Research Summary
The report provides an overview of the week’s cryptocurrency market trends, focusing on Bitcoin’s performance, the gaming narrative, alt L1s, BTC beta coins, the ERC404 narrative, the StarkNet launch, and the revival of on-chain summer memecoins. It also highlights the performance of new coins and the potential of an Ethereum ETF.
Key Takeaways
Bitcoin’s Performance
- Bitcoin’s Upward Trend: Bitcoin’s price increased from $43k to nearly $52k during the week. The rise is attributed to traditional finance’s strength and bullish ETF flows. The average daily net inflow into the Bitcoin ETF is around $500M.
Gaming Narrative
- Gaming Coins Gain Traction: Gaming coins, particularly $MAVIA, experienced significant growth. $MAVIA, a new gaming coin, saw its price rise from $2.5 to nearly $10. Other gaming coins like $SUPER, $PRIME, $BIGTIME, and $IMX also saw substantial gains.
Alt L1s
- Alt L1s Continue to Perform: Alt L1 coins like $SEI, $SUI, $SOL, $AVAX, and $KAS saw more than a 20% increase during the week. $SEI is nearing its all-time high, and $SUI is up 150% since the start of the year.
BTC Beta Coins
- BTC Beta Coins Show Strength: As Bitcoin outperforms many coins, BTC beta coins like $STX and $ORDI have performed well, with $STX up 50% and $ORDI up 32% for the week.
ERC404 Narrative
- ERC404 Tokens Gain Attention: $PANDORA, the first token of the new ERC404 standard, continued its run, reaching a market cap of around $275M. The report suggests a potential second round for this narrative.
Actionable Insights
- Monitor Bitcoin’s Performance: Given Bitcoin’s strong performance and bullish ETF flows, it may be beneficial to keep a close eye on its price movements and market trends.
- Explore Gaming Coins: With the significant growth of gaming coins like $MAVIA, it could be worthwhile to research these coins and understand their potential in the gaming industry.
- Consider Alt L1s: The consistent performance of Alt L1 coins suggests that they may hold potential. Researching these coins and understanding their market dynamics could provide valuable insights.
- Track BTC Beta Coins: The strong performance of BTC beta coins like $STX and $ORDI indicates potential. Monitoring these coins and understanding their correlation with Bitcoin could be beneficial.
- Understand ERC404 Tokens: The rise of $PANDORA, the first ERC404 token, suggests that understanding this new standard and its potential impact on the market could be valuable.
