Research Summary
The report provides a comprehensive analysis of the week’s cryptocurrency market trends, focusing on Bitcoin’s performance, the rise of selected coins like $TIA, $INJ, and $AVX, and the impact of narratives such as AI and gaming on the market. It also highlights the performance of alt L1s, Solana ecosystem, and BTC beta coins.
Key Takeaways
Bitcoin’s Market Performance
- Bitcoin’s Volatility: Bitcoin reached a new yearly high at $44700 on December 9, but experienced a significant dip, causing fear in the market. However, it bounced back to around $43k, with most of the recent moves attributed to the ETF narrative.
Strong Selected Coins
- Performance of $TIA, $INJ, and $AVX: After the market correction, $INJ, $TIA, and $AVAX emerged as the strongest coins in the top 50. $INJ was up +80% this week, $TIA was up +35%, and $AVAX was up +45%.
Alt L1s and Solana Ecosystem
- Alt L1s Performance: “Old” / 2021 alt L1s had a strong week, with $ADA up +45%, $ICP up +32%, $DOT up +22%, and $ALGO up +31%.
- Solana Ecosystem: The Solana ecosystem benefited from the $JTO airdrop, with beta coins like $BONK, $RAY, and $FIDA seeing significant gains.
AI and Gaming Narratives
- AI Coins: The AI narrative continues to provide the market with great returns, with $RNDR and $FET leading the pack with +30% and +35% gains respectively.
- Gaming Coins: The gaming narrative also remains strong, with the largest gaming coin, $IMX, up +50% this week.
BTC Beta Coins and BRC-20
- BTC Beta Coins: BTC beta coins have been mostly flat until a recent uptick, with $STX, the main Bitcoin L2, up +25%.
- BRC-20 Coins: BRC-20 coins like $SATS, $ORDI, and $MUBI have seen significant gains, with $SATS price doubling after Binance announced its listing.
Actionable Insights
- Monitor Bitcoin’s Performance: Given Bitcoin’s recent volatility, it’s crucial to keep a close eye on its performance and market sentiment.
- Consider Strong Selected Coins: Coins like $TIA, $INJ, and $AVX have shown resilience and strong performance, making them worth considering.
- Explore Alt L1s and Solana Ecosystem: The strong performance of alt L1s and the Solana ecosystem suggests potential opportunities in these areas.
- Investigate AI and Gaming Narratives: The continued strength of AI and gaming narratives indicates potential in coins associated with these trends.
- Assess BTC Beta Coins and BRC-20: The recent uptick in BTC beta coins and BRC-20 coins suggests these areas could offer potential opportunities.
