Market Update Week 50 2023
The premium weekly crypto market update to grow your portfolio
TLDR: BTC and ETH continues to climb up. Bitcoin dominance stays stagnant. The hot coin we look at this week is WHALE.
Latest & Greatest 📰
Before we dive into both current and new airdrops, make sure to check the latest and greatest news and market update from Coin Club:
BTC & ETH Market Update 📈
Prices are down on the weekly, with BTC down 3.7% and ETH 5.1%.
Bitcoin dominance is more or less on par with how the week started, peaking at 50.4% ending the week around 49.6%. It’s starting to look more and more bullish both for mid and low cap coins, where capital often flows to when Bitcoin dominance has peaked and stagnated for a period of time.
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, TRON or AVAX. Yet ETH is still the king amongst altcoins.
A natural result of BTC dominance dropping slightly at the end of the week is the BTC/ETH ratio also increasing further sitting at 18.6 ETH per BTC, underlining that BTC continues to be king in crypto.
For general news and updates on Bitcoin and Ethereum, make sure to subscribe to Coin Club’s free weekly newsletter.
Hot Coin: WHALE 🪙
In this week’s newsletter we dive into Migaloo’s White Whale token with the ticker: $WHALE.
The price action and volume is starting to look juicy:
What is the project about?
White Whale looks to solve the problem of liquidity fragmentation.
Liquidity fragmentation is a major hurdle in the growth of decentralized finance (DeFi) ecosystems like Cosmos. Tokens are spread across multiple chains and DEXes, leading to poor swap performance, price discrepancies, and potential liquidity crises during severe market crashes. This fragmentation also results in capital inefficiencies, hindering the overall effectiveness of the ecosystem.
White Whale provides a comprehensive solution to the problem of fragmented liquidity through its interchain arbitrage infrastructure. By creating inter-blockchain connected Liquidity Pools representing interchain prices, implementing flash loan vaults, and deploying open-source arbitrage bots, White Whale facilitates seamless liquidity flow and decreases fragmentation.
You can read more about what White Whale is building in the article below:
Why is the project exciting now?
There are three main reasons why we feature this project in this week’s newsletter:
TVL vs Price