Welcome to our weekly crypto market report.
In this report:
- The Week in Review - Donald Trump NFTs Selling for +800% above the mint price
- Top 100 Gainers (Last 7-days) - Telegram - TonCoin leads the Charts
- Small Cap Gainers (Last 30-days) - Web3 & DeFi projects continue to trend upward
- Monthly Altcoin Pick - December Altcoin Pick to be released
The Week in Review
A list of the top stories for this week:
Donald Trump's NFT Collection Sells Out - Raising $4.45M
Donald Trump sells out 45,000 NFTs at $99 in less than 12 hours and traded up to 800% above the mint price (The floor price was about 0.7 ETH ~$800). At the time of publishing, the floor price is now around 0.32 ETH.
While this project has done very well, I would be very cautious about getting into any NFT project in the current market condition.
FTX Founder, SBF was arrested in the Bahamas
The arrest came after the U.S. attorney’s office for the Southern District of New York formally charged SBF with eight counts of fraud and conspiracy. If the government fully pursues the wire fraud charges, SBF may never see the light of day again.
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Bitcoin & Ethereum Price Movement
Over the last week, we have seen marginal movement in both the price of Bitcoin ($16,776) and Ethereum ($1,186), continuing to trend down.
The recent Federal Reserve hikes rates 50bps - the highest level in 15 years had a significant impact on the stock market and the crypto market too. It's anticipated we will continue to see a slight decline in the price of both BTC and ETH into the new year.
Top 100 Gainers - Last 7 Days
Over the last 7 days, here are the biggest gainers (within the top 100):
Toncoin (TON) +35% - Rank #21
Originally developed as a payment system for the Telegram messaging platform, Toncoin is a decentralized layer-1 blockchain. It was originally developed in 2018 for use by Telegram but was abandoned by their team and taken over by the TON foundation, now referred to as "The Open Network".
Over the last 90 days, Toncoin has been one of the best-performing cryptocurrencies (in the top 100) and over a one-week period, even shot up over 50% in value. The Toncoin is now sitting at the 21st position.
The reason for the recent pump of the Toncoin is believed to be a new Telegram feature that allows for the sale of virtual numbers with the +888 prefix, which exists as a collectible on The Open Network blockchain.
XDC Network (XDC) +6.5% - Rank #91
The XDC Network is an enterprise-grade, EVM-compatible blockchain equipped with interoperable smart contracts.
XDC is also a popular Masternode, with over 260 masternodes online.
Hummingbot, a DeFi market-making platform launched a 12-week liquidity mining campaign for XDC, which is likely the reason for the increase in value.
UNUS SED (LEO) +5.6% - Rank #18
UNUS SED LEO is a utility token that’s used in the iFinex ecosystem. The unusual name is based on a Latin citation from one of Aesop’s fables. This cryptocurrency allows Bitfinex users to save money on trading fees.
The LEO token has a unique burn mechanism, whereby iFinex is committed to buying back UNUS SED LEO from the market on a monthly basis and the company has in an earlier press release said “The burn mechanism will continue until 100% of tokens have been redeemed.”
Given the unique nature of this token, it will be interesting to see how it progresses. It is currently ranked #18.
Bitcoin SV (BSV) +5.3% - Rank #41
Bitcoin SV was created from a hard fork of Bitcoin Cash (BCH) in 2018. BSV differs from other versions of Bitcoin in its unbounded block size. BSV has the ability to scale to meet market forces and accommodate the demands of any application and payment network without resorting to second-layer solutions.
BSV has made a significant recovery in price (+20%) over the last 30 days.
Small Cap Gainers in the last 30 days
The greatest gains within the cryptocurrency market are within the nano, micro & small market capitalized projects.
Despite the current bear market, these are the small market cap projects that have performed well over the last 30 days:
- SONM +197% - Decentralized computing platform (Micro-Cap)
- CTXC +114% - The first decentralized computer running AI (Micro-Cap)
- MAGIC +107% - Decentralized video game console Platform (Small-Cap)
Likely the biggest trending projects in 2023 will be within DeFi , Web 3.0, and artificial intelligence (AI). For the last few months, despite the down-trending market, DeFi and Web3 have been the best-performing sectors and when the market turns, it's likely the fastest-growing projects will be within these two sectors.
Every week we review and analyze low-market-cap cryptos looking for the next low-cap gem and every month we research the cryptocurrency marketplace for the next successful cryptocurrency project and announce it to our subscribers as our Monthly Altcoin Pick.
To get access to our past and upcoming Altcoin picks, be sure to signup as a paid subscriber.
Monthly Altcoin Pick:
We will be releasing our Altcoin pick for December at the end of the month. If you would like access to this and prior Altcoin Picks, please consider becoming a member.
Our Altcoin Picks for the prior months can be found here.
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Until the next report,