In this report:
- Latest Crypto News: Bitcoin Soars Above $30,000
- The Markets: Why is Bitcoin up 16% in the last 7 Days?
- Top 100 Gainers: Bitcoin Cash (BCH) +75% (7d)
- Micro-Cap Gainers (30-days): ADAMANT Messenger (ADM) +10,153% (30d)
- Monthly Altcoin Pick: Altcoin Pick will be released next week!
Crypto news over the last week:
Bitcoin is up 16% in the last 7 Days!
Earlier this week, the outlook for cryptos looked bleak. If you recall, during the last Altcoin Report, the market was all red - The SEC had just initiated legal action against Binance and Coinbase as well as the Federal Reserve hinted at possibly increasing interest rates twice more within the year.
However, the tide seemed to turn rapidly when BlackRock, the largest asset management company (in the world) filed a proposal this week with the SEC to launch the first Bitcoin spot exchange (ETF) in the U.S. Unlike previous ETF applications, BlackRock's proposal sparked considerable optimism among investors, pushing up the price of Bitcoin.
Also during this week (coincidence?), EDX Markets, a new crypto exchange supported by Fidelity, Charles Schwab, and Citadel Securities was launched - giving their customer the ability to trade cryptos, including Bitcoin and Ethereum.
It's clear to now see institutional investment jumping into the crypto space, which is being well received by investors.
Does this mean we are in a bull market?
Not at all, the next bull market isn't expected to take place until around the fourth quarter of this year and into 2024. However, this is a nice bump in the crypto space and a good opportunity to be reminded how fast things can change in the crypto market.
While we patiently wait for the next bull market, it's a good opportunity to be picking up many of the undervalue cryptos in this space. If you are interested in what we are buying, subscribe to get access to our monthly Altcoin picks - the next Altcoin pick is coming out next week.
Crypto Market at a Glance (7D):
Crypto Fear & Greed Index:
Today's Crypto Fear and Greed index = Greed -- Increased to 62 (from 47 last week).
Bitcoin & Ethereum Price Movement
Bitcoin has increased 16.01% in the last week, currently trading at $30,528. In the previous 90 days, Bitcoin has increased by 10.7%.
Ethereum has increased 9.78% in the last week, currently trading at $1,884.83. In the previous 90 days, Ethereum has increased by 7.7%.
Global cryptocurrency market capitalization increased this week from $1.059T to $1.186T.
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
The significant increase in the price of Bitcoin this week has had a knock-on effect on Bitcoin-related projects. Two of the biggest (Top 100) gainers this week are Bitcoin forks (BCH & BSV) and also Stacks (STX), a blockchain network designed to bringDApp capabilities to Bitcoin.
Bitcoin Cash (BCH) +75.1% - Ranked #21
Bitcoin Cash (BCH) is a cryptocurrency that is a fork of Bitcoin. It was created in August 2017. The main difference between Bitcoin and Bitcoin Cash lies in the size of blocks in the blockchain, which is larger in Bitcoin Cash, thus increasing the number of transactions that can be processed per second. The goal of Bitcoin Cash is to address the scalability issues that Bitcoin faces, allowing more transactions to happen at a faster pace.
The split from Bitcoin to Bitcoin Cash is what's known as a "hard fork", which is when blockchain-based protocols diverge into two different paths. This was a result of a disagreement within the Bitcoin community about how to best address scaling issues. Some developers believed that increasing the block size would be more effective, while others believed in maintaining the block size and making changes to the way data was stored in the existing blocks.
It's important to note that despite the name, Bitcoin and Bitcoin Cash are now completely separate currencies, and their prices and values are not tied together.
Pepe (PEPE) +68.87% - Ranked #65
PepeCoin (PEPE) is a memecoin, a type of cryptocurrency that is based on internet memes and is often popularized and promoted by influencers or major figures in the space. It was launched in mid-April 2023 and is described by its official Twitter account as the "most memorable memecoin in existence."
The token is based on the Pepe the Frog meme, originally created by Matt Furie in 2005, but it does not have an official connection with Furie or the original cartoon character. The circulating supply of PEPE tokens is 420 million, a nod to cannabis culture's "4/20."
Bitcoin SV (BSV) +49.86% - Ranked #62
Bitcoin SV (BSV) stands for Bitcoin Satoshi Vision. It is a cryptocurrency that was created as a hard fork of Bitcoin Cash (BCH) in November 2018. The creation of Bitcoin SV was driven by a disagreement within the Bitcoin Cash community about the best way to continue developing the platform.
The group that created Bitcoin SV wanted to stay closer to the original vision of Bitcoin as described by its pseudonymous creator Satoshi Nakamoto. They aimed to do this by increasing the block size limit even more significantly than Bitcoin Cash, enabling more transactions to be processed in each block and thus potentially improving scalability. As of my knowledge cutoff in September 2021, the block size limit of Bitcoin SV is 2GB, much larger than that of both Bitcoin (1MB) and Bitcoin Cash (32MB).
Stacks (STX) +38.24% - Ranked #40
Stacks (STX) is a blockchain network that was designed to bring smart contract and decentralized application (DApp) capabilities to Bitcoin, which doesn't natively support these features. Stacks is unique because it doesn't seek to compete with Bitcoin as a store of value or medium of exchange; instead, it aims to extend the functionality of the Bitcoin blockchain.
The Stacks blockchain uses a novel consensus mechanism called Proof-of-Transfer (PoX), which allows it to leverage the security of the Bitcoin network. In the PoX model, miners on the Stacks network spend Bitcoin to mint new STX tokens, and STX token holders can participate in consensus by "stacking" their tokens - locking them up for a certain period - to earn rewards in Bitcoin. This consensus mechanism creates a unique economic model where the operational currency of the network (STX) and the reward currency (Bitcoin) are different.
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):
- W$C +2,316% - Virtual Citizen-Based (state) altcoin (Micro-Cap)
- GST-ETH +515% - Stepn (Green Sato (ETH) Move-to-Earn (Nano-Cap)
- AZIT +227% - Real estate on the Blockchain (Micro-Cap)
- IGU +121% - Blockchain built for GameFi and DeFi (Nano-Cap)
It should be noted that both W$C and GST-ETH made the list for the second week in a row.
Monthly Altcoin Pick:
We will be releasing our Altcoin pick next week. 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,