TLDR: BTC is down & ETH is up. Bitcoin dominance is down. The hot coin we look at this week is NOIA.
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BTC & ETH Market Update 📈
Crypto is looking up bigly this week, with BTC being down 1.3% and ETH up a whopping 6.5%:
Bitcoin dominance has been decreasing over the week, starting at 50.1%, but ending the week at 48.8%. Capital often starts to flow into ETH and other altcoins as the price is increasing for more risk-on assets as well, causing a lower Bitcoin dominance as we have seen this 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 dropping, the BTC/ETH ratio is trending downwards ending the week at 17.3 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: NOIA 🔥
In this week’s newsletter we dive into Syntropy’s token with the ticker: NOIA.
The price action and volume is has been growing consistently, and doesn’t seem to stop any time soon:
What is the project about?
Syntropy is transforming the way blockchain data is accessed through their innovative Data Layer protocol. Designed for efficiency, security, and equitability, their platform enables a fully decentralized data exchange for developers, organizations, and users.
By eliminating dependence on centralized services, Syntropy provides swift and seamless access to both real-time and historical on-chain data. Their technology fosters a dynamic peer-to-peer ecosystem committed to powering the next generation of decentralized applications.
Currently sitting at market cap of $177M in circulation with a fully diluted market cap of $228M. This is the second bull cycle for Syntropy’s NOIA, and last cycle around the token topped at $0.82 (a 4x from here). With the team having built relentlessly throughout the bear market, it’s probably only a matter of time before a new ATH is reached for NOIA.
Why is the project exciting now?
There are three main reasons why we feature this project in this week’s newsletter as the hot coin:
DePIN & Decentralised Compute
Platform & Product
Team
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