CoinCodeCap Weekly: Issue 1
CoinCodeCap Weekly brings you an entire week’s market updates and news in one article. Got no time to stay updated during weekdays? No worries, we got your covered!
This week in Markets
The crypto market has been ranging from April 18 to April 29 with a value of $38,000 - $40,000. The market has been experiencing a bearish scenario this month, as the gains of the month of February and March got erased in April. This is also called a bearish engulfing scenario, and there have been more sales. The bulls were also unable to move beyond EMA 20.
Reports from TheBlock show the retail/ small scale traders have been buying $BTC, and the balance of the addresses holding <10 BTC soared to 2.08m BTC. Addresses holding 0.001-0.01 BTC and 0.01-0.1 BTC also witnessed a 2% growth in the last 30 days. However, the scenario is different for short-term holders. Addresses that have been holding <1 month followed the price action and have sold at a loss in many cases. Thus, the balance of these traders has touched the lowest value since January 18. They are now holding 1.49m BTC.
Though there has been a recent drawdown, Bitcoin and Ethereum, the two trending assets have been showing a strong bottom. So, if you are among the 58.44% of the addresses holding BTC or among the 69.25% of the addresses holding ETH, then you are either in money or profit.
A closer look into the market shows that The Elon effect has recurred. On April 26, the volume of on-chain transactions was greater than $100k in $DOGE. This acted as a proxy for institutional activity which also surged to $2.59b, making it the highest since March 24.
The Merge of the Ownership Economy 2022
The crypto ecosystem is fast developing. It has revolutionized itself in such a small span, yet there are still major changes to happen. One such happening is the birth of the Ownership Economy which can otherwise be defined as Web3. The objective of this phenomenon lies in transforming users into owners. It should be noted that the ownership economy is massive and emerging. Data aggregator CoinMarketCap, after compiling data, released a report on April 26, 2022, that states that the market capitalization of over 19,000 tokens is $1.76 trillion.
In short, the ownership economy will make users the owners of tokens which is supposed to help beat competitors. However, the major concern lies in its sustainability. Nansen has shared research that shows, "A whopping 42% of yield farmers that enter a farm on the day it launches exit within 24 hours. Around 16% leave within 48 hours, and by the third day, 70% of these users would have withdrawn from the contract." Though this might pose a big problem, there are pros of this beginning that may outweigh the concern.
The ownership economy will lead to the birth of richer ecosystems and may motivate users to be a part of value creation. Web3 started as a host to decentralized apps and is now witnessing advancement almost every day. Therefore, the crypto community is anticipating that mass adoption of the Ownership Economy might be the next big thing in the Web3 space.
The Happenings
The crypto space witnessed a lot of highs and lows this week! Take a quick look:
Elon Vs Twitter, The most awaited verdict is out: Elon Musk Buys Twitter for $44 Billion. Here's how it went.
The Bitcoin dimension is now better. Bitcoin Core 23.0 has been Released: Here's What Users Can Expect.
Coinbase listed competitor Binance's token: Coinbase to list StepN tokens- GMT and GST on its platform. Read here.
Crypto firms extend helping hands to Ukraine. Aid to Ukraine: Binance to Launch Refugee Crypto Card for Ukrainians. Here are the details.
Optimism focuses on public goods. Ethereum's Optimism Launches Tokens: Announces Airdrop. Read more.
The Bitcoin mining industry faces a huge blow. New York State Assembly Passed a two-year Moratorium on Bitcoin Mining. Here's why.
Crypto in India. Fin-min Sitharaman spoke about Crypto's Way Forward in India. Here's what happened.
Meme coin's latest initiative: Shiba Inu Launches SHIB Burning Portal. Here's what you need to know.
The Charts and Dips
ZRX Price Analysis April 2022 [Link]
Bitcoin(BTC) Price Analysis April 2022 [Link]
Top 5 Layer Two Crypto to Buy in April 2022: MATIC, LRC, OMG, SKL, ZKS [Link]
Top 5 Meme Tokens to Keep an Eye on This Week: SMI, DOGE, VINU, MONA, ELON [Link]
Stolen/Rugged/Scammed/Hacked
ApeCoin Phishing Scam Yet Again [Link]
Is ZTZ DAO a Scam Project? [Link]
Bitcoin SV Spam Attacked [Link]
MaxAPY Finance Rug Pulled, Around $440K Stolen [Link]
Is Harry Potter Token a Scam Project? [Link]
Horizon World NFT Rug Pulled [Link]
BAYC Instagram Hacked, Around $10M worth NFTs stolen [Link]
Spirit Zuki NFT Rug Pulled [Link]
OpenSea Phishing Link Scam [Link]
Rug Pull Mafia Active, Stay Aware [Link]
Deus Finance Hacked, Around $13.4M Stolen [Link]
The information above does not constitute investment advice, and the author does not ask you to either buy or sell any of the assets mentioned in the article.