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It's been another great week for cryptocurrencies with Bitcoin up 14% in the last 7 days, the Fear and Greed Index sitting at Greed (73), and green across the market.
Solana Blockchain
In particular, the Solana blockchain has performed very well, up 78% over the last month and this has had a positive knock-on effect for the projects on the Solana blockchain.
For example. the top 100 gainer this week is Bonk (BONK) +219% (7D), a dog-themed meme coin that launched in December 2022 which aims to support Solana-based decentralized exchanges and enhance SOL token adoption.
Within the Micro-Caps, we have seen some of the biggest gainers in the entire market for projects on the Solana blockchain, such as:
- GOFX +1,963% - DeFi Exchange on Solana (Micro-Cap)
- HAWK +2,582% - Liquidity Provider for Solana (Nano-Cap)
Over the last year, Solana's price has suffered with a low of $8.14 compared to its all-time high of $258 last year (which can also be attributed to the drop in interest in NFTs).
The price of Solana is currently sitting at $74 and with the upcoming run-up in the market we are expecting in 2024, the price of Solana is expected to increase and with it, many of the projects utilizing the Solana blockchain.
The Knock-On Effect:
As the price of Solana increases (and this can be expected of any Layer-1 blockchain), the success of the underlying token will have a knock-on effect, helping to boost the price of projects within that blockchain.
Just as the price of Bitcoin has a direct impact on the overall crypto market. The price of a layer-1 blockchain will also have an impact on the price of all the projects within that blockchain.
As the saying goes, a rising tide lifts all boats, but in this case, a rising layer-1 blockchain lifts all projects on that blockchain.
The biggest opportunity in this example would be to invest in projects that are directly related to supporting the growth of the blockchain, such as liquidity providers and DeFi exchanges. It's also likely if BONK continues to gain more momentum, this will drive more users and volume to the Solana blockchain as well.
Join Us - As We Accumulate
Now is still an excellent time to get into the market while prices are still relatively low. If you want to know what we are buying, you are more than welcome to join us as we share our monthly Altcoin picks in anticipation of the upcoming bull run - You just need to become a member.
Richard.
Top 100 Trending Altcoins:
The crypto market is full of green again this week.
Today's Crypto Fear & Greed Index:
Today's Crypto Fear and Greed Index = Greed –> Stayed the same at 73 (73 last week).
Bitcoin & Ethereum Price Movement
Bitcoin increased 14.27% in the last week, currently trading at $44,189. In the previous 90 days, Bitcoin has increased by 70.8%.
Ethereum increased 13.1% in the last week, currently trading at $2,362. In the previous 90 days, Ethereum has increased by 44.5%.
Global cryptocurrency market capitalization has increased to $1.64T (from $1.45T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Bonk (BONK) +219% - Ranked #75
Bonk (BONK) is a dog-themed meme coin on the Solana blockchain, launched in December 2022. It aims to support Solana-based decentralized exchanges and enhance SOL token adoption. 50% of BONK's total supply was airdropped to the Solana community. It uses Solana's efficient consensus mechanisms and plans broad dApp integration. As of early 2023, BONK had a significant circulating supply and had seen notable growth in user base and market cap, with its development team remaining anonymous.
ORDI (ORDI) +128% - Ranked #58
ORDI is a token associated with the Bitcoin Ordinals Protocol. This protocol allows for the inscription of content, such as text, images, audio, and video, directly onto individual satoshis (the smallest unit of Bitcoin). The Ordinals protocol does not require a separate token, side chain, or changes to Bitcoin itself; it functions by writing information onto each satoshi.
The token saw a significant price increase, particularly after being listed on the Binance exchange, indicating strong market interest. However, being a relatively new token, ORDI is subject to higher-than-normal risks and volatility.
BitTorrent (BTT) +119% - Ranked #65
BitTorrent (BTT) is a cryptocurrency that functions as a TRC-20 utility token on the TRON blockchain. It is designed to integrate with the BitTorrent protocol, a popular peer-to-peer file-sharing platform. BTT aims to incentivize users within the BitTorrent ecosystem by rewarding them for sharing bandwidth and storage space, thereby supporting the community-driven file-sharing system. Users can earn BTT tokens by seeding files and can spend these tokens to achieve faster download speeds.
Helium (HNT) +61% - Ranked #83
Helium (HNT) is a cryptocurrency that serves as the native token of the Helium Network, which is focused on creating decentralized wireless infrastructure. The Helium Network operates on a unique Burn-and-Mint Equilibrium model, utilizing multiple tokens. The primary function of HNT is to be burned to create Data Credits, which are used for sending device data over the network. These Data Credits have a fixed USD value and are the only payment accepted for data transfer on the Helium Network.
Biggest Micro-Cap Gainers in the last 30 days
We review and analyze small and micro market cap cryptos every week looking for the next low-cap gem. These are the best-performing (quality) micro-cap projects over the last 30 days:
Best Performing Quality Micro Caps (Last 30 days):
- HUSKY +6,996% - Dog NFT on Avalanche (Nano-Cap)
- HAWK +2,582% - Liquidity Provider for Solana (Nano-Cap)
- RSC +2,238% - DeSci - Research Papers (Micro-Cap)
- GOFX +1,963% - DeFi Exchange on Solana (Micro-Cap)
- GAME +932% - Web3 Gaming Ecosystem (Nano-Cap)
Monthly Altcoin Pick:
Last week we released our Altcoin Pick for December. If you would like access to this and future monthly Altcoin picks, consider becoming a member - It's only the price of a couple of cups of coffee a month.
Altcoin picks are emailed to members as soon as they are published. If you are wondering how we choose our monthly Altcoin Picks - this is the methodology we use.
Our Altcoin Picks for the prior months can be found here.
Thanks and appreciation to all our members!
Until the next report,
Richard.
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