GM, and welcome to another edition of CoinStats Scoop! 🥂 Here’s an overview of this week’s newsletter:
The usual broader market update with insights into another strong week 💪
An exploration of the world’s largest companies’ broader adoption and strong demand for crypto
Updates on this week’s impactful news and developments
Some thoughts on the power of memes & where crypto is headed
Weekly wrap-up: predictions & takeaways.
Market Overview
Once again, green charts are seen throughout the crypto ecosystem! 🤑 Ethereum is on the decline this week, with ETH price falling by 1.68% in the past 7 days. In contrast, BTC has climbed over $23.5k, gaining 4% in a week.
As we’ve already noted before, when BTC and ETH are relatively stable, altcoins have the green light to rally across the entire crypto ecosystem! Their rally comes amid the leading crypto sectors pushing forward this week. Please note that minor pullbacks in token prices are expected as we’ve had a rally in crypto prices for 4+ weeks! 💪
Moreover, the general market continues its surge, with this week’s best-performing tokens including:
DeFi — DYDX +40% GMX +28% CVX +26% FXS +9% LINK +8% AAVE & UNI +4%
Alt L1s — CANTO +143%, APT +50%, ATOM +6% FTM +44% AVAX +23% NEAR +11% SOL +6% DOT +6%
Scaling Solutions — OP +5%, BIT +13%, & MATIC +19%
Metaverse — GALA +26% & SAND +5%
NFT Tokens — MAGIC + 39% APE +13% & XMON +5%
Dog Tokens — FLOKI +111% & DOGE +6%
Miscellaneous — AR +16% TON +8% RNDR +98%
News & Developments
E-commerce giant Amazon plans to launch a digital assets enterprise focused on NFTs and Web3 gaming this spring to allow Amazon customers to play crypto games and claim free NFTs.
Injective (INJ), a Proof-of-Stake L1 blockchain that brings Cosmos and Ethereum interoperability to the premier finance applications, has raised $150 million for a new ecosystem fund to support developers building on the Cosmos network.
Trading giant Virtu Financial is committed to the crypto market and continues “to view crypto as a long-term growth opportunity.”
The blockchain deployment platform QuickNode raises $60 million for an $800 million valuation.
Crypto infrastructure company Blockstream raises $125M to expand institutional bitcoin mining services.
MagicSwap will be the first AMM in crypto to support pools for both ERC-20s and NFTs through a single router and enable trading of all items within the game.
Fractal, the Solana-based marketplace for gaming NFTs, is expanding to Polygon’s MATIC.
Doodles will launch its large-scale Doodles 2 collection on FLOW.
Uniswap’s (UNI) governance has passed the “temperature check,” with 80% of total votes cast in favor of deploying Uniswap v3 on the BNB Chain.
Global investment bank Goldman Sachs ranks BTC as 2023’s best-performing asset 🤯.
Everyone Wants Crypto Exposure
Several major Wall Street players have begun to incorporate cryptocurrencies. Moreover, JPMorgan Chase, Morgan Stanley, and Goldman Sachs are among the firms with dedicated groups for cryptocurrency and its underlying blockchain technology. Countries and institutions are moving into crypto despite the recent crypto winter, with the world’s largest companies developing strategies and incorporating the crypto ecosystem into their future plans! 🤑
Amazon, the world’s 5th largest company, is the latest major corporation to announce its plans for crypto. 🤯 Two weeks ago, we covered Amazon’s announced partnership with Avalanche (AVAX) to “bring blockchain technology to the masses.”
Well, this week, it’s all about Amazon diving even deeper into the crypto waters with its plan to launch its NFT initiative and Web3 gaming this spring, i.e., the world’s 5th largest company is developing crypto strategies and embracing the ecosystem!! 🥳 CoinStats has always believed that the future of crypto is bright, but such announcements give us more reasons to be optimistic about the potential of crypto.
Along with Amazon, Goldman Sachs, Shopify, Porsche, and Virtu Financial reiterated their commitment to crypto and announced upcoming initiatives. These companies’ collective market cap is billion times more than the collective crypto market cap! 🤯 Amazon alone, worth $1.04 trillion, is worth more than the total market cap of all cryptocurrencies combined! If, after this, you’re still not excited about the future of crypto, then we’re not sure what will thrill you. 🤑
As we’ve emphasized throughout the CoinStats Scoop history, it’s paramount to focus on crypto’s long-term value and potential!
Read of the Week
“On Reflexivity & Imitation” — @mattigags
We’re covering a fantastic read this week from Matti, co-founder of the crypto investment firm Zee Prime Capital! Having been in crypto for a long time and managed the crypto market’s ups and downs, Matti always expresses a well-balanced and optimistic view on the future of crypto markets.
Matti examines the recent market developments, including the LUNA/FTX collapse, to find an answer to the core question: “Is there a path forward for crypto in the environment of evaporating liquidity?” Matti’s final response is positive: Crypto is inevitable and will continue to be propelled forward through the crypto culture and the power of memes.
“The unwinding of the LUNA crash is taking its time while wreaking havoc on our little industry…I’ve come to believe that the biggest bull market in crypto is the one in which crypto becomes a legitimate tool…only then the real disillusionment sets in and the slope of enlightenment will be produced… new things are being built, and every crypto cycle requires a technological novelty narrative to get it going….”
Tweets & Memes
Saga, the flagship Android phone from Solana Mobile, showcases innovations needed to bring Web3 to users. The Solana DApp Store, built specifically for crypto apps on mobile, will ship with Saga.
Stablecoins have seen a slow but sure growth, reflecting an increasing demand for investing in crypto assets.
As we’ve already mentioned, RWAs (real-world assets) are poised to be crypto’s next level!
The market will never be solely upward, but the trend from the bottom is clear: up!
Wrapping Up
We’re in a clear uptrend. We'll conclude this week’s edition of CoinStats Scoop with this positive remark. 💫
To sum up: We’ve covered the continuous rally throughout crypto markets, highlighted some of the world’s largest companies’ demand for crypto, went through the way memes and liquidity affect the future of crypto markets (they go up), and summed up this week’s news & developments.
As usual, CoinStats will continue to guide you through the crypto world and DeFi. We'll see you next week for another edition of CoinStats Scoop! 😎