Market Update Week 52 2023
The premium weekly crypto market update to grow your portfolio
TLDR: BTC is down but ETH is up. Bitcoin dominance is decreasing. The hot coin we look at this week is STRD.
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 📈
ETH is having a good week compared to the rest of the market, being up 2.2%, while BTC price is down 2.2%.
As a natural result of the BTC price drop, Bitcoin dominance continued to decline this week, peaking at 49.7% at the beginning of the week, ending the week around 47.7%. It’s starting to look more and more bullish both for mid and low cap coins, where capital usually flows to when Bitcoin dominance has peaked and starts to decrease.
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 dropping and the ETH price increasing while BTC price is decreasing, the BTC/ETH ratio is trending downwards to 18.1 ETH per BTC, underlining that BTC continues to be king in crypto, but alts like ETH are gaining momentum.
For general news and updates on Bitcoin and Ethereum, make sure to subscribe to Coin Club’s free weekly newsletter.
Hot Coin: STRD 🔥
In this week’s newsletter we dive into Stride’s token with the ticker: $STRD.
The price action and volume is has been growing consistently, and doesn’t seem to stop any time soon:
What is the project about?
Stride is emerging as one of the most promising liquid staking protocols within the Cosmos ecosystem and the broader cryptocurrency space. This groundbreaking protocol, set to launch this September, offers a unique proposition for investors - the ability to stake tokens while still participating in DeFi activities, trading, providing liquidity, and more with the liquid tokens they receive when staking with Stride.
You can read more about what Stride 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
Stride vs other LST protocols