GM, and welcome to another edition of the CoinStats Scoop! 🥂 Here’s an overview of this week’s newsletter:
The usual broad market update with insights into outperforming tokens & things to watch
Reading, thinking through & analyzing potential crypto trends in 2023
Updates on the impactful news and developments of the week
Recapping CoinStats’ massive growth and features launched in 2022
Wrapping things up with predictions & takeaways
Market Overview
We're a full week plus into the New Year, and our beloved tokens have shown that they prefer 2023 over 2022! The year is off to a great start as the entire crypto ecosystem rallied over the weekend to provide green charts everywhere! �
For the majors, BTC gained a modest 4% this week, while ETH gained a very respectable 8%. Both BTC and ETH have been ranging for weeks now, but hopefully, this weekend's push can sustain momentum moving forward as BTC has regained 17k+ while ETH topped 1.3k! When BTC & ETH rally, the entire ecosystem pushes upwards, and the total crypto market is again approaching $900 billion.
As for specific sectors and tokens, SOL leads the charge this week, gaining an incredibly strong 60%+! We've talked about Solana a lot in recent CoinStats Scoop editions, highlighting the endless amount of dedicated builders and supporters. SOL certainly responded well this week, as the token is above $16 while Solana NFT volume and activity continue to grow. Other recent catalysts to SOL's price appreciation include Vitalik offering his hopeful support for the community and the newly launched dog meme coin BONK's incredible recent rally behind a supportive and incredibly active SOL community! 💪
Elsewhere across the ecosystem, green charts were found in virtually every corner of crypto, providing some extremely impressive weekly gains!
DeFi — FXS +38%, UNI +7.5%, AAVE +14%, SUSHI +17%, SNX + 19%, MAKER +17%, CRV +10%, & YFI +11%
Alt L1s — ATOM +16%, CANTO +22%, NEAR +34%, ADA +28%, XTZ +14%, BNB +14%, AVAX +13%, & DOT +12%
Scaling — MATIC +10.5%, IMX + 18%, OP +36%, & LRC +15%
ETH Liquid Staking Protocols — LDO +85% (!!), SWISE +70%, & RPL +22%
Gaming & Metaverse — SAND +32%, MANA +32%, AXS + 15%, & GALA +105%
Miscellaneous — BIT +26%, LINK +8%, APE +16%, AR +18%, & XMON +33%
As you can tell from the above numbers and the below all-green (!!) screenshot, it was a great start to the New Year for crypto token prices. Everyone deserves a fresh start and hopes that 2023's crypto prices are turning over a new leaf, just as many of us are!
News & Developments
Indonesia plans to launch a national crypto exchange in the next year
DeFiLlama, one of the most popular crypto analytics platforms, launches a new decentralized exchanged (DEX) aggregator that optimizes transaction costs for token swaps
Cosmos-based EVMOS enables auto-conversion for swaps between ETH & ATOM tokens
Collection, an NFT protocol, creates a decentralized exchange (DEX) for instant NFT buying and selling
The largest NFT marketplace, OpenSea, adds support for ETH layer 2 Arbitrum Nova
Kevin Rose, the founder of NFT collections Proof Collective & Moonbirds, signs with Hollywood's United Talent Agency, demonstrating the entertainment industry's growing commitment to the future of NFTs and crypto
At CES, a leading technology innovation summit, executives from various tech companies examined crypto's future ability to generate income from the protection of their personal data
Trader Joe's (JOE) NFT marketplace and decentralized exchange is expanding to support BNB chain
Square Enix, a gaming company giant & creators of Final Fantasy, remain committed to developing their web3 strategies and offerings despite a turbulent year
The Building & Growth Continu
As we've highlighted endlessly throughout the history of the CoinStats Scoop, the entire crypto industry, including us, is committed to developing and pushing the crypto space forward despite short-term market prices and outside noise. As such, our amazing CEO, Narek Gevorgyan, recently wrote "CoinStats' Year of Determined Building & What's Next".
The below bullet points are some of the incredible accomplishments achieved by the amazing CoinStats team throughout 2022 and highlight our commitment to the space in 2023 and beyond! 💪 Numerous new features and a complete revamp of the CoinStats app interface have transformed CoinStats into a one-stop DeFi, NFT, & crypto manager!
1000+ protocols integrated, 50+ new partnerships, & CoinStats users tracked more than 200 million transactions in 2022 🤯
CoinStats Earn — stake your assets with the hand-picked, most reliable DeFi protocols to earn a yield on your crypto without leaving the app
DeFi Tracking — enables CoinStats users to track all of their assets throughout DeFi, Cefi, and NFTs in one place — supports 1000+ protocols & 10+ chains
NFT Tracking — users now have the ability to showcase and track their NFT collections — browse all collections, discover new ones, receiver floor price alerts
Swap 2.0 — in Q2, upgraded users trading experience enabling you to swap assets with 0% additional fees and maximum efficiency
Coinstats Midas — an incredible NFT tool allowing our aggregated algorithms to monitor smart money NFT purchases that alerts you when indicators are reached — maximize signal throughout the NFT noise with Coinstats Midas!
Native Crypto Web App Purchases
Crypto Gift Cards — on the eve of this holiday season, we launched CoinStats gift cars, enabling you to beautifully send a customized message with crypto inside!
Tax Reporting Partnership with CoinLedger — Partnering with CoinLedger, we've made sure you can handle them in a fast, secure, and easy way. Plus, you get 10% off your tax report generation.
Other Notable Additions — WalletConnect Functionality, In-app Stories, CoinStats GLXY Collection
As you can see, CoinStats' commitment to not only our users but the broad crypto space, in general, is evidenced through our words and backed by our incredible suite of products launched last year! 🤯 Just as we did in 2022, we look forward to developing tools to help you better monitor and navigate the crypto space as it grows in 2023 and beyond!
Read of the Week
This week's read is one final look ahead to 2023 along with aggregated predictions from some of the biggest names in the space provided by Kyle! Numerous crypto companies and investment funds throughout the space release their year-end reports and predictions for the year ahead. Kyle was kind enough to provide insight into what the most influential companies throughout crypto are thinking about the ecosystem.
Common trends and predictions for the crypto industry moving forward across all the major reports are as follows:
Markets Broadly
"2022 was the great reset necessary for a future uptrend"
We witnessed a broad "flight to quality tokens like BTC/ETH as the fundamentals remain unchanged"
Altcoins may underperform as institutional investor appetite for alts isn't there, but certain alts will always still outperform
DeFi & NFTs
"app-chain thesis to be increasingly popular"
"DeFi to grow over CeFi as users realize that DeFi have fulfilled their use-case, especially after the collapse of CeFi in the second half of 2022"
a core focus of Defi in 2023 and moving forward will be, "real-world asset-backed DeFi & Undercollateralized DeFi
"2023 is the year NFTs explore use cases outside of art — digital identity, memberships, subscriptions, etc."
Miscellaneous Interesting Topics
"5x more stablecoins in circulation than in 2021, indicating participants are willing to remain digitally native during a downturn; easy deployment of capital once confidence returns"
"Stablecoins as the new narrative — stablecoins are one of the largest opportunities in crypto with ubiquitous use-cases — as such, many DeFi protocols have started launching their own stablecoin"
"A new decentralized stablecoin will reach $1B in market cap"
Many of the above topics and sectors to watch are things we've covered multiple times throughout the history of the CoinStats Scoop, so it's reassurance that we're constantly talking about and aware of the future of the crypto ecosystem! 🤑 In addition to that list of key trends and sectors to watch as we enter the new year, a few notable quotes from the research reports include:
"Nothing is too big to fail…if crypto has proven anything through its existence, it has proven that it can survive unfavorable times…because of this, the industry will enter 2023 with a level of strength and durability 2022 has given it…nothing can go 'uponly' forever…NFTs long-term fundamentals to act as digital ownership still remains intact."
Common trends and predictions for the crypto industry moving forward across all the major reports are as follows:
Markets Broadly
"2022 was the great reset necessary for a future uptrend"
We witnessed a broad "flight to quality tokens like BTC/ETH as the fundamentals remain unchanged"
Altcoins may underperform as institutional investor appetite for alts isn't there, but certain alts will always still outperform
DeFi & NFTs
"app-chain thesis to be increasingly popular"
"DeFi to grow over CeFi as users realize that DeFi have fulfilled their use-case, especially after the collapse of CeFi in the second half of 2022"
a core focus of Defi in 2023 and moving forward will be, "real-world asset-backed DeFi & Undercollateralized DeFi
"2023 is the year NFTs explore use cases outside of art — digital identity, memberships, subscriptions, etc."
Miscellaneous Interesting Topics
"5x more stablecoins in circulation than in 2021, indicating participants are willing to remain digitally native during a downturn; easy deployment of capital once confidence returns"
"Stablecoins as the new narrative — stablecoins are one of the largest opportunities in crypto with ubiquitous use-cases — as such, many DeFi protocols have started launching their own stablecoin"
"A new decentralized stablecoin will reach $1B in market cap"
Many of the above topics and sectors to watch are things we've covered multiple times throughout the history of the CoinStats Scoop, so it's reassurance that we're constantly talking about and aware of the future of the crypto ecosystem! 🤑 In addition to that list of key trends and sectors to watch as we enter the new year, a few notable quotes from the research reports include:
"Nothing is too big to fail…if crypto has proven anything through its existence, it has proven that it can survive unfavorable times…because of this, the industry will enter 2023 with a level of strength and durability 2022 has given it…nothing can go 'uponly' forever…NFTs long-term fundamentals to act as digital ownership still remains intact."
Tweets & Memes
All of the last cycle's main characters have found themselves in trouble!
ETH's fundamentals, specifically its supply issuance, continue improving!
Take it from our CEO. There are infinite possibilities ahead in 2023!
Wrapping Up
Alright, with that positive note on the outlook for CoinStats and crypto in 2023, we'll conclude this edition of the CoinStats Scoop! 💫
This week, we covered the green markets and crypto's hot start to 2023, detailed CoinStats amazing 2022 and bright future, outlined numerous trends and verticals to watch as we enter 2023, and provided a look at the usual news & developments of the week!
As usual, 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! 😎