BTC & ETH Surge, Market is Risk ON!

Welcome anon! BTC and ETH are experiencing remarkable surges, while Polygon is rapidly gaining ground in the gaming sector

Be sure to check out the full version of this report here

Narratives of the Week: Market Surge & What Is Happening In Gaming And NFTs

Market Overview

Firstly, the move by BlackRock to register an iShares Ethereum Trust in Delaware has drawn attention to Ethereum as an institutional-grade investment. Ethereum experienced a surge in price, breaking the $2K barrier for the first time since July. This development indicates growing institutional interest in Ethereum and its potential as a valuable asset class

• Moving on, Bloomberg analysts suggest an 8-day window starting on November 9, during which there is potential for the approval of several spot Bitcoin ETFs

• Moreover, open interest in Bitcoin futures contracts decreased by over 5%, with CME now surpassing Binance as the largest exchange in this regard

NFTs

*All the data below was sourced from Footprint Analytics unless otherwise stated.

Setting the stage: Gaming and NFTs have recently experienced a significant surge in activity, and it's clear that both of these markets are here to stay. They are poised to play a pivotal role, not only in the realm of crypto, but also in the broader landscape of the internet 

Volume and market cap have seen a significant surge since the lows of early October

Polygon has come to be the dominant chain for NFT activity. This is likely due to the explosion of gaming activity on the chain

Gaming

Although the realm of crypto gaming has yet to attain mainstream recognition, astute observers believe that the tokens associated with these projects hold the potential for astronomical growth. Given the relatively limited participation in this nascent field, there exist abundant opportunities for early entry and substantial returns

• Polygon stands out as the dominant chain for gaming, where games like Ultimate Champions, Benji Bananas, and Sunflower Land have a staggering number of users

Project Spotlight: Gambling on Solana with Zeebit 

Recent weeks have witnessed significant gains for projects like Rollbit. It's probable that as retail investors re-enter the market and gas prices skyrocket, even Layer 2 solutions, which have experienced concerning price hikes to high demand in the past, may struggle to handle the increased volume. 

• In such scenarios, users are likely to turn to blockchain networks like Solana and BNB, despite concerns about decentralization voiced by seasoned users

• Enter Zeebit: Unlike traditional operators, Zeebit is not just another online casino but a fully decentralized platform built on the Solana blockchain. This project aims to democratize gambling, offering players an immersive, transparent, and community-centric gaming experience

Other projects in the same vein as Zeebit on Solana include Moonroll, OwlDao, and Solcasino.io. Be sure to check them out to tap into this emerging trend

Bitcoin Weekly Update

Traders are watching closely as BTC faces a potential bearish divergence on its daily chart. A bearish divergence occurs when the price continues to reach higher highs, signaling bullish momentum, while a key indicator like the Relative Strength Index fails to confirm this trend, instead making lower highs

• Currently, BTC's price is indeed climbing, a trend often viewed positively by investors. However, the RSI is telling a different story, showing lower highs

• This divergence between price action and RSI suggests a potential loss of bullish momentum and raises concerns of a forthcoming correction or pullback

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News

• Circle teases IPO.

• Meme tokens associated with Musk's new ChatGPT competitor, Grok, have started appearing on various blockchains.

• Nansen 2 is coming soon.

• Binance has unveiled Binance Messenger, believed to be a chat application, now available on the Apple Store.

• Kraken plan to launch their own L2.

• Evmos is ceasing operation on Cosmos.

• The Nil Foundation has introduced an Ethereum ZK-Rollup solution with sharding support.

• BUSD supply has sharply declined by over 90%: Dropping from nearly 23 billion to around 1.88 billion, signaling a significant loss in market share and demand for BUSD in favor of other stablecoins like USDT, USDC, and DAI.

Blue Chip and Majors Overview

• $CAKE: PancakeSwap's token, CAKE, experienced significant growth due to new features and strategic moves like Binance’s CAKE Perpetual Contract and a Position Manager that enhances yield farming, incentivizing early adoption with increased rewards 

• $SUSHI: SUSHI has seen a 55% rise, suggesting a healthy appetite for this asset among traders after its renewed gameplan for the protocol 

• $TON: TON's value has increased by 52%, crossing the halfway mark to doubling its value

Degen Corner

• The 19th Gitcoin Grants program is now open for participation. If you plan on contributing, aim for amounts that are $5-$10 or more. This has led to users being airdropped in the past 

• $WEMIX has seen a 105% increase over the past 7 days has been attributed to its comprehensive ecosystem, partnerships, and the integration of blockchain in gaming to create a more engaging experience

• $GAS has seen an extraordinary sevenfold increase in its price within a fortnight, marking it as one of the most actively traded crypto recently in the current market.

• $KAS has demonstrated notable market strength, stepping into a phase of price discovery once more

• $BITCOIN, $MOG, $JOE, $SPX, and Smurf Cat: These coins are currently in a consolidation phase, and it's an open question whether they will continue the momentum they have recently shown

Smart Money Movements

Tokens:

• Smart Money's been on a shopping spree for Arbitrum tokens – they're really into $LODE, $EMP, $KUJI  and $RDNT

• In the AI world, they're stacking up on $MAI and $OLAS

• Oh, and keep an eye out for their stash of $RVST

• New kids on the block, like $grok, have piqued smart money's interest as well

• With recent gains, we're all wondering when they'll cash in

Yield Farms:

• Smart farmers are farming on Prisma Finance, enjoying a nice 9.44% APR for mkUSD. Want to double that? Lock in some $Prisma tokens

• Camelot V3 on Arbitrum is also on their radar, especially those stEUR pools – check 'em out!

Airdrops:

• Smart Money isn't missing out on the Layerzero airdrop, staying active even after some snapshot rumors

Major Onchain Moves:

• DWF Labs has recently provided liquidity for their newly acquired $SHRAP tokens, expanding trading possibilities from centralized exchanges to decentralized ones on the AVAX chain. DWF Address

• A big $SIS unlock happened yesterday, around 2% of the circulating supply got unlocked! Transaction 

News

• The Simpsons recently aired an episode that humorously targeted NFTs, but prior to this satirical take, the show had released two NFTs for fans to buy and trade, showcasing the growing presence of NFTs in popular culture

• Jokerace have introduced NFT allowlists

• OpenSea Pro is now live on Polygon

• Rarible introduce RaribleX

• Yuga Labs co-founder spends $1.5M on NFTs in recent days

• Pak recently shared a cryptic gif hinting at a forthcoming collection. This move did not sit well with the community due to his past actions

• Lens complete phase 1 of migration to V2

• Immutable partner with Ubisoft Strategic Innovation Lab

• Zora have launched Gamma, an on-chain art ecosystem for artists

• Illuvium is live on the Epic Games store and Illuvium Beta 3: PVP is coming

Project Spotlight: Earn Alliance

Earn Alliance, the leading web3 game aggregator and discoverability platform, has raised a significant $4.75M in its latest funding round, positioning itself as a major player in the blockchain gaming ecosystem

• This innovative platform boasts over 100,000 monthly active users who gain access to thousands of games, NFT launches, news, updates, and engaging content

• The heart of Earn Alliance lies in its thriving community, seamlessly integrating over 2,000 web3 game-related social and content feeds, including popular titles like BigTime, Kingdom Story, Stella Fantasy, and Gods Unchained

Blue Chip Overview

The GameFi market exhibits a promising market capitalization, and gaming's dominance in the blockchain space is evident from the surge in active wallets and Dapp activity. Traditional NFT collections have surged in light of ETH and BTC rising

Degen Corner

• The Phantom Galaxies platform has opened its mint for the third class of Avatars and Starfighters, available without gatekeeping or whitelists

• Try out the new creator dashboard on Sudoswap.

• Pixels have migrated to Ronin. Play and mint NFT pets and earn $BERRY.

• The Machines Arena has launched Beta Season 2, offering character skins, an in-game store, a new game mode, and more

• Earn rewards with the first fully on-chain mobile game, Drawtech. 

• NFTfi no longer needs users to wrap their punks. Users can use this platform to take out loans against their NFTs.