Market Summary:
In last week’s report, I mentioned how we could expect the Bitcoin price to fall below $40,000 before a correction. That’s exactly what we saw this week as the price of Bitcoin fell to a low of $38,700 before correcting and pushing the price back to $40,000 just a few days later.
Approval of Spot Bitcoin ETF ““Buy rumors and sell news.” We expect the price of Bitcoin and the overall market to continue to rise in the coming weeks.
Global cryptocurrency market growth +34% in 2023
According to Crypto.com’s recent 2023 Cryptocurrency Market Size Report, global cryptocurrency ownership is 34% in 2023.
The number of cryptocurrency owners has increased significantly compared to the previous year. 432 million at the beginning of the year 580 million by December.
Some highlights from the report include:
- Total global cryptocurrency owners will increase by 34% in 2023
- Bitcoin (BTC) The number of owners has increased. 34% (2023)
- Ethereum (ETH) owner grows up 39% (2023)
The report points out that the market interest in Bitcoin exchange-traded funds (ETFs) and the launch of the Bitcoin ordinal protocol are the main reasons for the increase in BTC adoption.
The Bitcoin Ordinal Protocol allows the creation of both non-fungible (NFT) and fungible tokens directly on the Bitcoin network. Increasing institutional investor participation has also played a significant role in increasing BTC adoption.
What is the Bitcoin Ordinal Protocol? | Blockchain Definition
The Bitcoin Ordinal Protocol allows each satoshi to carry unique information such as text, images, audio, or other forms of digital content, effectively creating a digital collectible or artifact on the Bitcoin blockchain.
This trend is expected to continue in 2024.
We expect the number of global cryptocurrency holders to continue to grow through 2024 (could we see another 34% growth?), combined with the increasing scarcity of Bitcoin (after the Bitcoin halving event) and the influx of institutional funds into the cryptocurrency market. ). I am confident that 2024-2025 will be one of the biggest bull markets the cryptocurrency market has ever seen.
Join us – as we build up.
Although prices are still relatively low, now is a great time to enter the market. If you want to know what we’re buying, join us as we share our monthly Altcoin recommendations in anticipation of the upcoming bull market. All you have to do is become a member.
Richard.
Top 100 popular altcoins:
This is another week where the cryptocurrency market has seen a significant amount of deficit (last 7 days).
Today’s Crypto Fear and Greed Index:
today’s Cryptocurrency Fear and Greed Index = neutral –> Decreased to 54 (from 56 last week).
Bitcoin and Ethereum price changes
Bitcoin increase 0.85% Here are the prices it is currently trading at last week: $41,972. Over the past 90 days, Bitcoin has increased by: 21.7%.
Ethereum Diminish 8.1% Here are the prices it is currently trading at last week: $2,263. Over the past 90 days, Ethereum has increased by: 25.5%.
Global cryptocurrency market capitalization decreased to $1.62T (from $1.64T last week).
Top 100 Gainers – Last 7 Days
The biggest gainers over the past 7 days (in the top 100) are:
Manta Network (MANTA) +43.9% – Ranked 72nd
Manta Network (MANTA) is a privacy-focused decentralized finance (DeFi) platform on the Polkadot blockchain. We emphasize transaction privacy using zk-SNARKs encryption, ensuring details such as asset type, amount, and participant identity are hidden. As a Polkadot parachain, it benefits from cross-chain interoperability. The native token, MANTA, is used for transaction fees, governance, and staking. Manta Network provides a private decentralized exchange (DEX) for anonymous cryptocurrency exchange and supports a variety of applications with a focus on community-driven growth and privacy as a core feature. Security is a top priority with regular audits to protect user assets. It is aimed at users and developers who want privacy in blockchain transactions and applications.
SUI (SUI) +26.0% – Ranked #49
Sui is a high-performance layer 1 blockchain platform known for its high throughput and low latency, making it ideal for a wide range of decentralized applications (dApps), especially in the gaming and social media sectors. It adopts an object-centric data model for efficiency and leverages the Move programming language to ensure secure and resource-oriented smart contract functionality. The native token, SUI, is used for transaction fees, staking, and governance within the Sui ecosystem. The platform is designed to be developer and user friendly, emphasizing a seamless experience and powerful environment for building and interacting with dApps. Sui’s unique approach and architecture aims to provide scalable, secure, and user-centric blockchain solutions.
Conflux (CFX) +23.6% – 76th
Conflux is a blockchain network known for its unique Tree-Graph consensus algorithm that significantly improves transaction processing speed and scalability without sacrificing decentralization or security. The network supports high throughput and low transaction fees, solving common scalability issues of existing blockchains. Conflux emphasizes cross-chain interoperability, allowing for seamless transfer of assets and data across different blockchains. The native token, CFX, is utilized for trading fees, staking, and network governance. Additionally, the platform is developer-friendly and provides resources for building decentralized applications and fostering ecosystem growth. Conflux is positioned as a solution for scalability, interoperability, and improved user experience in the blockchain industry.
Helium (HNT) +15.1% – 56th
Helium (HNT) is a decentralized blockchain-based network designed to provide wireless connectivity to Internet of Things (IoT) devices. It works through a decentralized network of hotspots, devices that provide network coverage and also act as blockchain miners. Operators of these hotspots earn HNT tokens for providing services and transmitting data. Helium uses a unique “Proof of Coverage” system to verify network coverage and compensate operators to ensure the integrity and functionality of the network. The native token, HNT, incentivizes network participation and is used for transaction fees and governance. Helium aims to establish itself as a key player in the IoT and blockchain space by focusing on low-power, low-cost connectivity solutions to drive widespread adoption and scalability.
Biggest microcap gain in the last 30 days
We review and analyze small and micro market cap cryptocurrencies every week to find the next low-cap gem. The best performing (quality) microcap projects over the last 30 days are:
Top performing quality microcaps (last 30 days):
Monthly altcoin selection:
We’ll be releasing our latest Altcoin Pick later this month. If you would like to take advantage of this monthly Altcoin picks, please consider becoming a member. It only costs the price of a few cups of coffee a month.
Altcoin recommendations are emailed to members as soon as they are posted. Wondering how we choose our monthly Altcoin recommendations? This is our methodology.
Altcoin recommendations from previous months can be found here.
We express our gratitude and respect to all members!
Until next report,
Richard.