TLDR: BTC is down but ETH is up. Bitcoin dominance is down. The hot coin we look at this week is TIA.
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BTC & ETH Market Update 📈
Crypto is down this week, with BTC being down 2.6% and ETH down 2.5%:
Last week ETH saw a price surge of almost 15%, so its natural to see a little bit of a pullback. However, BTC and its decrease looks to be a general offloading of BTC due to the spot Bitcoin ETF.
Bitcoin dominance has been somewhat stagnant this week, peaking at 48% ending the week at 47.7%. It seems that capital initially this week flew to Bitcoin as the BTC spot ETF was getting approved, and then either moved back or continued over to altcoins like ETH, where capital usually flows to up until when Bitcoin dominance has peaked and starts to decrease, moving capital into more risky mid- or low-cap coins.
The Bitcoin halving is coming up end of March or beginning of 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 being stagnant, the BTC/ETH ratio is trending downwards to 16.8 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: TIA 🔥
In this week’s newsletter we dive into Celestia’s token with the ticker: $TIA.
The price action and volume is has been growing consistently, and doesn’t seem to stop any time soon:
What is the project about?
Celestia is a modular blockchain network that decouples consensus from data availability and execution. This is done to create a more scalable and flexible foundation for decentralized applications (dApps) and other blockchain platforms.
Here's the kicker: With Celestia, developers can deploy their own blockchains without the need to bootstrap security or set up their own validator set because Celestia provides the necessary infrastructure. It’s like the DJ of the blockchain party, keeping the beat going for everyone to dance to their own tunes.
Get a more in-depth overview of Celestia in our deep dive articles:
Why is the project exciting now?
There are three main reasons why we feature this project in this week’s newsletter:
Data Availability Is The Hot New Thing
The “real” Cosmos Hub
Airdrops
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