GM, and welcome to another edition of CoinStats Scoop! 🥂 In this week’s newsletter, you'll find:
The usual market overview, including updates on the best-performing altcoins
Weekly updates on this week’s noteworthy news and developments
Analysis of ETH’s fundamentals and the ongoing improvement through staked ETH
Showcase of the amazing CoinStats Premium rewards options
Reads about crypto’s significance & ability to onboard new users
Tweets & Memes that capture last week's highlights
Weekly wrap-up: predictions & takeaways.
Market Overview
Another week in crypto, with the major players, BTC and ETH, continuing to range around the same levels they’ve maintained for weeks. At times, BTC and ETH push up to around 30k/2k, while in other instances, they fall to ~25k/1.6k. The common denominator throughout all the ranging price actions remains the levels at which they currently reside.
In terms of specific price movements, BTC lost 0.8% this week, while ETH saw a decrease of 0.5%, leaving their current prices stagnant at 27k and 1.8k, respectively. What direction they'll choose next is anyone’s guess, but for now, they continue within the range that has persisted since late ~March. While there is hope for a decisive breakthrough above 30k and 2k for BTC and ETH respectively, we must also be prepared for the alternative scenario where these leading cryptocurrencies trend lower in the market. 💪
One of the core reasons we remain prepared for this scenario is due to the ongoing and continued adoption and development occurring week after week within the crypto ecosystem. Part of the reason for this newsletter's existence is the significant advancements the crypto space regularly makes, irrespective of the current charts and current prices. While short-term price fluctuations are to be expected, the crypto ecosystem's long-term vision has never looked brighter! The CoinStats Scoop aims to document these advancements and prioritize long-term positive outcomes, something we’ve recently gained even more confidence in.
With that being said, as usual, when BTC and ETH remain stagnant and trade within the same price levels, it gives the altcoins the green light to flourish, and this week was no exception! As a result, the crypto ecosystem has witnessed vertical expansion, with specific crypto tokens experiencing appreciation that surpasses the levels seen in the traditional financial ecosystem. 🤑
Let's highlight some of the tokens that made significant movements this week:
RLB +85% (!!), RNDR +33% (!!), MASK +19%, SSV +17%, SNX +15%, LTC +10%, INJ +9%, CFX +9%, Tron’s TRX +9%, LDO +7%, XRP +7%, HNT +7%, MAGIC +6%, FXS +6% & BIT +5%
News & Developments
Tether, the largest stablecoin issuer by market cap, announces they have $2.5 billion+ in company excess reserves and will use at least “15% of its new monthly net operating profits” to purchase Bitcoin as part of its excess reserve strategy
Ripple, the creator of the popular token XRP, purchased Switzerland-based crypto custody firm Metaco for $250 million dollars
Bitcoin technology company and financial services platform River raises $35 million series B to expand their offerings and continue developing novel BTC infrastructure
Web3 venture capital firm Red Beard Ventures raises $25 million to invest in early-stage crypto gaming projects and DeFi applications while also planning to launch a crypto tokenomics accelerator
Auradine, a pioneer in web infrastructure solutions for blockchain networks, raises $81 million series A to develop energy-efficient silicon and zero-knowledge technology to scale Ethereum and other blockchains
Bitcoin mining startup Cormint Data Systems raises $30 million to develop and expand its BTC mining strategies
Axie (AXS), the most popular crypto gaming token, announces its Origins game will be available in the App store
Visa, one of the most used payment/credit card networks in the world, deployed two sets of smart contracts on Ethereum’s Goerli testnet as they continuously dive deeper down the crypto rabbit hole specifically experimenting with account abstraction
ETH’s Fundamentals' Ongoing Improvement
Despite ETH’s ongoing price range, the Ethereum token's fundamentals have never looked better! The meme coin frenzy and increased activity on the Ethereum network benefit ETH holders in the long run. This positive outcome is slowly but steadily accomplished through the burn mechanism introduced with EIP-1559, combined with the reduction of supply resulting from ETH’s transition to Proof-of-Stake (PoS) through The Merge. 😤
Based on the above image, if ETH hadn't successfully completed the transition from a Proof-of-Work to a Proof-of-Stake blockchain, the pace at which ETH supply would’ve grown over the same week-long time series would be +2.58%. Instead of burning and reducing ETH’s supply through the implemented EIP-1559 and The Merge, ETH’s supply would’ve increased by 60 thousand ETH. 🤯
The supply reduction translates to a decrease in the value of ETH by approximately $39 million. In contrast, if ETH had remained a Proof-of-Work blockchain, the supply increase of around 60 thousand ETH would have likely resulted in additional sell pressure from previous miners, with the current value of those ETH estimated to be around $108 million!
ETH's implementation of EIP-1559 ~two years ago, plus the successful transition to Proof-of-Stake (PoS) through The Merge, resulted in the reduction in sell pressure combined with burned ETH tokens creating a change in structural flows worth ~$140 million in ETH. While we’ve yet to see the impact of these changes on ETH price, we’re confident that when the tide eventually shifts to a full-blown bull market, ETH will be among the crypto assets that benefit the most. 💪
The Incredible Benefits of CoinStats Rewards
CoinStats is also dedicated to enhancing its fundamentals during this "bear" market by providing exceptional value to our loyal CoinStats users. 😜 We're excited to offer an exclusive 30% discount on the upcoming Epic Web3 Conference to showcase our commitment to rewarding loyal CoinStats users with valuable opportunities and experiences in the crypto space.
Here are some of the rotating rewards CoinStats users currently enjoy:
Free access to a Blockchain Academy Course
40% off Benzinga Pro to enhance trading success
40% off tickets to the Blockdown Web3 Fest in Portugal
65% off tickets to the Token2049 crypto conference in Singapore
Free and 50% off options for an IntoTheBlock Pro subscription, providing up-to-the-minute crypto insights
20% off Waltio Tax Reports
15% off Koinly Tax Reports
15% off tickets to Bloackchane's 2023 crypto conference in Germany
The ability to trade rewards for our exclusive CoinStats Degen branded baseball hat.
These are just a few examples of the incredible rewards we offer to CoinStats users. We continuously strive to provide a diverse range of benefits and opportunities to enhance the experience and value for our valued users.
On top of the amazing benefits for CoinStats users, we also deliver invaluable tweets, memes, and threads containing vital information on the constantly changing crypto ecosystem! As important as this newsletter is for keeping you informed about everything happening in the crypto universe, it’s equally crucial to follow us on Twitter for real-time information on the hottest crypto topics! As you can see from the tweet below, our Twitter consistently delivers information on currently trending news, along with valuable and timeless insights on topics that remain relevant from cycle to cycle. 🤓
Read of the Week
“On-ramp Everybody” — Joel John
This week's read covers on-ramps, one of the most significant and underappreciated aspects of crypto, by Joel John. On-ramps refer to the companies, protocols, and banks enabling users to enter the crypto ecosystem. As such, this topic is of paramount importance as it pertains to the essential financial infrastructure allowing aspiring crypto users to purchase crypto.
As for the credibility aspect, Joel is an active crypto investor and a contributor at nansen, hashflow, and biconomy while also writing at decentralised.co about the ongoing developments and fundamental improvements crypto is undergoing! 💪 Joel’s post focuses on the details of the often overlooked on-ramp segment including their economics, challenges, and opportunities for on-ramps as they work to expand the access and easability of people onboarding to crypto rails! 😤 A broader focus of Joel’s writing includes explaining how the current and future on-ramps will continure to improve the usability of crypto for everything moving forward!
“I’ll propose a few possible ways the same transformation [that led to Web3 adoption] can occur for Web3…the problem is that on-ramps cost anywhere between 2% to 12% to transact on…in [Latin America], when your currency is about to lose 90% of its value in a year, paying a +/- 10-15% premium for on-chain dollar representation does not hurt much…where inflation is incredibly high, users are looking for a mechanism to clench what remains of their wealth…the use case if micropayments for digital goods and services…we tend to discount the exponential nature of technologies…when on-ramps improve, we will unlock new use cases for on-chain primitives”
CoinStats Reads
The CoinStats Blog CoinStats is your trusted companion on the path to unlocking the full potential of cryptocurrencies. This week, we've compiled valuable articles from meme coins to wallet options, decentralized exchanges to crypto evaluation, and market analysis to empower you with the knowledge and tools you need to navigate the dynamic crypto landscape.
Invest in the Milady Meme (LADY) coin today and embark on a profitable journey! With our promising price predictions and a comprehensive understanding of the factors influencing its price movements, the LADY coin presents an incredible opportunity to capitalize on the growing meme economy. Don't miss out on the chance to be part of the next big thing in crypto!
Unlock the power of fundamental analysis and make informed investment decisions with ease. Our comprehensive exploration of crucial factors, including blockchain technology, project viability, and financial metrics, empowers you to confidently assess the potential of any crypto asset. Stay ahead of the game and maximize your profits by harnessing the insights that drive success in the world of cryptocurrency.
Discover the key factors shaping the price of Luna Classic and gain valuable insights into its future trajectory. Our in-depth article offers a range of possible price predictions and meticulously examines the risks and opportunities associated with investing in Luna Classic.
Biswap, a top-notch decentralized exchange (DEX) created for the BNB Smart Chain, deserves your attention for several compelling reasons. Backed by a proficient team, it boasts robust tokenomics, a thriving and expanding user community, and distinctive attributes and offerings. Additionally, Biswap presents enticing staking and farming prospects, allowing you to maximize your returns. Don't miss out on the opportunity to be part of the Biswap revolution and unlock the full potential of your investments.
Experience peace of mind and take control of your crypto assets with Ledger hardware wallet, the trusted choice of countless individuals. With their robust security features and user-friendly interface, Ledger wallets provide a secure and seamless solution for storing and managing your digital currencies. Safeguard your investments and simplify your crypto journey with the unparalleled reliability and convenience of Ledger wallets.
Tweets & Memes
An overview of this year’s BTC conference's most talked about topics
Bitcoin Inscriptions (NFTs on BTC) continue to gain mindshare, attention, and capital 🤯
Tracking smart money can profit more 🤑
Visa, one of the world's largest payment companies, embraces crypto & its future 😤
Hong Kong’s upcoming legalization of crypto will be a massive boost to the entire ecosystem 💪
Wrapping Up
We'll wrap up this week’s CoinStats Scoop with the last tweets highlighting Hong Kong's demand for crypto and one of the world’s largest payment processors' support for crypto. 💫
As usual, we provided the regular market update, including BTC's and ETH's continued range leading to strong outperformance from altcoins such as RLB and RNDR, covered this week's noteworthy developments spotlighted by Thether’s commitment to purchase BTC with up to 15% monthly profits, analyzed ETH’s fundamental improvements, delved into the immense value provided to CoinStats Premium users, read through crypto on-ramps and their significance in driving global adoption, and highlighted the tweets and memes showcasing another week of building towards the future of 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! 😎