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The Market Recovers

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The Market Recovers

Signals, sentiments, and catalysts.

Viktor DeFi
Nov 10, 2023
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The Market Recovers

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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.

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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.

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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

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That’s a wrap.

Thanks for reading!

Until next Friday,

Viktor DeFi.

PS: I’d love to hear your feedback and comments.

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