Triaconta Weekly #294

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
Bitcoin is moving sideways and a little lower for now and the market is following. The expectation of most analysts, however, is that we will see Bitcoin up due to the halving in April. What that means for the other currencies is unfortunately impossible to say. All bundles are quoting lower. The likelihood of an Ethereum ETF has increased a little bit. The SEC has opened a 3-week period for comments on the proposals of three fund managers. The U.S. economy and jobs numbers are actually doing too well. Therefore, it could even be the case that there will be no interest rate cuts at all this year. That would be a setback for investors.

1 Month: -6.19% | 7D: -6.02% | 24H: +0.11%

1 Month: -6.84% | 7D: -9.77% | 24H: -2.77%

1 Month: -9.73% | 7D: -12.40% | 24H: -2.65%

1 Month: +1.89% | 7D: -13.36% | 24H: -4.40%

Bitcoin halving countdown: 14 days. This figure is a weekly new estimate based on the current blockchain hashrate.

Winners & Losers

Quarkchain (+12%) is a surprising (probably speculative) gainer this week. Bitcoin Cash (+7%) is still benefiting from its successful halving to 3,125 BCH this week. Maker (+5%) and Ankr (+5%) still make a small plus, but the rest of the coins are trading lower this week. The biggest decliners are found at the bottom of the ranking by market capitalization with ex-PennyStock ForTube (-38%), below it 0x Protocol (-25%), Waves (-25%) and Steem (-23%). Perhaps it’s time for some spring cleaning to remove these very small coins from our platform.

Market overview

Ripple, the company behind the digital asset XRP, has announced to launch a multichain stablecoin pegged to the U.S. dollar at a 1:1 ratio. The profitability of a large stablecoin could provide Ripple with a lot of revenue in addition to its ODL solutions with XRP. At launch, the new stablecoin will be available on both the XRP Ledger and Ethereum blockchains. And in the coming months, Ripple plans to expand its new stablecoin to other blockchains and decentralized financial (DeFi) protocols.

Bad news for Cardano that the latest revision to Grayscale’s multi-crypto fund GDLC excludes it from the fund. The fund now includes only Bitcoin (72%), Ethereum (21%), Solana (4%), XRP (2%) and Avalanche (1%). However, the price is hardly reacting and confidence in ADA remains high.

It is common knowledge that the crypto market has a huge number of tokens and experts expect multiple mergers this year such as last week’s report on Fetch.AI with SingularityNet and Ocean Protocol. There are more than 13,000 tokens and only about $2.5 trillion in market capitalization. Probably the large fragmentation of capital and functionality currently hinders adoption of the technology and mergers and acquisitions will be able to help. Larger projects can collectively do more marketing and development. That this is also about big interests can be seen with Aave and Maker who seem to have a bit of a falling out and no longer want to see each other’s coins on their platform. That is not the right direction for more adoption of DeFi.