Welcome to our weekly crypto market report.
In this report:
- The Week in Review - 'Shrimp' and 'Crab' Bitcoin Balances Hit Record Highs
- Top 100 Gainers (Last 7-days) - Axie Infinity Leads the Charts
- Small Cap Gainers (Last 30-days) - Web 3 & DeFi projects continue to trend upward
- Monthly Altcoin Pick - November Altcoin Pick Released
The Week in Review
In the wake of the FTX collapse, 'Shrimp' and 'Crab' Bitcoin balances hit record highs as a greater number of 'small' investors are buying more Bitcoin.
If you are unfamiliar with these terms, a Shrimp is an investor who owns less than 1 BTC, and a Crab is an investor who owns between 1 to 10 BTC.
Classifications of Bitcoin Investors:
According to Glassnode, for both shrimps and crabs, November purchases also marked all-time-high increases in balances, with the latter eclipsing the July 2022 peak of 126,000 BTC.
It should also be noted that a significant number of Bitcoin investors have opted for self-custody as the trust in centralized exchanges recently fell to new historic lows.
As reported by Santiment on Saturday, the Bitcoin supply at exchanges has dropped to just 6.95%—levels not seen since 2018. Much of this volume is moving towards decentralized exchanges, such as GMX - which leads the charts (below) over the last week.
Bitcoin & Ethereum Price Movement
Over the last week, the prices for both Bitcoin ($16,988) and Ethereum ($1,253) have stabilized with moderate gains in the last 7-days. While it is likely we are near the bottom of the market, it would be prudent to expect to see lower prices for both BTC and ETH in the upcoming weeks.
Top 100 Gainers - Last 7 Days
Over the last 7 days, here are the biggest gainers (within the top 100):
Axie Infinity (AXS) +32% - Rank #48
Axie Infinity, the popular play-to-earn gaming token has made the charts again. AXS has gone up by almost 40% within the last two weeks. This spike in the price is attributed to a recent tweet, where the team announced a return to its roots and will dedicate more to building the experience players have with their Axies. The Axie Core game updates will primarily focus on Axies and how players interact with them.
GMX (GMX) +18% - Rank #79
GMX is a decentralized spot and perpetual exchange and a personal favorite. As mentioned last week, many decentralized exchanges are taking up the trading volume of centralized exchanges after the FTX saga. GMX has benefited from this growing discontent against centralized exchanges in the wake of the FTX collapse and for the first time has beaten Uniswap in fees.
Synthetix (SNX) +15% - Rank #72
Synthetix is a decentralized liquidity provisioning protocol and offers deep liquidity and low fees to serve as a backend for many protocols on both Optimism and Ethereum. As the demand for DeFi increases, so will the need for liquidity provides, a gap that Synthetix looks to be fulfilling.
DeFi and Web 3.0 are trending & the Future of the Internet
There is likely no better time to be getting into emerging Web 3.0 and Defi projects than now as many of them are still highly undervalued.
For many weeks now, we have been seeing emerging DeFi and Web 3.0 projects trending. If you are looking to invest in crypto during these times, it's likely the best returns on investment will come from within these two sectors.
Small Cap Gainers in the last 30 days
The greatest gains within the cryptocurrency market are within the nano, micro & small market capitalized projects.
Despite the current bear market, these are the small market cap projects that have performed well over the last 30 days:
- DNX +845% - Decentralised Neuromorphic Platform (Nano-Cap)
- MASQ +289% - Web3 anonymous, private, dMeshVPN, browser (Nano-Cap)
- RXD +162% - A Peer-to-Peer Digital Asset System (Nano-Cap)
- SONM +172% - Decentralized Computing Platform (Micro-Cap)
We are continuing to see emerging DeFi and Web 3.0 projects make up this list (this is the second week in a row MASQ is on our list). Web 3.0 and DeFi are the future of the internet and online finance and will likely be the next massive growth sector when the market recovers.
Every week we review and analyze low-market-cap cryptos looking for the next low-cap gem. Every month we analyze the cryptocurrency marketplace for the next successful cryptocurrency project and announce it to our subscribers as our Monthly Altcoin Pick.
To get access to our past and upcoming Altcoin picks, be sure to signup as a paid subscriber.
Monthly Altcoin Pick:
We released our Altcoin pick for November last week. It is a layer 1 blockchain and we predict it will become a major player in the DeFi and Web 3.0 space in the upcoming years. Even in this bear market, this coin is trending upwards. 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.
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Until the next report,