Welcome to the Weekend Altcoin Report.

In this Edition:

  • Market Recap for the week  - Market Tumble & US Crypto Regulation
  • Top 10 Ranking
  • Biggest Movers this Week (Top 100)
  • Top 2 Gainers this week (Small Cap)
  • Low-Cap Gems & Altcoin Pick for this Month

Market Recap:

The cryptocurrency market took a tumble this week after news of the potential collapse of Evergrande. Evergrande is one of China's largest real estate developers and the news of the potential collapse swept across all financial markets, even impacting the crypto markets. For added good measure, during the week the Central Bank of China reiterated its ban on digital asset transactions, helping to compound the already negative impact.

From a high of $48,000, Bitcoin is now trading at $42,740 with a total cryptocurrency market capitalization down at 1.901T.

New US Crypto Regulations

Upon closer examination, the new US crypto regulations are far more invasive than we had originally thought. Some of the takeaways from this well-written article on the subject, include:

  • Ban on the use of (unauthorized) stablecoins
  • Criminalization & prison sentences for the use of mixers and privacy coins
  • Legal uncertainty for crypto projects and ICOs by allowing them to be labeled as securities
  • Smart-Contracts to be treated as futures contracts if greater than 24-hours to complete
  • Re-define legal tender and change the way money is created by the Federal Reserve; Authorizing the issuing of a digital USD (of which all transactions are recorded).

In short, these are massive changes and have huge implications for the US cryptocurrency market. It's clear that Congress is seeking to bring cryptocurrencies under full oversight and control.

What does this mean for Crypto?

These new regulations will have a huge impact on the US market and can (likely will be) be adopted by other countries and jurisdictions. While countries like El Salvador have recently declared Bitcoin as legal tender and openly welcomed the use of Bitcoin and cryptocurrencies, the US is adopting a completely opposite approach.

These new regulations will place a massive regulatory burden on US-based projects and even criminalize many existing cryptocurrencies activities (such as the use of privacy coins and the use of mixers).

While these new regulations will certainly have an impact on the domestic market, it's likely many new and emerging projects will seek alternative (safe-haven) jurisdictions for their projects, like El Salvador.

Top 10 Ranking:

The top 10 rankings for this week haven't changed very much. Binance lost its fourth-place ranking to Tether, and now sits at fifth place. Dogecoin also fell off from 9th to 10th place.

All top 10 cryptos have lost value this week (except the USD stable coins).

5 Biggest Gainers this Week (Top 100)

These are the biggest gainers this week within the top 100 (by market cap):

Celer Network has made its debut onto the top 100 charts sitting at 94th position and an increase in the price of 40% in the last 7 days. Celer offers a layer-2 scaling platform that helps to increase processing speed and offers secure and low-cost blockchain applications on Ethereum.

Celo is a mobile-first platform for financial dApps and crypto payments accessible to anyone with a mobile phone and it has increased by 32% over the last 7-days, now sitting at 57# position.

TOP 2 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 month. 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).


SolanaSail (SAIL) @ $0.43 +593% (30 days) - #1088 - Nano

If you have been following the massive price gains of Solana, then you may be interested in SolanaSail. SAIL is the primary utility token within this ecosystem and built on Solana. This ecosystem offers the token on 4 platforms - NFT Marketplace, DeFi, Governance and Vaults and may become one of the dominant ecosystems on the Solana platform.

This token has seen over 500% gains in the last 30 days.

This is a fantastic project with a tremendous amount of potential.

Links: Website | CoinGecko


Shirtum (SHI) @ $0.41 +883% (30 days) - #642 - Micro

NFT for Football. It's not surprising this massive increase in price over the last 30 days - 883%. Just launched in the first quarter of this year, this NFT based football project has already secured many players and brand names in what could be a real gamechanger for the football (soccer) industry.

Links: Website | CoinGecko


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 Gem - 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