Unhosted Weekly: Crypto Market Overview #3

Things are looking up 🚀

November 01, 2024

❗️What is happening?

Bitcoin’s party got cut short. After a thrilling rally that pushed BTC to nearly $73,500, the market delivered a swift reality check. The price has corrected, now trading around $69,063.85, marking a 4% drop in the past 24 hours.

Nearly $250 million in long positions were liquidated as traders scrambled to adjust to the sudden downturn.

Despite the pullback, analysts are still hopeful, seeing this as a necessary cool-off before another potential leg up.

🆕 News Breakdown

Ethereum’s Grand Plans

Vitalik Buterin is back in the spotlight with bold plans to enhance Ethereum’s proof-of-stake system, making it more scalable and efficient but the short term traders dont seem to care.

As of October 2024, Ethereum's market capitalization has fallen $1 trillion behind Bitcoin, reflecting a 38% decline in its market share compared to the 2021 bull cycle.

Ethereum's dominance in decentralized exchanges (DEXs) has decreased, with its DEX market share falling to 31.7% in August 2024, down from 51.08% in August 2023. This decline is attributed to competition from faster and lower-cost networks like Solana

But the end might be near - As Ethereum continues to innovate, institutional interest grows. BlackRock’s Larry Fink commented, “The role of Ethereum as a blockchain can grow dramatically,” signaling that major players are taking notice.

Big Institutional Moves

MicroStrategy, the largest corporate holder of Bitcoin, is making headlines again with a new strategy to raise $42 billion to buy more Bitcoin. This move highlights the growing institutional interest in crypto, even as market volatility persists. Despite a stellar stock performance this year, MicroStrategy shares saw a minor dip after the announcement.

Coinbase’s Regulatory Adjustments

In regulatory news, Coinbase is preparing for major changes in Europe as MiCA regulations approach. They will be delisting certain stablecoins that fail to meet new European standards. This step comes as part of broader efforts to align with stringent EU requirements for transparency and consumer protection.

Current Prices:

  • BTC: $69,063.85 (-4%)

  • ETH: $2,498.34 (-2.55%)

  • SOL: $165.46 (-3.05%)

Stay tuned for the next twist in this crypto saga. Will Bitcoin recover quickly, or is there more turbulence ahead? As always, expect the unexpected! 

🔥 Market Insights:

RSI Heatmap Analysis

The RSI is a momentum oscillator that measures the speed and change of price movements, typically used to identify overbought or oversold conditions in a market.

  • Overbought (RSI > 70):

    Tokens include: OM, BTCDOM, UXLINK, BICO, RARE.

    Cryptocurrencies in this region are considered overbought, indicating they might be due for a price correction.

    ---

  • Strong (RSI 60-70):

    Tokens include: ARKM, SUN, LINA, AGLD.

    Cryptocurrencies in this range are strong and may continue to perform well but could also be nearing overbought levels.

    ---

  • Neutral (RSI 40-60):

    Tokens include: BSV, 1000LUNC, JASMY, ALGO, COMP, SXP, GAS, DASH, LRC, XMR.

    Most cryptocurrencies fall into this category, suggesting a balanced market without clear buy or sell signals.

    ---

  • Weak (RSI 30-40):

    Tokens include: BANANA, SYN, SFP.

    Cryptocurrencies here are weak, potentially offering buying opportunities if they start to reverse.

    ---

  • Oversold (RSI < 30):

    Tokens include: IMX.

    Cryptocurrencies in this zone are oversold, which might indicate a potential buying opportunity if a reversal happens..

Observations:

The crypto market has been riding a wave of excitement, like a caffeine-fueled trader making ambitious bets at dawn. But before you get too swept up in the euphoria, remember that overbought conditions can turn on you faster than a "rug pull" meme.

Price corrections are always waiting in the wings, ready to knock the wind out of this bullish sprint. So, keep those moon boots handy, but maybe don’t burn the bear suit just yet.

đź“Š A scoop of the latest market movements

Here's what's been shaking up the crypto market lately:

DOGE is howling in delight with a 15.5% increase, fueled by the rising odds of Trump winning the U.S. election and dreams of Elon Musk spearheading a 'DOGE' department. Ah, the good old Musk effect.

The crypto market as a whole is strutting its stuff with a bullish trend. Thanks to BTC  moon-walking past $70,000, several tokens are riding this uptrend:

Shiba Inu (SHIB): Up by 8.3%

Chainlink (LINK) Climbing by 6.1%

Ethereum (ETH): After a 5% pump ETH is back to square 1 on the week -0.1%

And the list goes on with assets showing gains like THORChain (RUNE) and Gala, alongside many others basking in the green.

Meanwhile, Decentralized Social (DESO) isn't feeling the love, dropping by 30.5% after Coinbase's announcement to suspend trading for the token on November 8, 2024. Ouch.

The crypto sea is full of ups and downs, as always. Who needs a rollercoaster when you've got digital assets, right?

Other movers during the week

Here's some juicy market mover news that's been shaking things up:

  1. ApeCoin (APE) decided to swing up a massive 67.5%. Why? It's flexing its muscles after launching its own mainnet chain, ApeChain. Now it's not just monkeying around—it's in it to win it!

  2. Worldcoin (WLD) got an 8.7% lift with the unveiling of its latest tech wizardry: the Deep Face and a new eye-scanning Orb. The future's getting all sci-fi with retina scans, and Worldcoin's along for the ride.

  3. Ondo (ONDO) rose by 8.2%, thanks to whispers that BlackRock might be using its tokenized fund as collateral on major exchanges. Sounds like a backstage pass to the big league, if you ask me.

Those gains however have been pretty much eraised after the recent BTC correction.

October Recap

Price Performance

  • Overall, October was shockingly bullish. We started with a classic "fake-out dip," only to be treated to a massive rally later.

  • Even with yesterday’s not-so-friendly correction, Bitcoin (BTC) still managed to close the month up by 10%. Not too shabby, though maybe a tad underwhelming for those hoping for a moon landing.

  • BTC even came this close to its all-time high, but alas, the crypto gods were not so generous.

2. ETH and Altcoin Struggles

  • Ethereum (ETH) had another "meh" month, closing down 3% in October. Someone please send it a motivational speaker.

  • Bitcoin dominance? Oh, just casually hitting 60%—levels we haven’t seen in years. Clearly, BTC is hogging all the spotlight.

  • Some altcoins did show signs of life, like Raydium (RAY), which raged all month like it had something to prove.

  • Memes and AI tokens had their 15 minutes of fame mid-October, only to fizzle out just as quickly. Typical.

3. Key Events Worth Your Attention

  • BTC ETFs had an absolute banger of a month. The last two weeks of October saw ETF activity comparable to their debut glory days.

  • ETH ETFs? Still sound asleep, as per usual.

  • Meanwhile, Canary decided to file for Solana (SOL), XRP, and Litecoin (LTC) ETFs. Don’t get too excited, though; this smells like a classic nothing-burger.

  • Trump’s odds of winning the U.S. election have shot up to over 60%, and let’s just say that the market is definitely feeling those vibes.

  • Middle East geopolitical tensions are flaring up. More fireworks coming soon—literally and figuratively.

  • New token launches made waves, with notable airdrops for GRASS (GetGrass) and DBR (DeBridge). Free money, anyone?

  • We had a brief, overly hyped AI meme meta in the middle of the month, but it's already fading away faster than our enthusiasm for another NFT drop.

Project Updates ⚡️

  • Worldcoin Rebrands and Introduces New Orb Device
    Worldcoin, co-founded by Sam Altman, has rebranded to "World" and unveiled an updated version of its iris-scanning Orb device. The new Orb features 30% fewer parts, enhancing production efficiency. This initiative aims to authenticate individuals as human in an AI-dominated era, providing them with a World ID and a share of the WLD cryptocurrency.

  • Crypto All-Stars Nears $3M in ICO
    Crypto All-Stars (STARS), an Ethereum-based project, has raised $2.9 million in its ongoing ICO. The project introduces MemeVault, a unified staking platform allowing users to stake memecoins from different networks to earn STARS tokens as rewards.

  • Visa Partners with Avalanche for Crypto Transactions
    Visa has partnered with the Avalanche blockchain to offer physical and virtual Avalanche cards. These cards enable holders to make transactions in various cryptocurrencies, including WAVAX, USDC, and sAVAX, while maintaining direct custody of their assets.

  • Trump Family Launches 'The DeFiant Ones' Crypto Platform
    Former President Donald Trump announced the launch of his family's cryptocurrency platform, "The DeFiant Ones," on Truth Social. The platform aims to empower average Americans by providing instant, math-based loan approvals, contrasting traditional banking procedures.

  • Praxis Secures $525M for Tech Utopian City
    Entrepreneur Dryden Brown's project, Praxis, has secured $525 million in financing commitments to develop a tech utopian city. The city aims to create a special economic zone for technological advancement in crypto, AI, and biotech, with the first community likely situated in Latin America or the Mediterranean by early next year.

  • Trump Crypto Project Plans to Issue Stablecoin
    The Trump family's cryptocurrency venture, World Liberty Financial (WLFI), intends to launch a native stablecoin. This development could have significant legal implications and potential profitability.Threads 🧵

Launches 🚀

Fundraise đź’¸

  • Delabs Games has secured strategic funding from TON Ventures to enhance its gaming ecosystem.

  • Gunzilla Games received undisclosed investment from VanEck, aiming to revolutionize the gaming industry with blockchain technology.

  • Phylax raised $4.5 million in a pre-seed round led by Nascent, focusing on innovative blockchain solutions.

  • Axal secured $2.5 million in pre-seed funding from CMT Digital, targeting advancements in decentralized finance.

  • Spire Labs completed a $7 million seed round with participation from Maven 11 Capital, aiming to develop cutting-edge blockchain applications.

  • Glow raised $30 million in an undisclosed round led by Framework Ventures, focusing on expanding its blockchain infrastructure.

  • Alliance Games secured $5 million in a Series A round led by Animoca Brands, aiming to integrate blockchain technology into gaming platforms.

  • Citrea completed a $14 million Series A round led by Founders Fund, focusing on blockchain-based financial solutions.

  • Ellipsis Labs (Phoenix Trade) raised $21 million in an extended Series A round led by Haun Ventures, aiming to enhance decentralized trading platforms.

  • Paravox secured $4.5 million in seed funding from GREE Ventures, focusing on blockchain-based entertainment solutions.

  • Termina completed a $4 million seed round led by Lemniscap, targeting advancements in blockchain security.

  • MagmaDAO raised $3.9 million in seed funding from Animoca Brands, focusing on decentralized finance solutions.

  • Sapien secured $10.5 million in seed funding from Variant, aiming to develop decentralized social platforms.

  • Nillion completed a $25 million undisclosed round led by Hack VC, focusing on enhancing blockchain scalability.

  • KRNL raised $1.7 million in pre-seed funding from Ryze Labs, targeting innovations in blockchain infrastructure.

  • Native secured $2.6 million in seed funding from Nexus Mutual, focusing on decentralized insurance solutions.

  • PumpBTC completed a $10 million seed round led by Mirana Ventures, aiming to develop Bitcoin-based financial products.

Airdrops 🎉

  • Zircuit's Dual Airdrop Campaigns
    Zircuit has launched dual airdrop campaigns targeting both EigenLayer stakers and Binance Web3 wallet users, aiming to expand its ecosystem.

  • Telegram Mini-Games Airdrops
    Several Telegram mini-games are offering airdrops in November 2024, providing token rewards through accessible gameplay on emerging exchanges.

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