GM, and welcome to another edition of CoinStats Scoop! 🥂 In this week’s newsletter, you'll find:
The usual market overview featuring the beautiful week of green charts
Weekly updates on this week’s noteworthy news and developments
Analysis of Polygon’s announcement about its future roadmap
Highlights of CoinStats Midas, our AI-powered NFT tool, and how it can help maximize profits
Reads about crypto’s exciting new sectors & their 4 tokens
Tweets & Memes capturing last week's highlights
Weekly wrap-up: predictions & takeaways.
Market Overview
Whew, what an amazing week of upward movement for crypto! BTC led the upward surge, gaining an impressive 16% on the week. ETH attempted to keep pace, but BTC proved to be too dominant. BTC's remarkable strength led to new 2023 highs as it touched 31k+ before settling back down around 30k. 💪
ETH, the crypto sector's second-largest token by market, had a fantastic week, securing a notable 10% gain from its starting point. While we would’ve loved to see Ethereum reclaim the 2k+ level, it topped out right below that mark, lingering in the high 1.9k area. 😤
As the new week unfolds, the once prevailing pessimism regarding the crypto ecosystem is slowly transitioning to heightened optimism. It remains true that nothing alters outlooks quite like the sight of significant upward movements represented by those big green candles. 🤑 BTC and ETH are now comfortably situated above new, higher key levels of ~29k and ~1.8k, and the momentum driving the crypto asset class forward continues to surge, with institutions racing to secure a stake in our beloved tokens!
Since reaching the lows of two weeks ago, BTC, ETH and the entire crypto market, have experienced a strong rally. As loomdart eloquently states, people must stop analyzing with a microscope and zoom out. 🌎
The future of crypto has never looked brighter, so holding unwavering conviction in your beliefs, has never appeared as promising! This week, that conviction paid off in a big way, with the total crypto market cap convincingly surpassing $1.2 trillion! While BTC and ETH were a big part of that total market cap increase, the entire crypto ecosystem moved upwards bolstered by an impressive revival in the DeFi sector. 🧐
DeFi — AAVE +45%, COMP +43%, JOE +39%, SNX +27%, RUNE +21%, SUSHI +21%, 1INCH +18%, DYDX +18%, YFI +16%, UNI +16%, CRV +15%, CVX +11%, GMX +10%, FXS +10%, MKR +6%,
In addition to the impressive revival of OG DeFi tokens and newer ones, here are some of the best performing tokens across other crypto sectors:
Memecoins — PEPE +64%, BONE +29%, FLOKI +23%, DOGE +8%,
Alternative L1s — FTM +18%, AVAX +17%, IMX +16%, NEAR +13%, XTZ +13%, ADA +11%, ATOM +10%, MATIC +10%, ROSE +10%, & SOL +9%
Infrastructure Tokens — LINK +19%, ENS +16%, LPR +12%, GRT +11%, FIL +10%, AR +11%, HNT +5%
Gaming — CHZ +18%, MANA +17%, MAGIC +15%, SAND +13%, APE +9%, ILV +6%
Scaling — OP +20%, MINA +17%, INJ +15, SYN +14%, ARB +10%,
Miscellaneous Tokens — BCH +80%, KAVA +40%, STX +28%, CFX +27%
News & Developments
UK Parliament’s Upper House approves Financial Services and Markets Bill recognizing crypto as a regulated activity, and stablecoins as a means of payment under existing laws
A new cryptocurrency exchange, EDX Markets, backed by US-based traditional finance giants Citadel, Fidelity Investments, and Charles Schwab was officially launched
Jerome Powell, the Chairman of the United States Federal Reserve, says Bitcoin and other cryptocurrencies have “staying power,” and acknowledges stablecoins as a form of money
Leading Spanish cryptocurrency exchange Bit2Me raises $15 million to expand its business in Spain and Latin America
XRP’s Ripple was granted a principal license to operate throughout Singapore
Polygon’s (MATIC) Proposed Future
A few weeks ago, Polygon announced its vision for the future of MATIC, aiming to “build the Value Layer of the Internet.” Details became a bit clearer this week as Polygon Labs provided more information about it.
The core takeaway of Polygon’s announcement centers around transitioning the PoS sidechain to a zkEVM validium. This news comes a few months after MATIC launched its long awaited zkEVM in March, and the proposed transition would see the entire network operate under zero-knowledge technology! Here are the benefits detailed in the announcement tweet by Polygon Labs:
“The upgrade would demonstrate the caliber of Polygon’s ZK technology and introduce major benefits to the users and devs. If the proposal passes, Polygon PoS and its $2B in assets, millions of users, and thousands of apps would seamlessly migrate to this bleeding-edge technology. If the proposal is accepted, the upgrade could go live on mainnet by the end of Q1 2024.”
Continued Institutional Adoption
After BlackRock’s massive announcement of applying for a Bitcoin Spot ETF, the floodgates have opened for traditional finance giants clamoring to enter the crypto space. Here is the list of prominent institutions who made their intentions known over the past week:
Deutsche Bank AG applied for a digital assets license in Germany
EDX Markets, a new institutional cryptocurrency exchange backed by traditional finance giants Citadel, Virtu, Charles Schwab and Fidelity was officially launched
Wisdom Tree, Valkyrie, Invesco, and Bitwise have followed BlackRock’s lead and applied for spot Bitcoin ETFs
CACEIS, a global asset manager, has gained approval from French regulators to provide crypto custody services
Ripple (XRP) secured approval for a Major Payments Institution Licensse from the Monetary Authority of Singapore
JPMorgan “continues stablecoin testing with Euro-dominated payments in JPM Coin to bring more efficient liquidity management to multi-national corporations”
BITX, a 2x leveraged Bitcoin futures ETF, was officially approved by the SEC
Jerome Powell, the Chairman of the United States Federal Reserve, says that Bitcoin and other cryptocurrencies have “staying power," and acknowledges stablecoins as a form of money
The future of the crypto space continues to shine brighter with each passing week, as an increasing number of global traditional finance institutions actively strive to secure their share of the crypto pie. 🥧
The Midas Touch
In this section, we'll once again emphasize the value of the amazing CoinStats Midas and its ability to enhance profitability, ROI, and crypto balance. 🤯
CoinStats Midas is a smart and user-friendly NFT alerting system revolutionizing NFT trading. It was desiged to address the challenges faced by traders in tracking and identifying promising NFT transactions. Unlike other tools, Midas utilizes statistical significance to deliver meaningful alerts in the bustling NFT market. 😤
These are two NFT alerts including a massive profit potential of 0.5 ETH ($900) per BlackRock NFT:
https://opensea.io/collection/blackrocknft Midas alert @ .04 | ATH .6 | 15x ROI potential 🤯
https://opensea.io/collection/utilitywen Midas alert @ .051 | ATH .1 | 2x ROI potential
Plus, Midas was on top of Azuki’s new collection announcement and launch this week. Just two minutes after the Azuki Beanz whitelist announcement, Midas sent an alert about the new collection and its activity! While it may not have immediately resulted in actionable opportunities without a whitelist spot, it further highlights Midas’ success as a one-stop tool to keep you in the loop of all the ongoing NFT market developments. 💪
Subscribe to CoinStats Premium and activate Midas to streamline your NFT journey and maximize your chances of success in this dynamic market. Midas will help you save valuable time that would otherwise be spent searching for new NFTs.
Read of the Week
“Coverage on Decentralized Physical Infra Networks” — Spencer Noon
This week, our read covers one of the crypto ecosystem's biggest burgeoning sectors, dePIN or Decentralized Physical Infrastructure Networks. DePIN Networks has been consistently growing over the course of the past year. They utilize crypto tokens to incentivize, reward, and bootstrap their networks enabling them to compete with the giant traditional companies. 🤯
Decentralized applications are at the core of crypto and decentralized physical infrastructure networks (dePIN). Four most popular dePIN networks include DIMO, RNDR, FIL, & HONEY and are covered below!
Hivemapper (HONEY) — Hivemapper is a decentralized network that uses AI to transform dashcam imagery into a fresh global map and rewards global users for their contribution in HONEY tokens. Hivemapper has now mapped 5% of the world’s roads.
DIMO (DIMO) — “DIMO is an open connected vehicle platform allowing drivers to monetize the data from their vehicles. 14,633 vehicles are now minted onchain and connected to the network traveling a combined 1.77 million miles in the past week.
Filecoin (FIL) — Filecoin, the largest decentralized storage network, recently launched the Filecoin Virtual Machine (FVM) bringing smart contracts to Filecoin. The data stored on Filecoin has grown from 500PiB at the beginning of the year to 1100PiB today.
Render (RNDR) — Render is a distributed marketplace for GPU-intensive rendering jobs. Payments to RNDR node operators are up 214% compared to last quarter. The network has seen a ~2x increase in frames rendered since Q1 2021.
CoinStats Reads
This week's read covers the world of AI-generative NFTs, where art, technology, and the Metaverse converge to create a realm of limitless possibilities.
This groundbreaking fusion of AI, blockchain, and emerging technologies has captivated the art community and enthusiasts worldwide.
AI's integration into the NFT art ecosystem opens doors to new horizons, presenting artists with unprecedented opportunities and challenges alike. We explore the power of AI in generating unique and mesmerizing artworks, revolutionizing curation processes, and expanding the boundaries of artistic expression.
While we marvel at the immense potential AI brings, we must also trade carefully and address the ethical implications. Striking a delicate balance between the advantages of AI and the preservation of human creativity and authenticity is paramount.
At the heart of this evolution lies the belief that AI should be regarded as a valuable tool that amplifies human creativity rather than replacing it. Artists must hold true to their artistic integrity, maintaining their personal touch and unique vision. AI acts as an ally, enhancing their creative process and offering new avenues for exploration.
This week we cover the highly anticipated CoinStats TON Wallet integration, designed exclusively for the TON community! We're thrilled to offer you a seamless and secure experience for managing your TON assets directly from CoinStats.
With our cutting-edge integration, you can now effortlessly track, monitor, and manage your TON holdings alongside your other crypto assets, all in one place. Gain real-time insights into your TON portfolio, monitor market trends, and make informed decisions with ease.
To show our appreciation for the TON community's support, we're delighted to offer an exclusive 30% discount!
Tweets & Memes
After BlackRock’s proposed ETF last week, the BTC futures ETF volume is skyrocketing 🚀
It’s officially time to embrace the good news as the pain of the last year+ is behind us 😤
Cheers to CoinStats for 6 years of dedication in building and providing the best portfolio tracker 💪
Wrapping Up
We’ll wrap up this week’s CoinStats Scoop with the few tweets highlighting the ongoing positive developments in the crypto space, as well as an appreciation post for 6 remarkable years of building and growth from the CoinStats team. 💫
As usual, we provided the regular market update and walked through a massive green week with BTC reaching new yearly highs, talked about Polygon’s MATIC future vision, analyzed the continued growing institutional adoption, read about decentralized physical infrastructure networks powered by tokens, and covered the weekly news and developments. 💪
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! 😎