Table of Contents
In this report:
- Market Update: The Crypto Market is Looking Bullish
- Top 100 Gainers: Compound (COMP) +22% (7D)
- Micro-Cap Gainers: Alex Lab Foundation ($B20) +777% (30d)
- Monthly Altcoin Pick: The Altcoin Pick for October will be released in a few days!
The Crypto Market is Looking Bullish
Historically, September has been one of the worst months for growth in crypto and this September held true to this trend.
However, October and November have historically been some of the best months for crypto and we will soon see if this trend continues to hold true.
If you would like a detailed analysis of the historical Q4 crypto trends, I encourage you to check our article Brief History of Bitcoin Bull and Bear Markets.
What's on the horizon for the month of October:
- Government Shutdown: It's likely there will be a government shutdown starting at 12:01 a.m. ET Sunday, unless an agreement is reached.
- Spot Bitcoin EFTs (Delayed): While the SEC was supposed to rule on the Spot Bitcoin EFTs between October 16 to October 19th, they have just announced the delay of their verdict, with the new verdict date likely to be scheduled for January 2024. The approval of Spot BTC ETFs would likely have had a significant positive effect on the crypto market but looks like this won't happen this year.
- CPI Index: Scheduled for October 12th, however, could be delayed due to the government shutdown.
- FOMO Meeting Minutes: Minutes of the September FOMO meeting are due to be released on October 14th and it's expected the FEDs will increase the interest rates by another 25BPS before the end of the year. These minutes may provide insight into when this will happen. The next FOMO meeting is scheduled for October 31st.
With the looming government shutdown and the postponement of Spot Bitcoin ETFs (which would have been a massive win for the crypto market if approved), there is a lot of unpredictability in the crypto market for October.
While it's very difficult to predict what will happen in October, it is important to note that Larry Fink, the CEO of Blackrock - the largest asset management company in the world is bullish on Bitcoin. He also believes the future will be tokenized.
With him backing Bitcoin, it's not a question of if, but rather when the market will pump.
Join Us - As We Accumulate
Now is still an excellent time to be getting into the market. 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 preparation for the upcoming bull run - You just need to become a member.
We will be releasing our next Altcoin Pick in the next few days.
Richard.
Crypto Market at a Glance (7D):
We are seeing a lot more green in the crypto market this week but will it continue for October?
Crypto Fear & Greed Index:
Today's Crypto Fear and Greed Index = Neutral –> Increased to 48 (from 47 last week).
The crypto fear and greed index is determined by human emotions - Fear and greed. These two primal emotions, play pivotal roles in shaping investors' decisions and the overall market sentiment.
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 increased 1.42% in the last week, currently trading at $26,927. In the previous 90 days, Bitcoin has decreased by 11.96%.
Ethereum has decreased 2.52% in the last week, currently trading at $1,666. In the previous 90 days, Ethereum has decreased by 13.3%.
Global cryptocurrency market capitalization has increased to $1.08T (from $1.05T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Compound (COMP) +22.2% - Ranked #82
Compound (COMP) is a decentralized finance (DeFi) protocol on the Ethereum blockchain that allows users to lend and borrow cryptocurrencies. Users earn interest by lending their assets and can borrow by providing collateral. The COMP token is used for governance, enabling token holders to vote on changes to the protocol. The platform is decentralized and operates through smart contracts, making it secure and transparent.
Chainlink (LINK) +16.1% - Ranked #17
Chainlink (LINK) is a decentralized oracle network that connects smart contracts with real-world data. It aggregates data from multiple sources to ensure accuracy and uses its native LINK token for incentives and payments within the network. Initially built on Ethereum, Chainlink is designed to be blockchain-agnostic. It enhances smart contracts by enabling them to interact with external data, making it crucial for various applications like DeFi and supply chains.
Maker (MKR) +14.2% - Ranked #33
Maker (MKR) is a decentralized finance protocol on the Ethereum blockchain that allows users to create a stablecoin called DAI, which is pegged to the U.S. dollar. Users generate DAI by locking up collateral in smart contracts. The MKR token is used for governance, allowing holders to vote on system parameters and upgrades. The protocol employs a stability fee, similar to an interest rate, and has a liquidation mechanism to maintain the system's solvency.
Bitcoin Cash (BCH) +13.8% - Ranked #16
Bitcoin Cash (BCH) is a cryptocurrency created as a fork of Bitcoin in 2017 to address scalability issues. It features larger block sizes compared to Bitcoin, allowing for more transactions per block and generally lower transaction fees. Like Bitcoin, it operates on a decentralized network but has its own separate community and development teams. The larger block size aims to make Bitcoin Cash more suitable for everyday transactions.
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:
ALEX (Automated Liquidity Exchange) ($B20) has made its third appearance on this list in the last three weeks. The project is building "DeFi on Bitcoin" and is the first complete DeFi platform built for Bitcoin and has seen gains of over 770% in just the last 30 days.
Best Performing Quality Micro Caps (Last 30 days):
- $B20 +777% - DeFi on BTC (Nano-Cap) - 3rd week in a Row!
- PZP +331% - Online Gaming (Nano-Cap)
- DEXTF +264% - Tokenized Portfolios (Nano-Cap)
- PNB +172% - Predictive AI (Micro-Cap)
Monthly Altcoin Pick:
Tomorrow we will release the next Altcoin Pick. 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.
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