Welcome to the Weekend Altcoin Report.

In this Edition:

  • Market Recap for the week  - Flash Market Crash
  • Top 10 Ranking
  • Biggest Movers this Week (Top 100)
  • Top 5 Small-Cap Gainers this week
  • Low-Cap Gems & Altcoin Pick for this Month

Market Recap:

On Monday, September 7th the cryptocurrency market dropped suddenly, resulting in a massive sell-off. By Tuesday morning, the market plunged to a low of around $1.9 trillion, reflecting a market loss of nearly 15% or $410 billion dollars.

From a high of almost $53,000 a few days earlier, bitcoin dipped to a low of $43,000 by Wednesday. After almost a month of the price of bitcoin hovering just below the $50k mark, we now see the price sitting around mid $45,000. The price of Bitcoin and the market overall has yet to recover from this most recent flash market crash of September 7th.

As an analyst, its important to be able to identify patterns and cycles within the market. Interestingly, I would like to point out to my subscribers this Flash Market Crash coincided with two very important events which also took place during the same day.

September 7th was the day the government of El Salvador declared bitcoin legal tender and to be treated as an equivalent to cash. For those living in El Salvador, this means there are no capital gains calculated on bitcoin transactions. This is huge news.

This makes El Salvador the first and only sovereign country in the world to legislate bitcoin as legal tender. The significance of this event can't be understated.

The Shemitah Year

September 7th also marks the first day of the Shemitah cycle. The Shemitah is the seventh year in a seven-year cycle as described in both the Old Testament and Torah. The cycle starts on September 7th, 2021 and ends on September 25, 2022.

According to biblical scholars, the seventh year of a seven-year cycle is the year in which crops should not be planted or harvested. Its a year for the soil to recover and rejuvenate from the prior six years.

Although most references to the Shemitah year are biblical, increasingly more investors are paying attention to the patterns found within these periods, the flash market crash we saw on September 7th, notwithstanding.

It is anticipated we will see the market try and regain the lost ground from this flash crash in the upcoming weeks. Regardless of the speculation surrounding the cause of this particular market crash, as we approach the fall season we will continue to see great volatility within the market.

Top 10 Ranking:

In the last week, there has been a lot of reshuffling of the deck. Solana (SOL) has made it to the ranks to the top ten, currently sitting at position #7 - increasing in price by almost 30% in the last week (while most other coins dropped in price). This Ethereum killer is anticipated to continue moving up the ranks, potentially even surpassing Ethereum.

We also see Dogecoin (DOGE) at the #9 position, just behind Pokadot (DOT) and a surprising new contender in the top 10, USD Coin (USDC) making #10 position.

Biggest Movers this Week (Top 100)

Even though a flash market crash took place a few days ago, it would be difficult to tell by the growth we see in some of the biggest movers this week (top 100 by market cap).

Algorand has increased in price by 77% in the last week, this project focuses on bringing new tools and functions to the finance market. Elrond, another decentralized finance platform increased by 67% this week. Harmony, focusing on cross-shard contracts and a cross-chain infrastructure also increased by 55% this week.

Worth note is Near Protocol, which is up 51% and Quant 36% in the last week.

All these big moves sit within the lower 50 largest cryptocurrencies by market capitalization.


TOP 3 SMALL-CAP GAINERS THIS WEEK:

This is a shortlist of emerging projects with significant price movement over the last week. These projects generally fall into the micro ($10M-$100M) and nano market capitalization ($1M-$10M) as they are comparatively, much smaller capitalization than the more popular projects.

Verso (VSO) @ $0.16 +253% (30 days) - #1079 - Nano-Cap

Focusing on the highly regulated Banking industry, this project offers DeFi protocols and functionality to highly regulated financial industries (banks & insurance).

Links: Website | CoinmarketCap


NFTb (NFTb) @ $0.14 +378% (30 days) - #913 - Micro-Cap

Leveraging from the boom in NFT creation, this platform offers creators a place to buy, sell and trade NFTs. I have been keeping an eye on this project for the last few weeks.

Links: Website | CoinmarketCap


Zero Currency (ZERO) @ $0.14 +378% (30 days) - #913 - Micro-Cap

I am a big supporter of privacy-related projects and I am happy to include Zero in this list. Zero offers an increasingly popular privacy-focused project complete with DeFi.

Links: Website | CoinmarketCap


Diamonds in the Rough

The cryptocurrency market is a trillion-dollar industry with literally tens of thousands of cryptocurrencies traded daily. Every day new projects enter the market and as these projects grow and develop, I am always on the lookout for the next diamond in the rough

Searching for the next diamond in the rough

Low-Cap Gems & Crypto Pick for this Month

These low-cap gems are generally found trading under micro and nano market capitalization ($1M-$100M) and have yet to mature into their full potential.

Our pick for this month: Low-Cap Gems - September (membership required)

Membership has its Privileges

If you enjoyed this report and would like to support more in-depth reports and analysis, consider joining our member-only section. For the price of a few cups of coffee, you will get access to our picks for the month and other member-only insights.

Until next time, trade strong and be legendary,

Richard