Triaconta Weekly #225
The following topics will be addressed in this weekly:
- Bundle performance
- Winners & Losers
- Market overview
Bitcoin traded flat after the European Central Bank announced a 0.75% interest rate increase on Thursday. Eurozone inflation was 9.1% at the end of August which made most analysts think a “jumbo rate hike” in Europe was very likely and thus the increase was already priced in. Today, Bitcoin has risen substantially to above 21,000. Is this the end of the decline? The bundles are snapping up nicely from this sudden rise.
1 Month: -4.95% | 7D: +4.02% | 24H: +5.84%
1 Month: -9.01% | 7D: +5.75% | 24H: +6.78%
1 Month: -9.55% | 7D: +1.75% | 24H: +5.04%
1 Month: -16.80% | 7D: +4.67% | 24H: +5.58%
Winners & Losers
Terra Classic (+80%) shoots up further this week (see market overview) but the winner this week is the new Terra (+219%) which suddenly went up like a rocket to almost 8 euros this afternoon. The volatility is back in the market with these kinds of big moves. When the Ethereum “Merge” to proof of stake takes place soon, all Ethereum miners will have to look for other coins to put their computers to work with. In addition to Ethereum Classic (+16%), the market is apparently considering Ravencoin (+59%) as an alternative. The Cosmoverse conference takes place from September 26-28 and includes numerous development updates and the launch of additional inter-chain security. The event has already caused a short-lived recovery rally for Cosmos (+27%), which appears to be continuing this week. With all the gains over the past 24 hours, no currency fell more than 5% this week.
OrionOne Inc and Vechain have integrated their technologies. With this integration, the global player in supply chain technology solutions has enabled companies to start using blockchain in their business since August 15 without additional investments in network infrastructure or managing cryptocurrencies. By 2027, supply chain management is expected to be a $42 billion a year industry, and problems in this sector currently regularly make the news. CEO Tommy Stephenson sees unique opportunities for innovation and improvement and states that for digitization of supply chains there is really only one party and that is VeChain.
After a three-month delay, Cardano’s Vassil upgrade will finally take place on September 22. The previous major upgrade of Cardano allowed smart contracts and decentralized applications to be placed on the blockchain. This new upgrade will vastly increase the network capacity for this while reducing transaction costs. Additional tricks and improvements will also be made to the programming language used to build smart contracts.
Terra Classic (LUNC) has already appreciated over 4x this month. There is some good news this week with the plan to impose some sort of 1.2% tax on each network transaction and then burn those tokens. This deflation should slowly reduce the huge number of tokens there are now to 10 billion. A number of major exchanges have indicated their cooperation with this proposal and the “burn tax” will thus take effect September 20. This tax will certainly scare off new investors so it remains to be seen whether s sizeable reduction will ever be achieved. There are still investors at Terra Classic who dream of old price levels (ath $119) and do not realize that there are now not 350 million but over 6900 billion tokens in the market. That very top market value (number of tokens x price) of April 2022 corresponds to a price of about $0.006 with the current number of tokens and dreamers are talking in abundance about a price target of $1 which would make a failed project like Terra Classic worth 10x as much as Bitcoin!?