Welcome to the Weekend Altcoin Report.
In this Edition:
- Market Recap for the week - Litecoin Walmart Fake News Pump
- Top 10 Ranking
- Biggest Movers this Week (Top 100)
- Top 4 Gainers this week (Small Cap)
- Low-Cap Gems & Altcoin Pick for this Month
Bitcoin recovered from last week's price drop (low of $43,700) and regained ground, ending the week around $47,100. During the week Bitcoin saw highs over $48,000 and we are again seeing the price of Bitcoin flirt with sub-$50,000 mark. As Bitcoin increased over the week, so did overall market capitalization to $2.124T
Litecoin Fake News Release - Walmart
On Monday, litecoin experienced a sharp rally climbing more than 30% after the market responded to a fake press release stating that Walmart was planning on accepting Litecoin starting on October 1.
GlobeNewsWire was responsible for the initial publishing of the news release (which has subsequently been taken down). However not before other media outlets picked up the story, which included CNBC and Reuters. Since the incident, both these sites have reposted the correct information.
What can we learn from this incident?
While the scammers involved in this incident likely took full advantage of the 30% price hike of Litecoin (lasted about an hour), its likely most investors lost out. This incident is a good reminder of the market volility within cryptocurrencies and yet another reason not to chase the news. Within this market, it's always prudent to have a healthy does of skepticism and do your own research.
Top 10 Ranking:
The ordering of the top 10 cryptocurrencies has remained much the same in the last week with all top 10 altcoins experiencing a loss over the last week (excl. USD stable coins).
Solana (SOL) suffered a network outage last week resulting in a 15% drop in price. Solarna is considered by many as an Ethereum Killer (more a competitor than a killer) and has performed extraordinarily well in recent weeks. It's believed the drop seen is a result of both technical issues as well as opportunity for profit-taking by investors. Solana is still considered a relatively new project and its not uncommon for something like this to happen - its more a question of how it recovers and the market perception of the recovery. In the meantime, Solana is trading at a discounted price.
5 Biggest Gainers this Week (Top 100)
Ranked within the Top 100 (by market capitalization) these are the biggest gainers for the week.
While most of the market was down this week, there were some significant movers. Cosmos (ATOM), dubbed the 'internet of blockchains' increased by 30% and continuing its rise through the ranks.
On this list again is Avalanche (AVAX), the worlds fastest smart contract platform has gains of 19% in the last week. At this rate, Avalanhe will rank within the 10 top in the next week or two.
TOP 4 SMALL-CAP GAINERS THIS WEEK:
This is a shortlist of our top picks for emerging projects with excellent growth opportunities and significant price movement over the last week. The projects listed in this section are the smaller capitalization projects that generally fall into one of these three levels: small-cap ($100M-$1B), micro ($10M-$100M) or nano ($1M-$10M).
POP Network (POP) @ $0.23 +630% (30 days) - #2884 - Micro
A very interesting micro-cap project. The POP Network offers decentralized, peer-to-peer torrent networking and the ability to earn block rewards for streaming nodes - Get paid to torrent. As they put it, streaming is the new mining.
This project has already 6x in the last 30 days and still has lots of room to grow. Keep an eye on this space.
Presearch (PRE) @ $0.23 +428% (30 days) - #434 - Micro
Shouldn't all search engines be decentralized? This is the first decentralized search engine blockchain project I have come across and it offers the novel approach to staking - via Keywords for earning revenues. This project has increased 4x in just the last 30 days and has a solid team backing it.
Proton (XPR) @ $0.008 +100% (30 days) - #515 - Micro
The biggest drawback to cryptocurrencies are their volitility. Stable coins have come to the market to address this issue. Proton is a platform built specifically to support stable coins and with a strong management team and panel of early investors, Proton looks ready for some solid growth over the next quarter.
Permission (ASK) @ $0.003 +108% (30 days) - #629 - Micro
If you are familiar with Basic Attention Token (BAT) and the brave browser, then Permission would be a project along similar lines. Through the use of a browser extension, Permission offers a fairer consumer-advertiser model and opportunity for the user to earn while surfing the internet. With a strong management team and partnerships with many established brands, Permission looks to have a bright future.
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
Low-Cap Gems & Crypto Pick for this Month
Our pick for this month: Low-Cap Gem - September (membership required).
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Until next time, trade strong and be legendary,