Market Update Week 9 2024
The premium weekly crypto market update to grow your portfolio
TLDR: BTC and ETH are up. Bitcoin dominance is up. The hot coin we look at this week is KUJI.
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BTC & ETH Market Update 📈
Crypto is looking up bigly this week, with BTC being up 20.7% and ETH up a whopping 15.6%:
Bitcoin dominance has been increasing over the week, starting at around 48.2%, topping at 51.3% and ending the week at 49.9%. 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 started to see 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 increasing, the BTC/ETH ratio is trending upwards ending the week at 18.1 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: KUJI 🔥
In this week’s newsletter we dive into Kujira’s token with the ticker: KUJI.
The price action and volume is has been growing consistently, and doesn’t seem to stop any time soon:
What is the project about?
Kujira is emerging as a game-changer in the Cosmos ecosystem, redefining the concept of "Grown-Up DeFi." Its commitment to advanced trading tools, real value creation, and a secure platform bodes well for the future of DeFi.
As Kujira continues to evolve and expand its offerings, it remains a project worth keeping a close eye on for those interested in the ever-evolving world of decentralized finance.
For more information checkout the full article:
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:
Zero inflation and all tokens are in circulation
Protocol (real) revenue is growing
Massive airdrops for staking KUJI
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