Table of Contents
Market Recap:
In last week's report I mentioned how we can expect to see the price of Bitcoin dip below $40k before correcting. That's exactly what we saw this week as the price of Bitcoin fell to a low of $38,700 before correcting and pushing back through the $40k price just a few days later.
While the approval of the Spot Bitcoin ETFs was a case of "Buy the Rumor and sell the news". We are anticipating a continued increase in the price of Bitcoin and the overall market over the upcoming weeks.
2023 Growth of the Global Crypto Market +34%
According to Crypto.com's recent Crypto Market Sizeing Report 2023, global cryptocurrency ownership increased by 34% in 2023.
The number of cryptocurrency owners increased significantly from 432 million at the beginning of the year to 580 million by December.
Some key takeaways from the report are:
- Total Global cryptocurrency owners increased by 34% in 2023
- Bitcoin (BTC) owners increased by 34% (2023)
- Ethereum (ETH) owners grew by 39% (2023)
The report notes that the main reason for the increase in BTC adoption due to the market interest in Bitcoin exchange-traded funds (ETFs) and the launch of the Bitcoin Ordinals protocol.
Bitcoin Ordinals protocol makes it possible to create both non-fungible (NFTs) and fungible tokens directly on the Bitcoin network. Additionally, the growing involvement of institutional investors also played a crucial role in bolstering BTC adoption rates.
Richard Knight
Expect to See this Trend Continue into 2024
We expect to continue to see an increase in the global cryptocurrency owners through 2024 (is another 34% growth possible?) combined with the increased scarcity of Bitcoin (after the Bitcoin Halving event) and the influx of institutional money into the cryptocurrency market, we are confident 2024, into 2025 will be one of the greatest bull markets the cryptocurrency market has seen.
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:
Another week with a significant amount of red in the crypto market (last 7 days).
Today's Crypto Fear & Greed Index:
Today's Crypto Fear and Greed Index = Neutral –> Decreased to 54 (from 56 last week).
Bitcoin & Ethereum Price Movement
Bitcoin increased 0.85% in the last week, currently trading at $41,972. In the previous 90 days, Bitcoin has increased by 21.7%.
Ethereum decreased 8.1% in the last week, currently trading at $2,263. In the previous 90 days, Ethereum has increased by 25.5%.
Global cryptocurrency market capitalization has decreased to $1.62T (from $1.64T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Manta Network (MANTA) +43.9% - Ranked #72
Manta Network (MANTA) is a privacy-centric decentralized finance (DeFi) platform on the Polkadot blockchain. It emphasizes transaction privacy using zk-SNARKs cryptography, ensuring details like asset types, amounts, and participant identities are concealed. As a Polkadot parachain, it benefits from cross-chain interoperability. Its native token, MANTA, is used for transaction fees, governance, and staking. Manta Network offers a private decentralized exchange (DEX) for anonymous cryptocurrency swaps and focuses on community-driven growth, supporting various applications with privacy as a core feature. Security is a priority, with regular audits to protect user assets. It's aimed at users and developers seeking privacy in their blockchain transactions and applications.
SUI (SUI) +26.0% - Ranked #49
Sui is a high-performance, layer-1 blockchain platform known for its high throughput and low latency, making it ideal for a wide range of decentralized applications (dApps), especially in gaming and social media. It employs an object-centric data model for efficiency and utilizes the Move programming language, ensuring secure and resource-oriented smart contract capabilities. The native token, SUI, is used for transaction fees, staking, and governance within the Sui ecosystem. The platform is designed to be both developer and user-friendly, emphasizing a seamless experience and robust environment for building and interacting with dApps. Sui's unique approach and architecture aim to offer a scalable, secure, and user-oriented blockchain solution.
Conflux (CFX) +23.6% - Ranked #76
Conflux is a blockchain network known for its unique Tree-Graph consensus algorithm, which significantly enhances transaction processing speed and scalability without sacrificing decentralization or security. The network supports high throughput and low transaction fees, addressing common scalability challenges in traditional blockchains. Conflux emphasizes cross-chain interoperability, allowing seamless asset and data transfer across different blockchains. The native token, CFX, is utilized for transaction fees, staking, and network governance. The platform is also developer-friendly, offering resources for building decentralized applications and fostering ecosystem growth. Conflux positions itself as a solution for scalability, interoperability, and improved user experience in the blockchain industry.
Helium (HNT) +15.1% - Ranked #56
Helium (HNT) is a decentralized, blockchain-based network designed to provide wireless connectivity for Internet of Things (IoT) devices. It operates through a distributed network of Hotspots, which are devices that offer network coverage and also act as blockchain miners. Operators of these Hotspots earn HNT tokens for providing coverage and transmitting data. Helium uses a unique "Proof of Coverage" system to verify network coverage and reward operators, ensuring the network's integrity and functionality. The native token, HNT, incentivizes network participation and is used for transaction fees and governance. Helium's focus on low-power, low-cost connectivity solutions aims to foster widespread adoption and scalability, positioning itself as a key player in the IoT and blockchain space.
Biggest Micro-Cap Gainers in the last 30 days
We review and analyze small and micro market cap cryptos weekly, 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):
- RITE +1,877% - Decentralized Entertainment (Nano-Cap)
- METAL +1,092% - Multiplayer shooter game (Nano-Cap)
- HSUITE +401% - HBar DeFi Tool (Micro-Cap)
- ALEPH +109% - Access trusted off-chain data (Micro-Cap)
Monthly Altcoin Pick:
At the end of the month, we will be releasing our latest Altcoin Pick. If you would like access to this and future monthly Altcoin picks, consider becoming a member - It's only the price of a few 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 our methodology.
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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