Triaconta Weekly #265
The following topics will be addressed in this weekly:
- Bundle performance
- Winners & Losers
Fitch Ratings no longer rates the US with the highest credit rating and has criticised the skyrocketing budget deficits and political infighting that has led to ungovernability and repeated clashes over the debt ceiling. America needs to start taking steps forward in crypto otherwise it will miss the boat. In terms of trading volume, South Korean crypto exchange Upbit outpaced US-based Coinbase in July for the first time, which for years was Nr.2 behind Binance.
In addition to Bitcoin ETF applications, a few Ethereum ETF and XRP ETF applications are now lying with the SEC for review. Things may be looking very good for the Big3 bundle. Despite the successful 3rd Litecoin halving and Ethereum’s 8th anniversary, August starts slightly negative for all the bundles and we all hope for some more sunshine soon.
1 Month: +3.79% | 7D: -2.10% | 24H: -0.03%
1 Month: -3.60% | 7D: -4.03% | 24H: -0.45%
1 Month: -5.29% | 7D: -2.46% | 24H: +0.12%
1 Month: -14.74% | 7D: -6.15% | 24H: -1.12%
Winners & Losers
Once again the biggest riser this week is Maker (+12%) followed by Pennystock Shiba Inu (+12%) where developers are hard at work on some real applications with an identity system and the Shibarium named metaverse. Otherwise, the week was negative for most tokens such as Compound (-19%), Synthetix (-15%) and Stellar (-15%) where profits were taken after the recent gains and Convex Finance (-17%) and Curve DAO token (-16%) which both suffered from hacks.
The crypto market is constantly changing and Triaconta is therefore modifying the composition of the standard bundles again next week. If you selected automatic revision on the bundle, your bundle will be updated automatically and you don’t have to do anything yourself. If you also want to stay up to date effortlessly, turn on automatic revision on your bundle.
In the selection for our Top 30, we add Aave and The Graph and remove Theta Network and Apecoin. Theta network video streaming was supposed to be the YouTube on the blockchain but continues to lag behind in 2023. Apecoin, the governance token of the Bored Ape Yacht Club grew during the NFT hype but enough doubts have been raised about its long-term viability to negatively impact the price. Aave is an open source decentralised credit platform that has been connecting crypto lenders and borrowers since 2017. The Graph is an indexing protocol to make it easy to query data from blockchain networks. It is increasingly used in applications for both DeFi and the wider Web3 ecosystem.
In the DeFi bundle top 10, we see Maker returning strongly and we also add an old favourite Synthetix. We say goodbye to Curve DAO token and Rocket pool. Curve DAO drops out of the Top10 due to hacks and the uncertainty created by its founder’s large debt position. If his collateral in CRV no longer covers his loan, he will have to sell large amounts of CRV, and this could have a big impact on the viability of the entire system. Rocket pool has clearly proved less attractive to strike than Lido DAO and thus falls out of the top 10. Governance token Maker from the open source project MakerDAO is a very successful lending and borrowing protocol, which has also been facilitating the first stablecoin DAI since 2017. Synthetix is a decentralised synthetic asset protocol that allows users to trade synthetic cryptocurrencies, fiat currencies and commodities. The expected growth in synthetic stock trading makes Synthetix attractive to investors.
In the Penny Stock bundle, we replace IDEX and Oasis Protocol. The rise in trading turnover in IDEX appears to have been temporary and not the start of a trend. Oasis Network as a privacy foundation for Web3 applications is not getting the investor attention it perhaps deserves. In the bundle of the most traded crypto under €0.10, we add Pepe coin in its place, based on the internet-popular Pepe the frog. There is also room for a stormily growing crypto cash-back addition to online shopping called StormX (no relation, by the way, to the now X-named Twitter). StormX is a mobile app and webapp loyalty programme that, among other businesses, gives Walmart customers the option of receiving crypto on their purchases.