Welcome to the Altcoin Report.
In this Edition:
- Market Recap - Bull Market Coming Soon?
- Crypto Chart Patterns & PDF Download
- Top 10 Ranking - Terra & Avalanche join the Top 10
- Top Gainers this Week (Top 100)
Bitcoin's struggle to break through $50,000 over the last few weeks continues. In the last week, the price of Bitcoin has bounced from a low $45,684 to a high of $49,198 with the week ending at a loss of less than 2%.
The price of Bitcoin is currently sitting at $48,926
Total market capitalization is $2.271T, down from $2.283T last week.
Bull Market Coming Soon?
In the last month, we have seen a significant downtrend in the price of Bitcoin and the resultant decrease in market cap and overall value within the Alts. This looks to be nearing the end of the run-down phase of this cycle and optimistic the market will reverse within the short term.
For more details on crypto market cycles, check out our recent article:
Chart Patterns & PDF Download
Recently published an article explaining the top 20 crypto chart patterns and it covers the most common terms and patterns found. The article also includes a downloadable PDF cheat sheet. You can read it here:
Top 10 Ranking:
There have been some big moves in the Top 10 Ranking this week, most notably Terra and Avalanche making the charts, displacing Dogecoin and Polkadot.
Terra (Luna) is up 39% over the last week. It is a protocol that uses fiat-pegged stable coins and is considered a rival to ETH. The Luna token is used to stabilize the price of the protocol's stable coins.
Avalanche (AVAX) is a platform for decentralized applications and custom blockchain networks, also another rival of Ethereum.
It's worth noting that the top 10 cryptocurrencies by market cap are now comprised of either stable coins or platform coins. A few meme coins (Shibu & Doge) did make a short appearance but have since fallen off the list.
It's foreseeable that the top 10 rankings will continue to be comprised of either stable coins or platform coins (many of which are considered direct rivals of ETH).
Top Gainers this Week (Top 100)
The biggest gainers this week within the top 100 (by market cap):
yearn.finance is up 50% this week. It is a DeFi protocol and has seen huge growth in recent months as they have released new products and expanded their offering.
Terra (LUNA) is up 38% in the last week. As mentioned earlier in this report, it is a protocol that uses fiat-pegged stable coins and is considered a rival to ETH. The Luna token is used to stabilize the price of the protocol's stable coins.
Celo (CELO) is up 37% in the last week. It is a project aimed at introducing smartphone users to cryptocurrency
Helium (HNT) is up 34% in the last week. This project is building the decentralized blockchain-powered network for the 'Internet of Things' (IoT) devices.
Curve DAO Token (CRV) is up 31% in the last week. This project is a decentralized exchange for stable coins and uses an automated market maker (AMM) to manage its liquidity.
In closing, I would like to take this opportunity to wish everyone a wonderful and merry Christmas.