In this report:
- Week in Review - Bitcoin Exceeds $30k + ETH Upgrade Complete
- Top 100 Gainers (7-days): Injective (INJ) +49% (7d)
- Small Cap Gainers (30-days): Radiant (RXD) +1,009% (30d)
- Monthly Altcoin Pick: Altcoin Pick for April will be released in 2 weeks
What Happened This Week?
The top crypto stories this week:
- Bitcoin Exceeds +$30,000: Bitcoin has increased by +80% since the beginning of the year and exceeded $30k, for the first time since June 2022.
- $165,000,000 in ETH Unstaked in 24 Hours: Hundreds of millions of dollars ETH were unstaked within 24 hours of Shapella upgrade.
- London Stock Exchange offers Bitcoin Futures & Options: London Stock Exchange Group has teamed up with Global Futures and Options to offer Britain's first regulated trading and clearing in bitcoin index futures and options derivatives.
- Solana to Launch Crypto Smart Phone: Solana Labs’ crypto smartphone Saga will go on public sale May 8, the company behind the Solana blockchain said Thursday.
- IMF to publish CBDC handbook: In response to increasing interest in CBDCs, the International Monetary Fund (IMF) is planning to release a CBDC handbook.
April Market Update:
This week Bitcoin passed the important psychological barrier of $30,000 and has remained above this mark for the last few days. Ethereum is also above $2k, marking this a great week for the crypto market.
So far, for 2023, Bitcoin has been the best performing asset class.
CPI Data Released
The consumer price index was released a few days, stating 5% inflation, which is below the market expectation of 5.1%. Last month the reading was 6%, marking a 1% decrease. This is good news as it means the Feds can be more lenient with the rate hikes.
The response by the crypto market was pretty unremarkable and likely due to the fact the market was already anticipating reduced inflation numbers.
The big story of the week was Ethereum's Shapella upgrade, which went off without a hitch. Shapella allowed for ETH staked on the beacon chain to be unstaked and potentially be sold. Many people were worried we would see unstaked ETH hitting the market. While some ETH has been unstaked, the selling of ETH doesn't appear to have been as severe as some may have thought.
It's also likely a lot of people are now buying ETH with added confidence and it would seem this confidence has also helped to push up the price of many ETH based projects.
With the success of this upgrade, we can expect to see more ETH bought and staked over the coming months, which will be positive for ETH and the crypto market in general.
As we move into the weekend, crypto prices are at levels we haven't seen since June 2022 and the crypto fear and greed index is at its highest level in almost a year (Greed - 68).
It's looking very positive for the crypto markets.
Have a great weekend!
Today's Crypto Fear and Greed index = Greed -- Increased to 68 (from 64 last week).
Crypto Market at a Glance:
Bitcoin & Ethereum Price Movement
Bitcoin has increased 8.5% in the last week, currently trading at $30,308 (90-day high of $31,000). In the previous 90 days, Bitcoin has increased by 45.7%.
Ethereum has increased 11.7% in the last week, currently trading at $2,078 (90-day high of $2,126). In the previous 90 days, Ethereum has increased by 35.7%.
Global cryptocurrency market capitalization continues to sit above the trillion dollar mark, sitting at $1.265T.
Digital Asset Newsletter
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Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Injective (INJ) +49.5% - Ranked #74
For the second time in two weeks, Injective has been the best-performing Top 100 altcoin.
Injective is an open, interoperable layer-one blockchain for building powerful DeFi applications. Injective uniquely provides plug-and-play financial infrastructure primitives, such as a high-performance on-chain decentralized exchange infrastructure, decentralized bridges, oracles, and a composable smart contract layer with CosmWasm.
Injective’s core exchange module provides state-of-the-art capabilities including an advanced on-chain order book and matching engine for spot, perpetual, futures and options markets, resistance to Miner-Extractable Value (MEV) through frequent batch auction order matching, and zero gas fees for users.
Injective is built with the Cosmos SDK and leverages a Tendermint-based Proof-of-Stake consensus mechanism, which allows it to achieve instant transaction finality while sustaining lightning-fast speeds (10,000+ TPS).
Arbitrum (ARB) +37.6% - Ranked #33
Arbitrum is an Ethereum layer-two (L2) scaling solution. It uses optimistic rollups to achieve its goal of improving speed, scalability and cost-efficiency on Ethereum. Arbitrum benefits from the security and compatibility of Ethereum. Another benefit is the higher throughput and lower fees compared to Ethereum. That is made possible thanks to moving most of the computation and storage load off-chain.
Arbitrum has an ambitious roadmap for 2023, which includes: Launching its own layer-three solution called Orbit; Enabling developers to deploy programs written in popular programming languages like Rust, C++, and more using Stylus; Expanding its validator set to include more independent institutional validators; Moving its protocol to layer two with Arbitrum One.
Render Token (RND) +33.66% - Ranked #80
RenderToken (RNDR) is a distributed GPU rendering network built on top of the Ethereum blockchain, aiming to connect artists and studios in need of GPU computing power with mining partners willing to rent their GPU capabilities out.
RNDR is an ERC-20 utility token used by artists on the network to exchange for GPU compute power from GPU providers (node operators). RNDR utilizes a combination of manual and automatic proof of work system or in this case, proof of render, in order to verify all art has been successfully rendered prior to payment disbursal and art release. Utilizing the inherent security properties of the Ethereum blockchain, proprietary assets are hashed upon upload and sent to nodes piecemeal for rendering.
WOO Network (WOO) +33.3% - Ranked #91
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at lower or zero cost.
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.
Store +1,000 Cryptos in a Single Wallet.
Biggest Micro Cap Gainers in the last 30 days
Every week we review and analyze small and micro market cap cryptos looking for the next low-cap gem. 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 which fall into the nano & micro-cap projects over the last 30 days are:
Best Performing Micro Cap projects (30 days):
- RXD +1,009% - Highly Scalable Layer-1 Blockchain (Micro-Cap)
- BCP +667% - Social Media Content Platform (Nano-Cap)
- FLASH +426% - Offers instant upfront yield on crypto (Micro-Cap)
- TABOO +221% - Adult NFT & Streaming Platform (Micro-Cap)
Monthly Altcoin Pick:
If you would like access to our current and prior Altcoin Picks, please consider becoming a member. Altcoin picks are emailed to members as soon as they are published.
Our Altcoin Picks for the prior months can be found here.
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Until the next report,