Market data
DeFi: average daily volume was $3.6 billion for the month. DeFi represents 8% of the global crypto market volume.
Stablecoins: average daily volume was $41.5 billion for the month. Stablecoins represent an immense 92.16% of the global crypto market volume.
The Top 20: Polygon, Avalanche, and Cosmos have been the highest performing networks in terms of volume, active users, and market cap growth over the month of January. Chainlink and UNUS SED LEO have both dropped out of the top 20 coins (#21 and #22 respectively).
Top 10 Coins (30 days):
# token rank – name and (ticker) – % percentage gain/loss
- #77 SingularityNET (AGIX) +674.32%
- #84 Render Token (RNDR) +340.93%
- #28 Aptos (APT) +278.40%
- #172 Everscale (EVER) +258.54%
- #104 Magic (MAGIC) +246.74%
- #101 Fetch.ai (FET) +223.79%
- #189 Conflux (CFX) +181.48%
- #134 Injective (INJ) +178.01%
- #165 Keep Network (KEEP) +169.55%
- #40 The Graph (GRT) +160.96%
Bottom 10 Coins (30 days):
# token rank – name and ticker – % percentage gain/loss
- #147 Onyxcoin (XCN) -37.01%
- #60 Bitcoin SV (BSV) -2.86%
- #22 UNUS SED LEO (LEO) -2.14%
- #111 XDC Network (XDC) +2.12%
- #97 Nexo (NEXO) +2.66%
- #25 Toncoin (TON) +3.31%
- #24 Monero (XMR) +5.28%
- #62 Zcash (ZEC) +6.91%
- #148 SwissBorg (CHSB) +8.30%
- #22 Ethereum Classic (ETC) +9.40%
What’s happening in the Market:
The economy is still not in the best shape and due to the economic uncertainty there is currently a near record number of funds sitting on the sidelines in money market accounts – $5 trillion. The question isn’t will investors pile back in, it’s when.
Our expectations are that this bumpy cycle of rallies and dips will likely continue until there is a catalyst to push risk assets to new lows or into a new bull market. Its also very likely that the first move out of this sideways cycle will be a pretty big one.
This recent rally looks to have lost momentum much faster than the rally we had last summer – before the implosion of FTX – and after multiple, attempts Bitcoin and Ethereum haven’t been able to break through the technical levels of $1,700 and $25,000 respectfully.
One other technical indicator to note is that Bitcoin also got close to its consolidating 50 week and 200 week moving averages which completely knocked it back, i guess we aren’t ready for a breakthrough into a larger rally just yet.
What We’re Thinking
While most people are looking to speculate on the latest and most popular tokens that are mooning, we’re mostly staying focused on finding blockchains and applications that have interesting value propositions, provide real value to users and the ecosystem, have strong fundamentals, and most importantly have an influx of users. We then patiently wait for setups to deploy capital, and then take profits when we hit our targets.
(stay tuned to learn how you can get in on what moves we’re making behind the scenes;)