Triaconta Weekly #231
The following topics will be addressed in this weekly:
- Bundle performance
- Winners & Losers
- Market overview
The best-known currency Bitcoin is trying to stay above €20,000 again and the total crypto market value was very briefly above $1 trillion yesterday. The trend seems to be going up again and was barely slowed down by the next 0.75% interest rate hike by the European Central Bank. All bundles nicely positive this week and Big3 the first positive for the month.
1 Month: +5.60% | 7D: +6.79% | 24H: -1.47%
1 Month: -3.83% | 7D: +7.85% | 24H: -0.95%
1 Month: -4.23% | 7D: +5.70% | 24H: -0.29%
1 Month: -4.03% | 7D: +3.79% | 24H: -2.32%
Winners & Losers
Dogecoin (+43%) obviously due to the completion of Elon Musk’s acquisition of Twitter. Everyone is excited to see what he will do with the platform and what role his favorite crypto will play in it. QuarkChain (+22%) is having a good week and Cosmos (+16%) and Theta (+16%) are ensuring this week that the month nicknamed Uptober will end positively for these coins. That will be true even for the only major decliner this week Maker (-15%) which is finally showing a correction after four weeks of gains.
Rishi Sunak will be the new prime minister of the United Kingdom and already showed his fondness for fintech as finance minister. Under his leadership, the country’s coin producer, the Royal Mint, was tasked with creating a collection of non-fungible tokens (NFT), which, incidentally, has yet to materialize. In close consultation with the crypto industry, he wants the UK to become a crypto hub for the entire world. Among other things, he spoke to Solana Labs about Solana Pay. However, he probably has his hands full with stabilizing the British Pound first.
At the end of this month comes the XLS20 update that will enable NFTs on the XRP ledger. If 80% of validators show support for the update it will go into effect Oct. 31. Ripple has already reserved 250 million to boost NFT artists and innovation in gaming, media, metaverse and music on the XRP blockchain. A second major expansion of XRP utility is currently running on the test network. Starting in early 2023, all Ethereum smart contracts must also be able to run on a sidechain of the XRP blockchain.
The number of wallet addresses for Polygon (MATIC) increased from 20,000 in May to 114,000 currently. This confidence in the platform is fueled by collaborations with major traditional parties such as Nubank, which chose this blockchain to move to Web3 and launch its own token. Out of 70 million customers in Brazil, Mexico and Colombia, 1.8 million are already active on Nubank’s crypto platform. Starbucks, Robinhood and Stripe are also choosing to partner with Polygon to realize their Web3 plans.
One of the very largest financial service providers Visa applied for two metaverse trademarks on Oct. 22 to include cryptocurrency transactions, cryptocurrency wallets, NFTs and digital currencies in the metaverse. In doing so, they follow PayPal and Western Union who also want to expand their traditional services to include crypto wallets and transactions in this virtual world.
Already 5,000 new crypto currencies were added in 2022. On CoinMarketCap, you can now track the prices of more than 21,000 crypto currencies. Triaconta occasionally removes old coins with too low volumes from its platform and usually adds new coins with each Revision. By now we already offer almost 100 different crypto and in November we will again examine whether the bundles should be adjusted to the latest developments in the crypto market.