Market Update Week 6 2024

The premium weekly crypto market update to grow your portfolio

TLDR: BTC & ETH is up bigly. Bitcoin dominance is up. The hot coin we look at this week is DYM.

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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:

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BTC & ETH Market Update 📈

Crypto is looking up bigly this week, with BTC being up 9.4% and ETH up 7.7%:

Bitcoin dominance has been growing this week, starting at 48.7%, topping at almost 50% and ending the week at 49.7%. With the Bitcoin selloff slowing down as a result of the Grayscale offloading, yet demand rising with the spot ETF, and hence the price of BTC increasing over the week more than for example ETH, it is natural that Bitcoin dominance would follow suit. 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 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 on the rise, the BTC/ETH ratio is trending upwards (despite a large pullback mid-week) ending the week at 18.9 ETH per BTC, underlining that BTC continues to be king in crypto, and that alts like ETH are not gaining momentum against BTC.

For general news and updates on Bitcoin and Ethereum, make sure to subscribe to Coin Club’s free weekly newsletter.

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Hot Coin: DYM 🔥

In this week’s newsletter we dive into Dymension’s token with the ticker: $DYM.

The token was just airdropped to a ton of people. Immediately after, most decided to stake (not dump) the token. This is a strong signal that people - despite getting DYM for free - believe in the future of the project.

The price action and volume of the token has been growing consistently, and doesn’t seem to stop any time soon:

What is the project about?

RollApps represent Dymension's answer to scaling issues for various chains cross various ecosysytems. These application-specific blockchains discard the consensus overhead, focusing solely on providing a highly scalable execution environment. For a comprehensive understanding of this concept, Dymension's detailed articles, including their RollApp Development Kit (RDK) breakdown, serve as a valuable resource.

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:

• Supply Dynamics

• Demand Dynamics

• Bull Case > Bear Case