TLDR: BTC & ETH is down. Bitcoin dominance is stagnant. The hot coin we look at this week is KUJI.
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BTC & ETH Market Update 📈
Crypto is down this week, with BTC being down 6.4% and ETH down 7.1%:
Bitcoin dominance has been decreasing over the week, starting at around 50.1%, topping at 50.3% and ending the week around 49.8%. Capital often starts to flow into ETH and other altcoins as the price is increasing for more risk-on assets as well, causing a lower Bitcoin dominance as we have started to see over the course of multiple weeks.
It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.
The Bitcoin halving is coming up in April 2024. If history is any guidance we will continue to see BTC dominance climb up until after Bitcoin halving, whereafter people start to look for higher return moving further on the risk curve entering altcoins. This typically starts with ETH, and then on to mid- and low cap coins. Other coins being moved into are typically “ETH killers” like SOL, AVAX and other other L1s. Yet ETH is still the king amongst altcoins, as price action this week also shows.
With BTC dominance decreasing and the ETH price decreasing less but not that much compared to BTC, the BTC/ETH ratio is trending to be stagnant to 19.89 ETH per BTC, underlining that BTC continues to be king in crypto, but alts like ETH are gaining momentum.
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Hot Coin: KUJI 🔥
In this week’s newsletter we dive into Kujira’s token with the ticker: KUJI.
The price action and volume is has been growing consistently, but the recent decrease in price makes KUJI a very attractive buy:
What is the project about?
Kujira is emerging as a game-changer in the Cosmos ecosystem, redefining the concept of "Grown-Up DeFi." Its commitment to advanced trading tools, real value creation, and a secure platform bodes well for the future of DeFi.
As Kujira continues to evolve and expand its offerings, it remains a project worth keeping a close eye on for those interested in the ever-evolving world of decentralized finance.
For more information checkout the full article:
Why is the project exciting now?
There are three main reasons why we feature this project in this week’s newsletter as the hot coin:
Zero inflation and all tokens are in circulation
Protocol (real) revenue is growing
Massive airdrops for staking KUJI
Throughout 2023 and 2024, Kujira Protocol has consistently grown its TVL, and the price is starting to reflect that.
After going parabolic in the beginning and middle of November, both TVL and price is taking a break before the next leg up, which is normally a good opportunity to load up a nice bag.
Adding to the bullish arguments for KUJI is the fact that:
Zero inflation and all tokens are in circulation
Protocol (real) revenue is growing
Massive airdrops for staking KUJI
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