Table of Contents
In this report:
- Week in Review - Silicon Valley Bank (SVB) Collapse
- Top 100 Gainers (7-days): Kava (KAVA) +13% (7d)
- Small Cap Gainers (30-days): QANX +9,991% (30d)
- Monthly Altcoin Pick - March Altcoin Pick will be released at the end of the Month
What Happened This Week?
The top crypto stories this week:
- Stablecoin USDC Slipps off its Peg: Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the U.S. firm behind the coin, revealed that some of the reserves backing it were held at Silicon Valley Bank.
- Silicon Valley Bank (SBV) Collapses: SVB collapsed on Friday after a run on deposits drove the Bank into insolvency, marking the largest bank failure since the financial crisis.
- HBAR Exploited: Attackers targeted the smart contract service code to steal funds from users who provided liquidity on various decentralized exchanges (DEXs).
- Powell Warns Congress Of Bigger Rate Hikes: Powell warned that the Fed was prepared to raise rates faster and higher than what many observers had been expecting just a few months ago.
The Outlook for March
March is shaping up to be an interesting month indeed, with the recent collapse of Silicon Valley Bank (SVB) - the second-largest bank insolvency in U.S. history. As a consequence of the SVB collapse, the USDC (Circle Stablecoin) has de-pegged (currently trading at $0.98).
It's also looking likely the Feds will increase interest rates by more than 25 basis points at the end of the month, which is not good for either the crypto or the stock market.
March is also one of the biggest months for token unlocks this year with 7 major projects releasing a significant portion of their total supply, further potentially creating more selling pressure on the market.
It's likely that during the month of March, we will continue to see a lot of market volatility and downward market pressure. While this all may sound like bad news for the markets, for the contrarian investor it's an opportunity to buy projects at highly discounted prices in preparation for the upcoming bull market.
Crypto Market at a Glance:
Bitcoin & Ethereum Price Movement
Bitcoin has decreased 8.4% in the last week, currently trading at $20,636 (90-day high of $25,134). In the last 90 days, Bitcoin has increased by 17.9%.
Ethereum has decreased 6.4% in the last week, currently trading at $1,479 (90-day high of $1,732). In the last 90 days, Ethereum has increased by 10.3%.
Global cryptocurrency market capitalization has dipped below the trillion dollar mark, sitting at $951B.
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Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Kava (KAVA) 13.5% - Ranked #86
Kava is a Layer-1 blockchain that combines the speed and interoperability of Cosmos with the developer power of Ethereum.
The Kava Network uses a developer-optimized co-chain architecture. The Ethereum Co-Chain enables support for EVM smart contracts while the Cosmos Co-Chain enables the lightning-fast Tendermint consensus engine and the Inter Blockchain Communication Protocol (IBC).
Bone ShibaSwap (BONE) +4.1% - Ranked #98
BONE is the governance token of the Shibaswap ecosystem.
SHIB, LEASH, and BONE, are all part of the Shiba ecosystem to create ShibaSwap, the Shiba Ina DeFi platform. ShibaSwap gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns.
UNUS SED LEDO (LEO) +3.7% - Ranked #19
UNUS SED LEO is a utility token that’s used across the iFinex ecosystem. The unusual name is based on a Latin citation from one of Aesop’s fables.
The cryptocurrency allows Bitfinex users to save money on trading fees. The extent of the discount depends on how much LEO that the customer has in their account — and the savings on offer are spread across three tiers. There are fluctuations depending on whether a trading pair is crypto-to-crypto or crypto-to-stablecoin.
PAX GOLD (PAXG) +3% - Ranked #79
Pax Gold (PAXG) is a gold-backed cryptocurrency, launched by the creators of Paxos Standard (PAX) in September 2019. It is an ERC-20 token operating on the Ethereum blockchain.
The main goal behind Pax Gold is to make gold more tradable, as the physical commodity is not easily divisible or flexible in terms of transport. This is why Paxos Standard decided to create a cryptocurrency entirely backed by gold. According to the official whitepaper, Pax Gold was created to allow investors to buy indefinitely small amounts of gold through the cryptocurrency, thus virtually eliminating minimum buy limits for the commodity.
Do You Own a Hardware Wallet?
If you own crypto, you need a hardware wallet. Period. Hardware wallets (also known as cold storage devices) are the best devices to keep your crypto investments safe and under your personal custody.
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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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 Small Cap projects (30 days):
- QANX +9,991% - Quantum Proof Layer-1 (Micro-Cap)
- FACTR +551% - 'Real-world' asset tokenization (Nano-Cap)
- PAREX +520% - DAO ecosystem (Nano-Cap)
- ALEX +446% - App Layer for Bitcoin (Micro-Cap)
- CHRP +229% - Automated Influence Marketing (Nano-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.
Monthly Altcoin Pick:
Our most recent Altcoin Pick was released at the end of last 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,
Richard
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