The Market Recovers

Signals, sentiments, and catalysts.

Nov 10, 2023

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%