Greatest Bull Market In History Is Beginning
The game is in play and the players are all taking their positions, are you?
What a week it’s been, it seems crypto is awakening once again and the greatest bull market in history is beginning! Let’s dive into today’s letter!
For a comprehensive overview of the market check out our weekly market report for Coin Bureau
Narrative of the Week: How Will This Year End?
It appears that life is returning to the crypto space after a prolonged and challenging period. We are likely to witness price increases heading towards $40K and more in anticipation of the ETF.
Derivatives, particularly BTC options, have been heating up as well. The total open interest for bitcoin options across exchanges reached a record high of $15.37B
Stablecoins have stopped their decline and have not reached new lows for over three months, signalling a potential reversal in market sentiment
The DeFi market has rebounded significantly, reaching a three-month high with a TVL of $42B
Major and large projects such as Solana, Injective, and Rollbit have seen gains of 76%, 75%, and 65% respectively. Meaning investor sentiment has turned bullish
Furthermore, the charts tell us significant moves are occurring. Bitcoin dominance has surged to 54%, signifying a clear preference for Bitcoin over altcoins in anticipation of the ETF approval. Interestingly, the current rise in BTC dominance is reminiscent of the ascent observed in 2018 and 2019, which foreshadowed the 2021 bull market
Are you staking tokens such as ETH or SOL?
Bitcoin Monthly Outlook: 2016 vs 2023 Cycle
The comparative analysis between the 2016 and 2023 cycles eloquently brings to mind the timeless adage, "History doesn't repeat itself, but it often rhymes."
While the timeframe may exhibit some variation in the future, there is a strong conviction that we are on the cusp of witnessing a significant milestone, with the possibility of reaching 42k by the conclusion of this quarter
This projection is further substantiated by the recent monthly close above the 32k mark, propelling us into a new trading range that is poised for exploration
The potential trading range that has been identified for this cycle is between 31.8k and 48k, opening up a wide spectrum of opportunities for traders to capitalize on the market's movements
VanEck predicts Solana will hit $3K
ProShares launch first short ETH futures ETF
Taho Wallet opens beta portal waitlist
Avalaunch terminate partnership with Starsarena
Fuse launch the first smart wallet for Solana
Solana has partnered with Amazon Web Services
Andreessen Horowitz planning to target $3.4B for next early-stage funds
Neo plans Ethereum-compatible sidechain for N3 mainnet interoperability
Renzo announce restaking mechanism that allows everyone to restake through Eigenlayer
Friendtech and Starsarena were prominent protocols in the socialfi space in recent months. However, it appears that this narrative and trend are dwindling, with user activity and volume experiencing a sharp decline
Project Spotlight: Marinade Finance
Solana has undeniably emerged as one of the standout performers in the recent crypto rally. In light of this, let's explore the options available to SOL holders keen on staking their tokens to harness attractive yields
Staking: Marinade enables users to stake SOL tokens, receiving marinated SOL tokens (mSOL) in return
Versatile Utility: mSOL serves as the liquid staking token bestowed upon users when engaging with the Marinade protocol
Value Appreciation: The value of mSOL steadily appreciates with each epoch, a result of rewards being dispensed for the staked SOL within the protocol
Marinade currently has around $325M locked in TVL, making it one of the largest protocols in the Solana ecosystem. Though TVL has drastically dropped from its ATH, there has been an uptick recently with the surge of SOL. Source: DefiLlama.
Blue Chip and Major Overview
The crypto market is currently experiencing significant growth, with major and large projects such as Solana, Injective, and Rollbit seeing gains of 76%, 75%, and 65% respectively. This indicates that capital is flowing into projects that are considered high-risk but have the potential for high rewards
Additionally, other coins such as CANTO, MINA and NEAR continue to perform very well, while gains made by other coins like RLB, PEPE, and MANA suggest that investors are willing to take on more risk in search of higher returns
Furthermore, the growth of multichain RWA Hashnote, with a TVL growth of 373.51%, being one example, indicates that it is likely the new bull cycle will see new major and bluechip protocols emerge offering stiff competition to the well-established big players such as Maker, Compound and Aave
Real Smurf Cat has experienced both inflows and outflows, with substantial degen smart money holdings being positioned in the project
Try out Saga’s incentivized testnet, Pegasus
Hyperliquid’s points program began on the November 1st. Be sure to check it out
JOE hit an all-time high and is considered a degen smart money favorite
SPX has been a part of the new meme trio along with JOE and Real Smurf Cat, degen attracting smart money buys and significant attention
Banana Gun Bot continues to climb in usage, volume and fees generated. Many anticipate this Telegram bot will overtake its competitors in the market. Many are accumulating the token in hopes of the price appreciating greatly
Frame announce they will be powered by Arbiturm’s Nitro Stack
Opensea introduce Shipyard, an open-source collection of Solidity contracts for NFT creators
Sup comic enters stores, Bitmap: Fragments Of The Machine
Steve Aoki to drop digital sneakers for Stepn
Axie Infinity’s Sky Smash has integrated Axie Experience Points
ArcadeDao has launched
Async Art is winding down
Weekly volumes for art and collectibles NFTs on Ethereum have been rising since early October, coinciding with ETH's price rally, indicating some renewed interest
Project Spotlight: Wreck League
Wreck League introduces a unique concept where players use NFT-minted parts to construct mechs for real-time player-versus-player (PvP) fighting game competitions.
Unlike traditional fighting games with predefined characters, each mech is crafted and owned by its creator, allowing for over 1.5 quadrillion possible mech combinations
Players have the freedom to assemble, disassemble, and customize mechs using the 10 distinctive NFT parts. This customization results in mechs with unique visual appearances and play styles, enhancing their performance in various game events and tournaments
Season 1 of Wreck League features a collaboration with Yuga Labs, integrating Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Kodas into the game. Holders of these collections can claim a free Founders Mech
Blue Chip Overview
NFTs have experienced heightened trading activity and price gains during the recent market rally. However, they still significantly trail behind the overall market performance
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ImgnAI, a crypto-based project enabling users to create AI-generated art, has gained entry into Nvidia's Inception Program. Following this announcement, the project's native token, $IMGNAI, has exhibited a favorable response, with its value surging by as much as 34%
Maison Margiela offers a free Web3 Multiplayer Mint Game, where players can enter a code, confirm, and play to try and mint various numbers, with the challenge of resetting the counter after each successful mint
The collectibles market is projected to reach a value of $1T by 2033, with stamps representing one of the largest segments at 8%. On Thursday, the German postal service released its inaugural stamp featuring a digital twin. Dive into this thread to learn how to partake in this trend
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Have you played any NFT games?