Table of Contents
In this report:
- Market Report: The Upcoming Bitcoin Halving Event
- Top 100 Gainers: Loom Network (LOOM) +66% (7D)
- Micro-Cap Gainers: Decentralized Entertainment (DHB) +259% (30d)
- Monthly Altcoin Pick: The Altcoin Pick for November will be released in 2 weeks.
The Bitcoin Halving Event (~175 Days)
Bitcoin halving is an event that occurs approximately once every four years (or after every 210,000 blocks are mined on the Bitcoin blockchain) where programmatically the amount of miner rewards (new Bitcoins being created) are cut in half.
The halving event decreases the rate at which new Bitcoins are created, which results in a reduction in the Bitcoin supply. This, in turn, typically leads to a substantial increase in the price of Bitcoin, as observed in all previous halving events.
Current Market Price Behavior
The current price behavior closely mirrors past halving cycles as historically Bitcoin's price tended to exhibit sideways movement during the months preceding the halving (as we currently see in the market).
If historical patterns hold true, we can anticipate a significant shift in Bitcoin's trend, possibly starting as early as mid to late November.
Additional Catalyst:
Another massive catalyst for the cryptocurrency market will be the SEC approval of Bitcoin ETFs and this is expected to take place anywhere between January to March 2024.
In combination with the Bitcoin halving event and the anticipated approval of Bitcoin ETFs, it's looking like the next crypto bull market could start as soon as early 2024.
88,200 Crypto Millionaires
According to Google, there are over eighty-eight thousand crypto millionaires in the world (there are likely many more) and the majority of these individuals made their wealth during these bull markets.
It's a once every four year opportunity and it's right around the corner. If you've been thinking about getting into crypto, now's the best time.
Join Us - As We Accumulate
Now is still an excellent time to get into the market while prices are still low. If you would like 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.
Crypto Market at a Glance (7D):
Crypto Fear & Greed Index:
Today's Crypto Fear and Greed Index = Neutral –> Decreased to 47 (from 50 last week).
Learn more about the emotional landscape of the crypto markets when it comes to fear and greed and how to safeguard yourself and your crypto investments from it.
Bitcoin & Ethereum Price Movement
Bitcoin has decreased 3.76% in the last week, currently trading at $26,884. In the previous 90 days, Bitcoin has decreased by 11.2%.
Ethereum has decreased 5.7% in the last week, currently trading at $1,554. In the previous 90 days, Ethereum has decreased by 19.5%.
Global cryptocurrency market capitalization has decreased to $1.05T (from $1.09T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Loom Network (LOOM) +66.9% - Ranked #92
Loom Network (LOOM) is a blockchain platform designed to improve the scalability and usability of decentralized applications (dApps). It aims to provide a more efficient and developer-friendly environment for building dApps, particularly those that require high throughputs and low latency, such as games and social applications. Loom Network achieves this by using a unique architecture that includes multiple sidechains, also known as "DAppChains," which run parallel to the main Ethereum blockchain.
Klaytn (KLAY) +5.46% - Ranked #79
Klaytn (KLAY) is a public blockchain platform developed by Ground X, a subsidiary of South Korean company Kakao. It aims to bring blockchain to the mainstream by focusing on real-world applications and offering a user-friendly development environment. Klaytn is designed for high speed and scalability, and it employs a hybrid architecture that combines features of both public and private blockchains. The platform is geared towards enterprise use cases and has a growing ecosystem of decentralized applications. Its native token is KLAY, used for transaction fees and network governance.
Trust Wallet Token (TWT) +19.2% - Ranked #81
Trust Wallet Token (TWT) is a utility token designed for the Trust Wallet platform with the aim of making cryptocurrencies more accessible. It serves multiple roles, including governance, where token holders can participate in decision-making processes, and as a payment method for various platform-related activities. The token is available on both the Binance Chain and Binance Smart Chain.
Tether Gold (XAUt) +5.2% - Ranked #68
Tether Gold (XAUt) is a gold-backed cryptocurrency issued by Tether. Each XAUt token is backed by one troy ounce of physical gold stored in secure vaults. The token combines the stability of gold with the liquidity and transferability of cryptocurrencies. It offers a transparent and accessible way to invest in gold, serving as a hedge against market volatility. Unlike physical gold, XAUt has no storage fees but may incur transaction fees during trading or transfers.
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):
- DHB +259% - Decentralised Entertainment Hub (Nano-Cap)
- TRC +229% - GameFi on a Real World Map (Nano-Cap)
- PZP +162% - Online Gaming (Nano-Cap) - 3rd week in a row!
- 0X0 +124% - AI-based safety tools (Micro-Cap)
Monthly Altcoin Pick:
We will be releasing our next Altcoin Pick in two weeks. If you would like access to this and future 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.
){kind=link}