The Market Recovers
Signals, sentiments, and catalysts.
In this 35th edition of the Gems Corner, we look at the trending narratives and catalysts, plus some actionable bites.
After a few years of multiple red charts, we are finally beginning to see a beamer of hope. This week the market showed strong signs of recovery as many tokens and narratives had a solid upward trend.
The market cap of the global crypto market increased by 1.8%, together with the 24-hour trading volume and Bitcoin dominance. Before we dive into the narratives, let’s look at one major catalyst.
Spot Ether ETF
The price of Ethereum broke the $2k resistance yesterday. It was obviously a result of BlackRock’s ETF filings, which have been confirmed in NASDAQ.
For context, BlackRock is the largest investment company in the world by assets under management - controlling over $9T worth of assets. Plus they have initially filed for Bitcoin Spot ETF in the past. So, an approval of any of these filings will be a massive inflow of capital into the crypto market - hence the pump.
With that out of the way, let’s look at the top gainers in the last 7 days.
Top Gaining Tokens and Narratives
BRC-20
The BRC-20 token narrative made a comeback this week with a 146.9% increase in its overall market capitalization. Evidently, the $BTC’s pump this week is robbing off on ordinals. Here are the top performers.
ORDI (ORDI): +281%
PIZA (Ordinals): +235%
NALS (NALS): +207.5%
TRAC (Ordinals): +155%
Liquid Staking Tokens (LSTs)
The market cap for LST governance tokens crossed $4B with a 26.7% increase from the previous week. This clearly shows more utility and adoption of these tokens. Here are the top players.
Marinade (MNDE): +62.2%
Stakewise (SWISE): +47.8%
RocketPool (RPL): +46.8%
Lido DAO (LDO): +46.8%
The historical performances of these tokens give us insight into what’s to come on the emerging LSTs. Fortunately, most of the top-emerging LSD projects are tokenless, so you can position for an airdrop by doing some activities on them. A few that come to mind are Swell Network, & Jito Network,
Oracle
Oracle protocols weren’t left out this week. We saw a decent upward tick on a number of Oracle protocols. No clear catalyst for the reason, but it indicates most Oracle projects are gradually beginning to find their product-market fit. The top performers are:
Odin Protocol (ODIN): +100.9%
Umbrella Network (UMB): +68.1%
Bridge Oracle (BRG): +83.6%
Chainlink (LINK): +34.3%
UMA (UMA): +30.8%
Artificial Intelligence
AI narrative maintained another week of high performance with the market cap crossing $3.5 billion. Additionally, the long-anticipated AI Dev Day was held on Monday this week, so we are expecting even more upside. The top performers are:
noiseGPT (NOISEGPT): +344.6%
LimeWire (LMWR): +149.2%
PAAL AI (PAAL): +99.3%
AstroPepeX (APX): (91.1%)
Mozaic (MOZ): +74.1%
Chart of the Week
Feels good seeing all green on DeFi’s top 10 protocols by TVL. The storm is surely coming.
Alpha Bites & Tweets
Minterest Zealy Campaign is live - link
Vote on Stargate’s Proposal - link
Linea’s DeFi Voyage Campaign - link
Base Airdrop guide - link
Ether.fi introduces loyal points - link
That’s a wrap.
Thanks for reading!
Until next Friday,
Viktor DeFi.
PS: I’d love to hear your feedback and comments.