Bitcoin Soars, Ethereum Expands, and New NFT Excitement Emerges

DAILY MARKET OVERVIEW
Bitcoin and Ethereum Skyrocket!

The crypto markets are exploding Bitcoin has gone up 12% in the past 2 days followed by Ethereum. We are currently only 20% away from seeing a new all-time high for BTC!

And the best part? We are still early! According to data from K33 research, the majority of retail investors are still on the sidelines. Crypto trading volumes remain relatively low compared to the last bull run in 2021.

Bullish sentiment is soaring on social media, with expectations running high for a very bullish 2024 ahead!

TWITTER SENTIMENT
The Meteoric Rise of Ethereum Layer 2 Solutions

Ethereum Layer 2 chains have seen massive user growth since 2021 but exactly is a Layer 2 chain?

Imagine Ethereum is like a busy city where things can slow down because of too much traffic. Layer 2 solutions are like extra roads and highways built around the city to speed things up. They work alongside the main city, called Layer 1, to handle transactions faster, cheaper, and without overloading the main city.

Layer 2 solutions are growing fast, mainly due to Ethereum's high gas fees. Instead of paying $10 for a simple transfer on Ethereum, you can pay just $0.10 on a Layer 2. And with the upcoming Ethereum upgrade called Dencun, these fees are expected to become even lower.

Should we be bullish on Layer 2s

Given the substantial growth experienced, Layer 2 projects should not be overlooked.

The current Layer 2 market leaders are: Arbitrum, Optimism & Polygon

Newly Launched Promising Layer2s: Mantle, Manta, Blast

We believe in closely monitoring these projects, particularly Arbitrum, Polygon, and Mantle, as they have demonstrated the most promising technological advancements thus far.

We also encourage staying tuned for our future newsletters, where we will delve deeper into each ecosystem, providing insights and analysis.

NEWS OVERVIEW
Recent Crypto News

• PEPE and WIF Jump 50%, Putting Ethereum and Solana Meme Coins in Focus

• Liquidity Protocol's Token AERO Surges 77% After CB Ventures Invests in Aerodrome Finance

• Ether Demand Is Driven by U.S. Investors, Data Shows

• Stablecoin USDC Is Making a Comeback: Coinbase

• Chart Expert Peter Brandt Raises Bitcoin's 2025 Target to $200K on Channel Breakout

YOUTUBE INFLUENCER SUMMARY
ERC-404 Tokens: The Next Big Thing in Crypto?

A new token standard called ERC-404 has recently emerged in the crypto space and is generating a lot of buzz. ERC-404 tokens aim to combine the properties of standard Ethereum tokens (like ERC-20) with the standard NFT tokens (ERC-721) to create "fractionalized NFTs."

In simple terms, ERC-404 tokens break down an NFT into smaller fractions that take the form of fungible ERC-20 tokens.

For example, say a CryptoPunk NFT costs $10,000 but you only have $5,000. Rather than being priced out, you could buy 0.5 of the punk as an ERC-404 token. This puts blue chip NFTs within reach by fractionalizing them into affordable parts. While you'd only own 50% of the CryptoPunk to start, ERC-404 lets you gain exposure by purchasing a fraction stored directly in your wallet.

The ERC-404 standard is still experimental and controversial, as it was created outside of Ethereum's official improvement proposal process. However, crypto enthusiasts have latched onto the potential benefits it could bring. By improving NFT liquidity and making them more tradable, ERC-404 could help revitalize the NFT market after the boom and bust of 2021.

As with any new crypto technology, ERC-404 projects remain highly risky and speculative. However, the standard shows promise to transform the NFT space. With the crypto market heating up again, ERC-404 could be one of the most important developments to watch in 2024. While the risks are high, the potential rewards could be even greater.

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