Triaconta Weekly #219
The following topics will be addressed in this weekly:
- Bundle performance
- Winners & Losers
- Market overview
A good week for almost all cryptocurrencies. And a particularly good vacation month for most coins. It’s the last Friday of the month again and that’s when large option contracts on Bitcoin expire which may influence the rapid price movement of recent days. Bitcoin did move back above the important 200-week average. The total crypto market capitalization is again above $1 trillion and so it will be a great summer. These developments with DeFi leading the way can of course also be seen in the bundle performance.
1 Month: +33.24% | 7D: +3.08% | 24H: +5.16%
1 Month: +41.85% | 7D: +6.40% | 24H: +8.55%
1 Month: +28.01% | 7D: +7.74% | 24H: +11.70%
1 Month: +58.71% | 7D: +6.44% | 24H: +12.23%
Winners & Losers
The biggest riser this month (+170%) and this week (+62%) is Ethereum Classic. This proof of work coin is in the spotlight due to big brother Ethereum’s impending move to proof of stake. Also hefty pluses this week for Bitcoin Gold (+45%), Yearn.Finance (+45%), Qtum (+45%) and Ravencoin (+40%). DeFi tokens are almost all rising significantly this summer. Some smaller coins are not benefiting (yet?) from the uptrend such as Aelf (-5%) and Top 30 coins Near (-4%) and Algorand (-4%) are also not popular this week. Convex finance (new to the DeFi Bundle) is trading neutral this week but has more than doubled this month.
ApeCoin will be used to fund the Bored Ape Gazette. The current @BoredApeGazette twitter account will become a 24-hour news site about Yuga Labs and the APE DAO. The proposal was approved by the community on Thursday. The site will also include an ApeCoin price chart, a DAO tracker that tracks governance votes, an APE calendar and a live sales ticker that shows activity across all Yuga Labs projects.
Neither the end of June nor the end of July will see the delivery of Cardano’s Vasil upgrade. CEO Charles Hoskinson indicates that although the code is ready, with the failure of Terra (luna) still fresh in his mind, he wants to look at everything three times. This also gives the dApp developers more time to try out the major changes especially for them on their applications. Some minor issues that came out of this were immediately resolved by the team. Cardano is back to the old way of careful and reliable but slow development. Very brave actually for now one of the largest crypto that is in the spotlight all the time.
Senator Patrick Toomey for Pennsylvania and his Senator Kyrsten Sinema for Arizona have introduced a bill in Congress that will prevent Americans from having to report crypto transactions to the IRS that generate less than $50. The bill aims to allow Americans to more easily use cryptocurrencies as an everyday means of payment. Even for a cup of coffee paid for with crypto, an American must now determine what his capital gain was between purchasing that crypto and selling it for the cup of coffee and report that to the IRS. It stands in the way of adoption quite a bit.