Welcome to the (late edition) of the Weekend Altcoin Report.
In this Edition:
- Welcome to New Subscribers
- The Play-to-Earn Revolution
- Market Recap for the week
- Top 10 Ranking
- Biggest Movers this Week (Top 100)
- October's Altcoin Pick
A Big Welcome to New Subscribers:
I'd like to start this (late edition) of the weekend report by welcoming all the new subscribers to the newsletter. Once a week we publish the "Weekend Report", which includes a summary of the events over the last week as well as a highlight of the crypto projects that had performed well.
The Late Edition
Normally, this report is published over the weekend. However, due to a number of personal circumstances, I haven't been able to get to it until now. A major reason for this has been my recent move south of the border.
There is a lot happening in the world these days. Regarding cryptocurrency, there are many amazing developments that are taking place in Latin American. In an article I wrote earlier this week, I mention how The Future of Cryptocurrency is in Latin America.
For those concerned about the upcoming travel restrictions, it's also worth noting there are only two countries that don't require additional health tests or shots, Mexico and Columbia.
In many ways, there are a lot of amazing things happening south of the border and I would highly recommend reading the above-mentioned article to learn more.
The Play-to-Earn Revolution
The response to my article about the Play-to-Earn Revolution has been extraordinary and many new subscribers have found their way here because of it. I am pleased to announce it has also generated a lot of interest in the community and many new Play-to-Earn projects have reached out to me directly. I am really excited to share news on these projects, many of which are slated to be released soon.
If you are thinking you missed the boat on Axie Infinity and the +100,000% gains generated by this token, I'm here to reassure you, it's just the beginning. Axie Infinity has shown the world, developers and players the potential of what's possible and as a result, there are some amazing projects currently underway.
I look forward to sharing with you the details of these upcoming projects in the following weeks.
Now, back to the weekend report...
The biggest news of the week is Bitcoin's +17% move, surpassing the psychological barrier of $50k which we have been watching for a few months now.
Today, Bitcoin is sitting at $57,291.
Market capitalization is now at $2.32T, up from $2.1T last week.
The biggest news this week comes from Brazil which is considering following the lead of El Salvador and legislating Bitcoin as legal tender. This is huge.
Currently, all businesses in El Salvador are now obliged to accept Bitcoin as a form of payment. Brazil with a population of almost half of the US may do the same.
If you consider, even if just half of the Brazilian population were to use Bitcoin as their form of payment for daily purchases, the increase in transaction volume for BTC would be considerable, further pushing up the price of BTC.
As we see more Central and South American countries seriously consider BTC as a form of legal tender, the potential for a $100,000 Bitcoin becomes ever more realistic.
Top 10 Ranking:
This week Cardano beat out Binance Coin for third position, pushing Binance Coin back to fourth place. USD coin drops to the ninth position from the eighth. Solana continues to climb the charts, now sitting at seventh position (from eighth last week). Polkadot moved up one position to eighth and as always, it is surprising is to see Doge sitting at tenth position.
The biggest mover this week was Bitcoin up 16.25%, trading at $57,302.
5 Biggest Gainers this Week (Top 100)
These are the biggest gainers this week within the top 100 (by market cap):
The biggest gainer this week goes to the Shiba token (SHIB) up 117% in the last week. Shiba in many regards is looking to follow in the footsteps Doge as it's a meme token. While I admit, I don't fully understand the fundamentals behind the success of Doge, with the continued growth and rise in the price of this meme token, it's certainly worth further investigation.
Shiba is now sitting at 17th position with a market cap of just under 12 billion, placing well within the large market capitalization. category. Will this token beat out Doge for 10th position? Quite possibly.
Of notable mention goes to Fantom, another fast, high-throughout smart contract platform for digital assets. Currently sitting at 35th position, it's easy to see this coin reach 25th ranking within the short-term.
Altcoin Pick for October
Our Altcoin pick for October was announced in last week's Altcoin Report and despite only up 35% from our pick date, it's still good value with a ranking within the 300's. This token can easily make it to the top 100 rankings and better.
With the incredible interest in Play-to-Earn gaming and NFT's our attention and focus have been redirected to this sector of the market. With a few extraordinary projects we have been made aware of, in the upcoming weeks, we may add another pick for October, (available to members only).
Membership has its Privileges
This site is supported entirely by its members. If you enjoyed this report and would like to support this site and the information we publish, consider joining our private membership.
For the price of a few cups of coffee, you will help support more in-depth research and analysis as well as get exclusive access to our Altcoin pick for the month.
Once again, a big welcome to all the new members and until next week, trade strong and be legendary,