Market Update Week 7 2024

The premium weekly crypto market update to grow your portfolio

TLDR: BTC & ETH is up big. Bitcoin dominance is stagnant. The hot coin we look at this week is JKL.

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Latest & Greatest 📰

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BTC & ETH Market Update 📈

Crypto is looking up bigly this week, with BTC being up 7.9% and ETH up a whopping 10.9%:

Bitcoin dominance has been somewhat stagnant this week, starting at 48.8%, topping at almost 50% and ending the week at 48.9%. With the Bitcoin selloff slowing down as a result of the Grayscale offloading, yet demand rising with the spot BTC ETF, and hence the price of BTC increasing over the week. However, capital seems to start to flow onto ETH and other altcoins as the price is increasing for those more risk-on assets as well, making the Bitcoin dominance stagnant for the week. 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 being stagnant yet ETH increasing more than BTC for the week, the BTC/ETH ratio is trending downwards ending the week at 18.6 ETH per BTC, underlining that BTC continues to be king in crypto, but ETH is gaining momentum against BTC.

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Hot Coin: JKL 🔥

In this week’s newsletter we dive into Jackal Protocol’s token with the ticker: $JKL.

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

What is the project about?

There are many decentralized file storage protocols on Ethereum, but Jackal is the only one available on the Cosmos ecosystem, with all the benefits coming from using the Cosmos tech stack.

DeStorage is a critical piece of puzzle to Decentralized AI (DeAI), and as new AI application are released, we believe this narrative will be growing faster than many other segment of the market. Important criteria would be fast access and transfer speed of large amount of data, which often get categorized as Hot storage. Filecoin, and AWS Glacier would qualify more as Cold storage to store data long term but with slower transfer speed.

Jackal cost of storage is currently $8/month for 1T, so unfortunately that's pretty high compared to Filecoin, but that's for Hot storage instead of Cold storage. Compared to other hot storage solution on AWS that cost about $35 per month per 1T.

As well, when it comes to AI, model reproducibility and versioning is ideal in order to be able to compare. Jackal's bucket storage makes this possible.

Currently it has a $32M marketcap in circulation with a fully diluted market cap of $62M. This is the first bull cycle for Jackal, and Filecoin was able to reach $462B FDV at the peak of it's first bull run in 2021 and $115B in circulation, so Jackal as plenty of room to grow and is better aligned with the AI narrative.

Why is the project exciting now?

There are three main reasons why we feature this project in this week’s newsletter:

• Addressable market

• Better resource utilisation

• Better tech