Table of Contents
In this report:
- Week in Review - China Triggered the Latest Crypto Rally
- Top 100 Gainers (7-days): ConFlux (CFX) +484%
- Small Cap Gainers (30-days): DEXTF +12,683% (30d)
- Monthly Altcoin Pick - Altcoin Pick for February will be released EOM
What Happened This Week?
The top crypto stories this week:
- Hong Kong Legalizes Crypto: Hong Kong is set to open its doors to digital assets and investors, with ambitious plans to become an Asian crypto hub. On June 1st, 2023, Hong Kong will officially make crypto purchase & sell, trading, fully legal for all of its citizens.
- Abu Dhabi Invests $2B into Web3: Abu Dhabi's tech ecosystem has started a $2 billion initiative to back Web3 and blockchain technology startups in the region.
- Japan to launch CBDC: Japan to launch their CBDC pilot program for issuing digital yen in April.
China Triggered the Latest Crypto Rally
China may have just triggered the next big crypto rally. On Friday, the Chinese central bank injected $92B into USD.
This Chinese economic stimulus in tandem with Hong Kong's legalization of crypto trading has now created a massive Asian crypto rally, with many Asian-based cryptocurrencies surging over the last few days.
This includes Conflux (CFX) 487.8% (7d) and NEO (NEO) +69% (7d).
The Hong Kong financial regulator has announced the retail purchase and selling of crypto for all of its citizens from June 1st. This will cause a huge influx of capital from the East (where crypto has been tightly regulated) and likely result in the continued pump of the market, especially Chinese-based crypto projects.
There is also a rumor Hong Kong will be coming out with its own stablecoin in light of the recent 'SEC attack' on stablecoins in the U.S. (this was mentioned in last week's newsletter).
Crypto Market at a Glance:
Bitcoin & Ethereum Price Movement
Bitcoin price for the first time in six months has hit a new high of $25,134. BTC is currently trading at $24,808. In the last 60 days, Bitcoin has increased by 47%.
Ethereum has increased over 13% in the last week, currently trading at $1,700 (90-day high of $1,732).
Global cryptocurrency market capitalization continues above the trillion dollar level, sitting at $1.126T.
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Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Conflux (CFX) 487.8% - Ranked #80
Conflux is a China-based high throughput first-layer consensus blockchain that utilizes a unique Tree-Graph consensus algorithm, enabling the parallel processing of blocks and transactions for increased throughput and scalability.
As the only regulatory-compliant, public, and permissionless blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia, connecting decentralized economies to strengthen the global DeFi ecosystem.
Stacks (STX) +112.2% - Ranked #63
Stacks is a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications (DApps) to Bitcoin (BTC) and offer Bitcoin the additional functionality we already see with ETH. These smart contracts are brought to Bitcoin without changing any of the features that make it so powerful — including its security and stability.
Stacks uses Bitcoin as a base layer, arguably the most secure blockchain in operation. Offering smart contracts to the world's largest blockchain is a game changer for BTC.
Filecoin (FIL) +73% - Ranked #23
Filecoin is a decentralized storage system that aims to “store humanity’s most important information”. Filecoin is open-source and decentralized, which means that all governance is in the hands of the community. On the Filecoin platform, developers have the opportunity to create cloud file storage services like Dropbox or iCloud.
Filecoin aims to store data in a decentralized manner. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to the problems of centralization, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and hard to censor.
NEO (NEO) +69% - Ranked #53
Initially known as Antshares, NEO is believed to be China’s first-ever public blockchain when it was launched in February 2014.
Neo focuses on building an ecosystem primarily for the Asian market with the goal of becoming the foundation for the next generation of the internet — a new economy where digitized payments, identities and assets come together.
Do You Own a Hardware Wallet?
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Ledger supports more cryptocurrencies than any other wallet on the market. This means if you have a portfolio with a bunch of exotic altcoins (especially small-caps), then Ledger is the best wallet to keep your portfolio secure.
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Trending Crypto Sectors for 2023
We see the greatest growth taking place within these 3 crypto sectors for 2023:
It's highly likely the next big growth sector within the Web3 space will be the Decentralized Science sector.
Decentralized Science is still in its infancy (very few people have even heard of it) and will likely completely revolutionize how the field of scientific study is conducted.
If you have been looking to get well ahead of the curve on the next growth sector, consider looking into the field of decentralized science.
Biggest Small Cap Gainers in the last 30 days
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.
The best-performing cryptocurrency projects fall within the nano & micro-cap projects.
Best Performing Nano + Micro Cap projects (30 days):
- DEXTF +12,683% - Tokenized Portfolios for Investors (Nano-Cap)
- DAFI +1,481% - Decentralized Rewards Protocol (Micro-Cap)
- HYPER +771% - Tailored NFT marketplace for Gaming (Nano-Cap)
- CDT +672% - Risk Assessment tool for DAO's (Nano-Cap)
- HELLO +455% - Entertainment Ecosystem (Micro-Cap)
The best-performing small, nano and micro-cap projects (aggregated) offer a strong indication of the next big growth sectors within the crypto space.
Emerging Low-Cap Crypto Gems:
Cryptocurrency projects which fall under the market capitalization of micro and nano-cap crypto projects offer the greatest growth potential and typically have a market cap between $1M-$50M. We affectionately call these "low-cap gems".
Domani Protocol (DEXTF) has increased by 12,683% in the last 30 days and is still considered a nano-cap project. This project offers investors "Tokenized Portfolios".
Most Recent Low-Cap Gems
If you would like a full and current listing of projects which we believe are emerging low-cap crypto projects with massive growth potential, check out the low-cap gems section of our website.
Monthly Altcoin Pick:
We will be releasing our Altcoin pick for February 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.
If you would like to support this publication and have access to member benefits, such as our monthly Altcoin Pick, signup here.
Thanks and appreciation to all our members!
Until the next report,