Triaconta Weekly #289

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
Pepe coin is the king. Not often do we see a weekly return of over 200% for a crypto coin and then always in the PennyStock bundle. Bitcoin (+21%) is also doing great, which has everything to do with the explosive demand for Bitcoins. ETFs added Bitcoins to their Bitcoin funds for a record on Monday, even more than on the first day, now seven weeks ago. The largest provider Blackrock on Tuesday broke the record of $1.3 billion trading volume in Bitcoin on 1 day. MicroStrategy also bought 3,000 Bitcoins again. Weekly returns for the bundles are all double digits. The PennyStock bundle remains the best-performing bundle in these volatile times.

Big3:
1 Month: +41.60% | 7D: +17.13% | 24H: -1.04%

Top30:
1 Month: +35.88% | 7D: +16.98% | 24H: -1.96%

Penny:
1 Month: +78.91% | 7D: +30.11% | 24H: +0.32%

DeFi:
1 Month: +44.66% | 7D: +18.79% | 24H: -2.46%

Bitcoin halving countdown: 51 days. This figure is a weekly new estimate based on the current blockchain hashrate.

Winners & Losers

Pepe coin (+223%) is the fastest riser in a bundle we have ever had in a week. When big investors start speculating, small coins can go very hard. And there also comes a time when they take profits! As with Siacoin (-52%) which lost all its two-week rise in just a few days. This warning also applies in part to ex-Penny Stock Spell token (+105%), which has, however, added new features to their network. This week, larger crypto tokens also went up hard such as Theta Network (+61%), Fetch.AI (+61%) and, of course, Dogecoin (+52%) and Shiba Inu (+50%).

Market overview

Ethereum’s advance met resistance at $3500 this week. The largest development platform of all blockchains is getting ready for another major update. The Dencun upgrade will again improve throughput, increase scalability and lower transaction costs. The latter is nice for users of the network but less nice for investors in Ethereum. Since these days transaction fees are destroyed after the fact and thus the number of Ethereum decreases as a result, this has become a major part of the price increase. According to data from Ultra Sound Money, 7.67 ETH is burned every minute and up to 11,042 ETH per day. At the current rate, about 4 million ETH are burnt every year.

You may be wondering why GALA is on the rise? The Gala Games project has started its own decentralised cryptocurrency exchange (DEX) called GalaSwap launched on the GalaChain network. In line with Gala’s commitment to openness and transparency, future versions of GalaSwap will be fully open source. This approach not only enables community engagement and collaboration, but also ensures that the platform evolves through collective expertise and insights. In the first version, the features and number of tokens offered are still limited. That is going to change soon. All swaps are to and from the GALA token and the transaction fee is 1 GALA.

Coca Cola HBC, the beverage giant’s bottling arm, in partnership with ALL.ART, will use Solana’s blockchain to verify employees’ internal training certificates.

Robinhood users will get access to swaps on Arbitrum in the coming months, the equity and crypto investment platform announced on ETHDenver on Thursday. The two entities will work together to support access to cross-chain swaps.

The Fear&Greed index ticked up to 82 early this week which happens to be as extremely high as it was when Bitcoin hit its all-time high in November 2021. It then went down sharply for a long time. Like all markets, the crypto market also moves in a cycle of ( substantial) rises and falls. However, this much-quoted index in the news does not help us predict the end of the rise. With institutions being the biggest buyers and consumers only just re-emerging, it looks like we could go up for a while. What may start causing more rises are recommendations from No.2 asset manager Fidelity to all investors to put between 1 and 3 per cent of their assets in crypto (not Bitcoin specifically). These clients have mostly not engaged in crypto until now so are buying without much emotion at these levels, which more experienced crypto investors already consider quite high.