In this report:
- The Markets: XRP Wins its Lawsuit - XRP is not a Security
- Top 100 Gainers: XRP (XRP) +52% (7d)
- Micro-Cap Gainers (30-days): Rhythm (RHYTHM) +10,307% (30d)
- Monthly Altcoin Pick: Altcoin Pick for this month will be released in two weeks
XRP Wins Lawsuit - Massive Win for Crypto
Yesterday the price of XRP jumped over 67% in the span of just a few hours after news broke that a U.S. Judge had ruled that XRP was not a security.
According to a tweet from Stuart Alderoty, the Chief legal officer at Ripple:
XRP is not a security. Also, sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions - to developers, to charities, to employees are not securities
This has been a verdict the market has anxiously been waiting for - for more than two years. Other Altcoins that saw large gains in light of this news were Cardano (ADA) up +25%, Solan (SOL) up +30%, and Stellar (XLM) up over 50% within just a few hours after the news was announced.
The ruling that XRP is not a security has significant implications for Ripple Labs and the broader cryptocurrency market.
- Market Impact: This ruling has already had a positive impact on XRP's price as it eliminates the overhang of regulatory uncertainty. Not only will this lead to increased adoption of XRP but will also boost investor confidence in the broader cryptocurrency market.
- Precedent for Other Cryptocurrencies: This ruling sets a precedent for other cryptocurrencies facing similar regulatory scrutiny and would influence how other cryptocurrencies are classified and regulated.
What is a Security?
If a cryptocurrency is classified as a security, then it falls under the regulatory purview of the Securities and Exchange Commission (SEC) in the U.S. This means the cryptocurrency must comply with specific legal requirements related to registration, disclosure, and compliance.
This judgment means that XRP in terms of sales on exchanges, sales by executives, or other distributions, such as to developers, charities, or employers are no longer under the regulatory purview of the Securities and Exchange Commission (SEC) - Good News.
What's the Market Outlook for 2023?
Over the last few weeks major institutional investors have shown their interest in the cryptocurrency markets, with Blackrock the world's largest asset management company, and a handful of other institutions, Invesco, Fidelity, and WisdomTree applying to list their Bitcoin ETFs.
This week, a favorable judgment declared that XRP is not a security and offers precedent within the crypto market for other cryptocurrencies.
The events of the last few weeks have gone a long way to improve and boost both retail and institutional investor confidence, laying the groundwork for a potentially bullish third and fourth quarter this year.
Even Standard Bank in a recent research report predicts that Bitcoin could reach $120,000 by the end of 2024.
Join Us - As We Accumulate
Last month our Altcoin Pick was Stellar (XLM) - It's up 60% in just the last 30 days. I hope you didn't miss out on these gains.
As we move closer to the Bitcoin halving event - an event which has always historically precipitated a bull market. It's important to know, it's the bull market where the millionaires are made.
For the next 3-6 months we will be focusing on well-known and undervalued crypto projects. As we enter the bull market our strategy changes to a more aggressive focus on small and micro caps, this is where the ridiculous gains can be made.
Now is the time to be accumulating your crypto portfolio and you are more than welcome to join us as we share our monthly altcoin picks in preparation for the next bull market - You just need to become a member.
Crypto Market at a Glance (7D):
Crypto Fear & Greed Index:
Today's Crypto Fear and Greed index = Greed -- Increasing to 60 (from 55 last week).
Bitcoin & Ethereum Price Movement
Bitcoin has increased 0.73% in the last week, currently trading at $30,446. In the previous 90 days, Bitcoin has increased by 1.4%.
Ethereum has increased 3.67% in the last week, currently trading at $1,934. In the previous 90 days, Ethereum has decreased by 6.25%.
Global cryptocurrency market capitalization has increased from $1.18T to $1.23 in the last week.
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
XRP (XRP) +52.8% - Ranked #5
XRP is a cryptocurrency developed by Ripple Labs Inc., designed to work with their global settlement network, RippleNet. It's intended as a bridge currency to facilitate real-time, low-cost international money transfers.
Unlike many cryptocurrencies, XRP is not mined and was created with a maximum supply of 100 billion coins. It stands out for its speed and scalability, with transactions typically confirmed in 3-5 seconds. It is also one of the few ISO 20022 compliant cryptocurrencies.
Synthetix (SNX) +37.5% - Ranked #57
Synthetix (SNX) is a decentralized finance platform on the Ethereum blockchain that enables the creation of on-chain synthetic assets, or "Synths". These Synths track the value of real-world assets such as fiat currencies, cryptocurrencies, and commodities (like gold and silver).
The Synthetix Network Token (SNX) is used as collateral to issue Synths and for participation in the platform's governance. Users stake their SNX tokens to mint new Synths and earn a portion of the system's fees. Synthetix also operates a decentralized exchange for direct trading between different Synths. All Synths are backed by a shared collateral pool, creating a pooled risk model. The platform is integrated into the wider DeFi ecosystem.
Stellar (XLM) +34.7% - Ranked #23
Stellar is a decentralized, open-source platform for transferring digital currency. It operates using the Stellar Consensus Protocol and its native cryptocurrency is known as Stellar Lumens (XLM).
Stellar aims to connect financial institutions and reduce the cost and time required for cross-border transfers. Notably, Stellar allows for the issuance and transfer of tokens representing any fiat currency or commodity, fostering financial inclusion and remittance efficiency. Stellar is also one of the few ISO 20022 compliant cryptocurrencies.
Solana (SOL) +27.8% - Ranked #8
Solana is a high-performance, open-source blockchain designed for decentralized applications and crypto-currencies. It's known for its scalability and fast processing speed, capable of handling thousands of transactions per second.
The native cryptocurrency of the Solana network is SOL, used for transaction fees and staking within its proof-of-stake consensus model. Solana's key differentiator is its use of a unique timestamp system called Proof of History, which helps increase the network's speed and efficiency.
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. These are the best-performing (quality) micro-cap projects over the last 30 days:
Best Performing Quality Micro Caps (Last 30 days):
- RHYTHM +10,307% - Music Streaming | Tokenized Albums (Nano-Cap)
- OCTA +192% - Distributed Storage & VPN (Nano-Cap)
- W$C +170% - Virtual Citizen-Based (state) altcoin (Micro-Cap)
- DACXI +163% - Tokenized Global Crowdfunding
- LAI +116% - AI + Web3 Platform (Nano-Cap)
Monthly Altcoin Pick:
Our next Altcoin pick will be released in two weeks. If you would like access to this and future Altcoin picks, consider becoming a member.
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 strategy we use for choosing them.
Our Altcoin Picks for the prior months can be found here.
Thanks and appreciation to all our members!
Until the next report,