Triaconta Weekly #259

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
An agreement on the U.S. debt ceiling helped Bitcoin surge to $28,000 but a breakthrough failed and the price dropped back to around $27,000. The rest of the crypto market also followed this pattern with some positive exceptions which all happened to be in our bundles. So in the end a good last week for the bundles in a month that was mostly down except for the Big3. For June we look for a green month with a possible pause in U.S. interest rate hikes, the reopening of the crypto market in Hongkong and then at long last maybe a ruling in the lawsuit between the SEC and Ripple over XRP.

Big3:
1 Month: +4.16% | 7D: +4.68% | 24H: +0.52%

Top30:
1 Month: -3.48% | 7D: +3.86% | 24H: +1.26%

Penny:
1 Month: -9.10% | 7D: +1.48% | 24H: +0.32%

DeFi:
1 Month: -6.27% | 7D: +4.30% | 24H: +1.90%

Winners & Losers
Top30 token Quant (+20%) is the token of multichain interoperability solution Quant Network and the fastest riser this week. Fetch.AI (+16%), the decentralized machine-learning network, now has its own super wallet solution with built-in personal AI assistant Fetchbot. The upgrade to Lido V2 is well received by investors in DeFi token Lido DAO(+15%). The Graph (+14%), the blockchain indexing protocol, and Filecoin (+11%) benefit from the growth in Web3. The Big 3 bundle gets a boost from XRP (+10%), with Ripple’s CEO saying a court ruling in the coming weeks, not months. Profit taking at Kava (-12%) and otherwise only some small declines.

Market overview

Tether, the provider of the most widely used stablecoin USDT, rose to a record market capitalization of $83.2 billion. The company will henceforth consistently spend up to 15% of its net realized operating profit on purchasing Bitcoin (BTC). In doing so, Tether aims to increase its Bitcoin holdings to strengthen and diversify its reserves. According to the Q1 quarterly report, they already have $1.5 billion in Bitcoin and their monthly profit is about $75 million.

After NFTs, smart contracts are coming to the XRP blockchain during this year. Hooks are simple functions on the XRP ledger to perform verifications prior or subsequent to a transaction, for example. A layer 2 solution called Evernode for complex smart contracts, file storage, calculations and the ability to retrieve external data is also planned for the last quarter of 2023.

Litecoin saw huge growth in May in the number of wallet addresses and also in the number of wallet addresses with a positive balance. And also a substantial growth in transactions particularly due to the LTC-20 tokens that enabled NFTs via Ordinals on the LTC blockchain. It is still about 57 days until the next Litecoin halving. Currently, miners are still earning 12.5 LTC from adding a new block of transactions to the blockchain, but in less than 2 months this will drop to 6.25 LTC.

Subscribe here to receive this weekly newsletter.