CoinStats Scoop
GM, and welcome to another edition of CoinStats Scoop! 🥂 In this week’s newsletter, you'll find:
The usual market overview featuring an informed perspective on the path to upside momentum
Weekly updates on this week’s noteworthy news and developments
Reading a (mostly) ChatGPT article on the future intersection of AI and crypto
Tweets & Memes capturing last week's highlights
Weekly wrap-up: predictions & takeaways.
Market Overview
Another week was successfully completed, with BTC and ETH continuing to range within the same levels. Per usual, most of the crypto ecosystem followed the two leading cryptocurrencies, resulting in a relatively calm week for the crypto market. While we’ll highlight some notable coins that outperformed during this period below, first, we must discuss what typically follows after weeks of consolidation, such as the one we've recently experienced.
Despite the ongoing consolidation, the total crypto market has made gradual progress, hovering around the $1.2 trillion mark. Notably, the key psychological levels of the total crypto market cap, along with BTC and ETH, have been respected amidst the continuous volatility. The total market cap has convincingly surpassed the $1 trillion milestone, while BTC and ETH are comfortably positioned above their respective psychological levels of $25,000 and $1,500. As long as the recent price action doesn't make significant moves in one direction or another, the current phase of consolidation and “boring” markets are likely to persist, for better or worse. 🌞
On the relatively bright side, there is a popular belief that a period of low volatility tends to prolong itself until a significant and explosive move becomes necessary in either direction. In other words, when markets are calm, they tend to remain calm until that calmness breeds an explosive move. Of course, ideally, that explosive move will be in the upward direction, pushing BTC beyond the 30k level. And our internet anon CryptoAmsterdam makes a convincing case in favor of such an outcome below. 😤
It’s important to note that the above take is just one crypto anon’s viewpoint. However, the timeline, complacency, and lack of volatility match incredibly well with the chart he highlights. Stagnant prices tend to persist until they're eventually forced to explode in one direction, so here’s to hoping for the anticipated upward bias, leading to higher levels for BTC, ETH, and the broader crypto ecosystem. 🙏
Despite the relatively stagnant performance of BTC and ETH, several tokens within the expansive crypto ecosystem experienced positive price movements. While most of the market follows their lead, the sheer size and diversity of the crypto space ensure there are always outliers benefiting from the broader ecosystem. 💪
This week, notable performers included XRP (+11%), fueled by growing optimism surrounding their legal case against the SEC, along with rumors about the company behind the 6th most valuable token exploring options to become a publicly listed company. ILV (+8%) also gained traction after the gaming protocol announced a successful $10 million funding round for their gaming protocol. SOL (+5%) witnessed a boost from the popularity of the Mad Lads NFT combined with a growing crypto Twitter social presence, discussing SOL's potential to recover to its previous all-time highs of ~ $250.
Alongside these narrative-driven tokens, several other tokens displaying strong performance throughout the week are highlighted below:
JOE +20%, AKT +9%, INJ +9%, SYN +9%, LDO +8%, APT +8%, WOO +7%, ROSE 6%, IMX +5%, MKR +5%, Tron’s TRX gained 5%, & HNT +5%
News & Developments
Tether, the company behind the world’s largest stablecoin USDT, will begin mining Bitcoin in Uruguay; Tether’s USDT market cap sets a new all-time high of $83.6 billion this week
Transak, a company focused on seamlessly onboarding users to the Web3 ecosystem, raises $20 million
The Avalanche blockchain (AVAX) surpasses 1 million monthly active users for the first time
Crypto insurance company Evertas raises its policy coverage limit to $420 million for custodians or exchanges, a massive increase from their previous limit of just $5 million
Circle, the company behind crypto’s 2nd largest stablecoin USDC, will launch native USDC on Arbitrum (ARB) and Cosmos (ATOM) in the coming weeks
Japan’s largest airline group ANA (All Nippon Airways), launches an NFT marketplace and is working on a “metaverse travel experience that will integrate passengers’ flight histories into their digital avatars”
Nike, one of the world’s largest sports retailers, announces their Polygon-based (MATIC) . Swoosh NFTs are coming to future EA Sports Games
Magic, a Web3 wallet as a service onboarding provider, raises $52 million in a strategic funding round to continue expanding their wallet services
Anoma, a crypto infrastructure firm and the entity behind the Anoma blockchain raises $25 million in its third funding round
Read of the Week
"The Convergence of Crypto and AI: Four Key Intersections” — Kyle Samani/ChatGPT
The recent prominence of AI and its potential has undoubtedly garnered significant attention in recent weeks, capturing the spotlight in various domains, including crypto and finance.
However, the potential synergies between crypto and AI have been somewhat overlooked. Addressing this oversight, our read for this week comes from Kyle Samani and ChatGPT. Interestingly, as the editor’s note on the article states, the article is largely written by ChatGPT, while Kyle Samani provides the editor’s notes and the final okay before publication. 🤯
“In this post, we will explore four important intersections at the crossroads of crypto and AI”:
“The worlds of cryptocurrency and Artificial intelligence (AI) have been evolving in parallel, with each domain pushing the boundaries of technology and innovation. As we continue to make strides in both fields, it is becoming increasingly clear that their futures are inextricably linked. Blockchains do not know what is happening in the real world. It can be very beneficial for them to know of events that occur outside of the chain so that they can programmatically move value based on in-real-life changes. In conclusion, the convergence of cryptocurrency and artificial intelligence technologies presents a wealth of opportunities to address pressing challenges and unlock innovative solutions.”
The four key intersections the article highlights include:
The “AirBNB for Graphics Cards” Model — using crypto tokens and novel incentivization mechanisms to allow individuals/organizations to rent out their unused GPU resources to meet the demand of AI researchers and developers
Token-Incentivized Reinforcement Learning from Human Feedback (RLHF) utilizes token frameworks to incentivize the application of RLHF in various domains, including medicine, law, engineering, finance, scientific research, education, sustainability, and more. The use of crypto incentivization through tokens enables the improvement and advancement of these fields.
Zero-Knowledge Machine Learning (zkML) — it’s currently far too expensive to compute machine learning models on-chain, but zero knowledge technology can reduce those costs much like how they’re scaling Ethereum L2s
Authenticity in the Age of Deep Fakes — maintaining authenticity and trust in digital media is paramount over the next decades, and the current best solution for that is to leverage public key cryptography
“As we continue to uncover the synergies between crypto and AI, we will undoubtedly discover even more opportunities to drive innovation, create value, and address some of the most pressing issues faced by society today.”
As if the decade ahead wasn’t going to be weird enough with crypto making further inroads into the global financial system, now we have AI emerging as a significant player. The synergies between crypto and AI are only expected to grow in the future, so buckle up; it’s going to be a weird and fun decade ahead. 🤓
CoinStats Reads
In this edition of the CoinStats Reads, we delve into Trust Wallet, your secure and user-friendly mobile wallet empowering you to safely store your digital assets and seamlessly transact with various cryptocurrencies and explore the potential of BRC-20 tokens within the Bitcoin ecosystem, highlighting their significant technological advancements paving the way for exciting possibilities and blockchain interoperability.
Plus, we cover the groundbreaking initiatives of Klima DAO, the decentralized autonomous organization and DeFi protocol, revolutionizing the fight against climate change.
CoinStats Blog is your go-to source for comprehensive summaries and insights on the latest trends and developments in the cryptocurrency world, helping you stay informed and ahead of the game.
Introducing Trust Wallet, the ultimate solution for secure and seamless management of your crypto assets. With Trust Wallet, you gain full control over your crypto coins and NFTs, all within a user-friendly interface.
Discover Klima DAO, the cutting-edge decentralized autonomous organization (DAO) and DeFi protocol, empowering you to fight climate change and earn rewards. Klima DAO's innovative DeFi protocol generates tokenized carbon credits through its native KLIMA token, the world's first carbon-backed, algorithmic currency, revolutionizing the fight against climate change.
Unlock BRC-20 tokens, a game-changing technological advancement that addresses Bitcoin protocol's previous limitations, opens up new possibilities for various use cases, and drives the evolution of decentralized finance (DeFi) and blockchain interoperability.
Tweets & Memes
Now you can track BRC20 on Bitcoin Wallet with CoinStats.
The amount of ETH continues to decrease at a staggering pace 🤑
Pentoshi provides some invaluable insights about time & survival 💪
Wrapping Up
We'll wrap up this week’s CoinStats Scoop with Pentoshi’s positive tweet highlighting the next eventual “uponly” crypto cycle. While the market has remained relatively stagnant, several tokens have consistently outperformed as the crypto space expands and reaches new horizons. 🔥
As usual, we provided the regular market update with insights on navigating a slow market while waiting for upward volatility, highlighted the usual outperforming tokens of the week, including the narrative-driven ones, covered this week’s noteworthy news and developments with a focus on Nike’s embrace of Web3, read and thought through the growing crypto x AI sector, and highlighted the tweets and memes showcasing another week of building toward a promising future for crypto.
CoinStats will continue to guide you through the world of crypto and DeFi. We'll see you next week for another edition of CoinStats Scoop! 😎