🔥Weekly Report: STARL +660% (30d)
In this report:
- Market Report: What happens when Spot Bitcoin ETFs are Approved?
- Top 100 Gainers: Bitcoin (BSV) +55.96% (7D)
- Micro-Cap Gainers: StarLink (STARL) +660% (30d)
- Monthly Altcoin Pick: The Altcoin Pick for November will be released next week.
What Happens When Spot Bitcoin ETFs Are Approved?
This week the price of Bitcoin jumped more than $2,000 (~10%) in just a matter of hours, on news (rumor) of the approval of the first Bitcoin ETF.
CoinTelegraph, a well-known name and news source within the cryptocurrency space tweeted "SEC approves iShares Bitcoin spot ETF".
The problem was that this was incorrect.
Soon after, CoinTelegraph made a public apology for the inaccurate tweet and that they would conduct an internal investigation into the matter to determine how it happened.
Since that tweet, instead of falling back to its pre-tweet value, the price of Bitcoin has been steadily increasing.
This is surprisingly good news.
This 'fake news' CoinTelegraph tweet has given the market insight into what will happen when the SEC does finally approve Bitcoin ETF - The price will surge, significantly.
However, the actual approval of the Bitcoin ETF won't likely happen until at least the New Year (2024). It is speculated it will take place sometime between January to March 2024.
And while news of the approval of the Bitcoin Spot ETF will likely significantly pump the price of Bitcoin, in April we also have the Bitcoin Halving Event which historically has resulted in Bitcoin hitting new all-time highs. If that wasn't enough, 2024 is also an election year, which likely means we will also see a cut in interest rates leading up to the elections, creating favorable market conditions.
2024 is looking to be an extraordinary year for the cryptocurrency market and if you aren't already in the market, accumulating Bitcoin before news of the SEC approval would be a prudent move.
Join Us - As We Accumulate
Now is still an excellent time to get into the market while prices are still 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.
Crypto Market at a Glance (7D):
Lots of green in the market this week!
Crypto Fear & Greed Index:
Today's Crypto Fear and Greed Index = Greed –> Increased to 63 (from 47 last week).
The market has moved from Neutral to Greed this week with a significant gain of +16 points from last week. Learn how to use emotion to successfully invest in the crypto markets.
Bitcoin & Ethereum Price Movement
Bitcoin has increased 10.24% in the last week, currently trading at $29,601. In the previous 90 days, Bitcoin has decreased by 0.81%.
Ethereum has increased 3.4% in the last week, currently trading at $1,604. In the previous 90 days, Ethereum has decreased by 14.1%.
Global cryptocurrency market capitalization has increased to $1.12T (from $1.05T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Bitcoin SV (BSV) +55.9% - Ranked #41
Bitcoin SV (BSV), standing for Bitcoin Satoshi Vision, emerged from a hard fork of Bitcoin Cash in 2018, aiming to adhere to the original vision of Bitcoin's creator, Satoshi Nakamoto.
Led by Craig Wright, BSV seeks to restore features from Nakamoto's original protocol, notably by increasing block size for better scalability. Although related to Bitcoin and Bitcoin Cash, BSV is a distinct cryptocurrency with its unique protocol and design, aiming to provide a scalable, stable, and widely accessible peer-to-peer digital payment system.
MX TOKEN (MX) +23.0% - Ranked #98
MX Token (MX) is a decentralized digital asset on the Ethereum Blockchain, representing the interests of the MEXC community. It's the native currency of the MEXC platform, a global crypto trading platform.
MX holders enjoy exclusive access to community activities, and voting rights on various issues, and can use the token to pay trading fees or participate in DeFi mining. Profits from spot trading and ETFs on MEXC are burned through MX, which also facilitates project listing voting, airdrop bonuses, and more, promoting an interactive ecosystem on the MEXC platform.
Solana (SOL) +22.4% - Ranked #7
Solana (SOL) is a blockchain platform known for its high transaction speeds, scalability, and low costs, achieved without sacrificing decentralization. It employs a unique "proof of history" mechanism alongside a proof-of-stake consensus mechanism. The native cryptocurrency of the platform is SOL, used for transaction fees and staking.
Solana, launched in 2020 by Solana Labs, facilitates smart contract execution and handles thousands of transactions per second, making it a favorable platform for decentralized applications, especially in the DeFi (Decentralized Finance) sector.
Stacks (STX) +66.9% - Ranked #45
Stacks (STX) is an open-source blockchain network that enhances Bitcoin's functionality by enabling decentralized applications (dApps) and smart contracts on it without requiring a Bitcoin fork. Although separate, Stacks and Bitcoin are designed to work together. The native token, STX, plays a central role in the Stacks network's consensus mechanism and economy and is used for creating smart contracts, processing transactions, and registering new assets on the Stacks blockchain.
Operating as a layer 2 blockchain protocol over Bitcoin, Stacks leverages Bitcoin's security and capital while introducing new functionalities, bridging Bitcoin's robustness with smart contract and dApp capabilities.
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):
- STARL +660% - Metaverse Games (Nano-Cap)
- BLAZED +409% - iGaming (Nano-Cap)
- PAAL +192% - AI Chatbots (Nano-Cap)
- DEXTF +110% - Tokenized Portfolios (Micro-Cap)
Monthly Altcoin Pick:
Our next Altcoin Pick will be released next week. 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.