Triaconta Weekly #255

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
Both Europe and America saw another 0.25% increase in interest rates. Optimists believe this small increase will be the last. The economy is starting to slow down because of higher interest rates and that is what will bring inflation down. It does mean falling prices for most stock markets and the bundles this week. However, Bitcoin rebounded in recent days and still remained above its 50-day average. We are moving sideways around €26,000 after the rise in March, which is great. Big moves in price usually follow after longer periods of consolidation.

Big3:
1 Month: -2.81% | 7D: -1.29% | 24H: 0.19%

Top30:
1 Month: -9.58% | 7D: -2.75% | 24H: -0.90%

Penny:
1 Month: -8.17% | 7D: -3.65% | 24H: -1.47%

DeFi:
1 Month: -12.09% | 7D: -3.22% | 24H: -1.66%

Winners & Losers
PennyStock JasmyCoin (+9%) at the top again this week. Top30 and PennyStock Tron (+5%) also in the plus. Justin Sun gave an interview on Bloomberg and Tron DAO had a great presentation on Consensus. Otherwise, all sectors had mostly declines this week. Gaming token Gala (-12%), Web3 token MultiversX (-10%), DeFI tokens PancakeSwap and Lido DAO (-10%) and AI token Fetch.AO (-9%). Is it time to cheaply stock the good altcoins or choose the security of Bitcoin? Most investors chose the latter this week.

Market overview

BRC-20 is an experimental token standard on the Bitcoin (BTC) blockchain modeled after Ethereum’s ERC-20. It allows programmers to create and send fungible tokens using the Ordinals protocol. Each Bitcoin is divided into 100,000,000 units called satoshis (or sats). The new Ordinals protocol allows people who manage Bitcoin nodes to inscribe each satoshi with data, creating something called an Ordinal. For example, the data can be an image which thus makes that Ordinal an NFT. It is also possible to launch new coins on Bitcoin. It is the latest trend especially after the sudden hype of the Pepe meme coin in the past month. Although modeled after ERC-20, the BRC-20 token standard is fundamentally different from its Ethereum-based counterpart. BRC-20 tokens do not use smart contracts. The token standard also requires a custom Bitcoin wallet to store and trade these tokens. The market cap of BRC-20 tokens has exploded over the past month and currently stands at $120 million, up 600% from last week.

On-chain analysis company Santiment tracks all developer activity on the various blockchains. The top three in this list are Polkadot (DOT), Kusama (KSM) and Cardano (ADA). These three projects have been at the top for some time, and they also regularly announce new developments. Hedera and Internet Computer are newcomers to the top five, suggesting that their development activity has increased over the past month.

Rivers fed by ancient glaciers in the Himalayas provide the tiny kingdom of Bhutan with vast supplies of hydroelectricity. This renewable resource has become an economic motor, accounting for 30 percent of the country’s gross domestic product and powering nearly all of its 800,000 inhabitants. But in recent years, Bhutan’s royal government has quietly found a new use for the surplus energy available: mining Bitcoin. They also appear to have been doing this since April 2019. Bhutan struck a deal this week with mega Bitcoin miner Bitdeer to start building a yet-unknown large new mining operation in the country.

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