Research Summary
The report discusses the performance of various cryptocurrencies, including Bitcoin ($BTC), Ethereum ($ETH), and several altcoins. It highlights the significant rise of Bitcoin, breaking its $38k resistance and reaching $44k. The report also discusses the performance of altcoins like $ORDI, $STX, $ALEX, and $BCH. It further explores the trends in memecoins and gaming coins, and the impact of new coins on the market.
Key Takeaways
Bitcoin’s Market Performance
- Bitcoin’s Breakthrough: The report highlights Bitcoin’s significant rise, breaking its $38k resistance and reaching $44k. This surge sucked most liquidity out of altcoins. Bitcoin’s dominance in the market has been fluctuating, with periods of stability and outperformance.
- Ethereum’s Follow-up: Ethereum followed Bitcoin’s trend but with less energy, maintaining its position at $2250. The report suggests that Ethereum’s performance has been relatively stable over the last two months.
Altcoins and Memecoins
- Altcoins’ Performance: The report discusses the performance of various altcoins, including $ORDI, $STX, $ALEX, and $BCH. $ORDI, in particular, saw a significant increase, with its market cap going more than 3x in a week.
- Memecoins’ Trend: Memecoins like $DOGE, $BONK, $PEPE, and $SHIB also saw considerable growth. The report suggests that memecoins are here to stay, with the best ones always being among the top performers.
New Coins and Gaming Coins
- New Coins’ Impact: The report highlights the impact of new coins on the market, with coins like $BIGTIME, $TIA, $MEME, $TAO, and $BEAM showing strong performance. Being in price discovery remains one of the most bullish setups, according to the report.
- Gaming Coins’ Performance: While major gaming coins like $IMX, $ILV, and $GALA did not outperform Bitcoin this week, some of the biggest gainers were from this category, including $BEAM, $BIGTIME, $SUPER, and $RON.
Strong Coins and Market Narratives
- Strong Coins: The report mentions an index of strong/winner coins among large caps, including $SOL, $RUNE, $INJ, and $LINK. It suggests that $AVAX and $NEAR might be potential candidates to join this basket.
- Market Narratives: The report identifies several main narratives driving the crypto market, including Bitcoin and Ordinals/BRC-20, $SOL and its ecosystem, a basket of strong coins, gaming, AI, memecoins, and new coins.
Actionable Insights
- Monitor Bitcoin’s Performance: Given Bitcoin’s significant rise and market dominance, it’s crucial to keep a close eye on its performance and potential impact on other cryptocurrencies.
- Explore Altcoins and Memecoins: With the significant growth of altcoins and memecoins, these cryptocurrencies present potential areas for further exploration and understanding.
- Consider New Coins: The report suggests that new coins, especially those in price discovery, can present bullish setups. Therefore, these coins could be worth researching further.
- Understand Market Narratives: Understanding the main narratives driving the crypto market can provide valuable insights into potential trends and shifts in the market.
