Triaconta Weekly #232
The following topics will be addressed in this weekly:
- Bundle performance
- Winners & Losers
- Market overview
Bundle performance
It is Moonvember and we are going up fast. The total market is above $1 trillion and Bitcoin remains above €20,000. All bundles are rising this week led by Ethereum (Big3), Dogecoin and Polygon (Top30), Fantom (DeFi) and again Dogecoin and JasmyCoin (Penny). All this despite the US rate hike +0.75% and the expectation that inflation will continue for some time. Bitcoin itself has now outperformed the Nasdaq stock market this year which contains the most traded technology stocks such as Apple, Microsoft and Google.
Big3: 1 Month: +9.26% | 7D: +6.42% | 24H: +3.25%
Top30: 1 Month: +8.08% | 7D: +12.36% | 24H: +2.94%
Penny: 1 Month: +10.27% | 7D: +14.31% | 24H: -0.73%
DeFi: 1 Month: +6.79% | 7D: +14.07% | 24H: +3.94%
Winners & Losers
Dogecoin (+48%) continues to rise on a weekly basis but takes a step back today due to reports that development of the Twitter crypto wallet is stalled possibly due to the immediate layoff of 3,700 of the company’s employees. Fantom (+27%), which returned to the DeFi bundle in early September, is hoping for the return of Andre Cronje, the star developer and former founder of the Fantom foundation who left the project in April. JasmyCoin (+26%) is happily rising again, now for the second week in a row. QuarkChain (-14%) is giving back some of last week’s gains. Luna Classic (-8%) falls further and DeFi token Just (-5%) takes a step back after a great October especially for the JustLend platform.
Market overview
Instagram is going to add tools for creating, displaying and selling NFTs. Meta, owner of Facebook, Instagram and Whatsapp is going to partner with Polygon (MATIC) for this purpose which of course led to a big rise in the price today.
Ripple has been receiving a lot of support lately in its lawsuit against the SEC from now 12 amicus briefs. These are documents from parties outside the lawsuit describing to the court how their businesses or interests would be affected should the SEC win and XRP be considered a security. In addition to aggrieved XRP holders, these include many companies that have integrated the open source XRP blockchain into their operations because of the speed and cost benefits and have nothing to do with Ripple.
Elrond (EGLD) is now called MultiversX and is going to focus mainly on Metaverse development with products for developers and users of those virtual worlds. According to Beniamin Mincu (CEO), it is a leap forward. Large tech companies are now investing heavily in this new blockchain application but the number of active users has been declining for a while.
The vote on the comprehensive European legislation for crypto called Markets in Crypto Assets (MiCA) has been postponed until February next year. Because the law tries to regulate a lot from stable coins to influencers and from taxation to exchanges, it has become such a large and complex document that more time is needed. MiCA does run the risk of being outdated before it is passed. Blockchain applications and adoption are developing at lightning speed. The current bill does not even mention the rapidly growing DeFi market and the latest NFT developments.