hours trading, leading to a correction in AI-related tokens.

In the **Data Highlights**, several major Ethereum whale accounts have recently engaged in large-scale selling, with the cumulative amount approaching $600 million. These substantial transactions have, to some extent, intensified the selling pressure in the market.

For **Market Opportunities**, this week's airdrop project to watch is Corn. Corn is an Ethereum L2 solution that uses Bitcoin as gas, dedicated to BTC DeFi innovation. They've developed BTCN, a hybrid tokenized bitcoin backed 1:1 by native bitcoin.

Lastly, in **What to Watch Next Week**, KBW2024 will be held on September 1 in Seoul, South Korea. This annual international blockchain and Web3 event is founded by FACTBLOCK and co-hosted by Hashed. On September 3rd, the U.S. will release August manufacturing PMI data, which is expected to show continued contraction in the manufacturing sector and provide support for the Federal Reserve's interest rate hike policy.

Deep Dive into This Week's Review 👉🏻 [Gate Research: Bitcoin Dominance Rises, Telegram Founder Released On Bail, Sony Enters Layer 2 Race](https://www.gate.io/learn/articles/gate-research-bitcoin-dominance-rises-telegram-founder-released-on-bail-sony-enters-layer-2-race/3940?ch=GSW_ann_20240829&utm_campaign=TR_gDi3mnNT&utm_content=&utm_medium=CPM&utm_source=CH_79kTf7RP&utm_term=)

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Gate.io Team
August 30th, 2024

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