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October 29 Market Dynamics: BTC strongly breaks through $70,000, market share hits a three-year high; The NASDAQ index of U.S. stocks is close to an all-time high

October 29 Market Dynamics: BTC strongly breaks through $70,000, market share hits a three-year high; The NASDAQ index of U.S. stocks is close to an all-time high

Bitget2024/10/29 02:02

I. Market Dynamics

1. BTC surged past $70,000. BTC's market share reached a three-year high of 60%. The activity on the sol chain has decreased over the past week.

2. The U.S. stock Nasdaq index rose, approaching a new high. Companies related to Trump have seen significant increases.

II. Market Focus

1. MEME's DOGE soared significantly. The U.S election will end next week on November 5th, and the probability of Trump winning, who is supported by Musk, has increased greatly. DOGE is a MEME that Musk has publicly favored multiple times on Twitter and is one of the few exchange counterfeits that can outperform BTC recently.

2.The trading robot BANANA rose in value recently as did BANANA and SOL chain’s RAY which both benefited from on-chain MEME transactions.The general trend in the market is for transaction volume to shift from CEX exchanges to on-chain exchanges because decentralized coin offerings are more timely and effective.

3.Payment ACH went up following SOL chain's SVM releasing its own L1 with ACH acting as GAS.Recently UNI among other major applications have launched their own chains but it doesn't mean much.
 
4.On-chain MEMELUCE and DOGE surged.LUCE is recognized by Vatican Pope as cartoon mascot for Holy Year 2025 with a market cap of 20 million WU.DOGE,a pun for Musk's DEPARTMENT OF GOVERNMENT EFFICIENCY,is valued at 60 million WU on ETH chain.
  
5.AI DEPIN’s GRASS air drop had lower than expected valuation at $800 million.GRASS mines using idle bandwidth to train AI models,the company based in Canada with main team members from Southeast Asia.Its competitor IO has a market cap of $1.3 billion.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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