IN THIS ISSUE
- Uniswap V3 details have finally arrived!!
- Total Altcoin Marketcap makes new all-time high
- $BTC breaks down from local range highs
- $ETH sees rejection at the Short RLZ
- Bitcoin Dominance tests local range lows
- Heatmap: $ID, $ALPHA, BitClout, Blockswap Network
HOT OFF THE PRESS!! Uniswap has published the details of their upcoming V3 launch! They’ve announced all kinds of technical improvements including; Concentrated liquidity, Non-Fungible liquidity tokens, advanced oracles and new licensing agreements.
The V3 update promises to increase capital efficiency for LP’s as much as 4000x, reduce slippage on trade execution, slight reduction in Ethereum mainnet fees but significantly reduced fees for users using the Optimism deployment.
The much-anticipated face lift for the leader in AMM DEX trading will be a welcome development for traders in Q2 who have been anxiously awaiting this announcement for months!
Volume on the Uniswap DEX has receded slightly in the last few weeks but zooming out, the overall trend in both liquidity and volume remains bullish. We’d expect to see a continuation of this trend with the rollout of V3 slated for mid-Q2.
$BTC broke down from local range highs yesterday after chopping around in the Short RLZ over the weekend. With the exhaustion we’ve been seeing on the Weekly, it comes as no surprise that price has fallen back into range. It’s a large range that will likely make newer investors/traders quite uncomfortable in the coming weeks.
$BTC dominance continues to consolidate below the 20-week EMA and just tested local range lows on the daily yesterday. It’s incredible to see this drop as $ETHBTC is moving sideways, further strengthening the thesis that we could be in for a shift away from $ETH dominance in the mid-term.
Ethereum failed to make new highs along with Bitcoin this month and just broke down from the Short RLZ. This indicates a relative weakness to The Corn and speaks to the speculation we’ve seen in other top platform projects through Q1 including $BNB, $SOL, $AVAX, $DOT, $ATOM, $ADA etc.
For now, it appears that the dominance $ETH has enjoyed previously is slowly getting divided amongst the new arrivals and could be the beginning of a larger paradigm shift where there is no clear “King of the Altcoins”. We’re still in the very early stages of this potential shift with no clear indication of who the front-runner is in the race for 2nd place!
The $ETHBTC bears are knocking at the door as price trades below the 20-week SMA for a 3rd week straight. If we breakdown from local lows, expect to see a tag of HTF .618 fib retrace, confluent with the candle body close highs from February 2020 down around 0.0276
ALTCOIN & DEFI PERP
The Altcoin and DeFi perp look nearly identical having both struggled to trade above the .4669 Chaos PRZ this month and volume receding through this consolidation, we could be in for some local volatility as the market continues to consolidate below ATH’s.
TOTAL ALTCOIN MARKETCAP
The Altcoin total marketcap made a new All-time high last week, peaking at $721,672,000 before dropping slightly into the weekly close. The explosion of volume we saw to open up the year has begun to subside, possibly making way for some sideways action in the near-term.
$ID has a packed roadmap for the Month of April, and it appears as though the bulls are returning to the chart with a marked increase in volume last week to go along with a bullish market structure confirmation on the 4hr. We spotted a notable whale wallet associated with SBF making some buys as well, which makes sense given the existing partnership with FTX.
$ALPHA is enjoying a strong candle today on the $BTC pair as more bullish news rolls in from the team regarding new tokenomics and staking info release dates.
Bitclout continues to capture the imagination of speculators and the ire of some notable crypto OG’s who are crying foul due to the secretive nature of the launch and the steep increase in bonding curve prices that they feel have enriched the founders/insiders unfairly and have created a “Ponzi-like” structure to the ecosystem.
Early feedback from the platform users continues to be overwhelmingly positive with the marriage between Social Media and Market price action creating an incredibly sticky and addictive user experience. The following list of VCs has now been confirmed, which should dampen concerns from the critics that this is an outright “scam” operation.
There are no withdrawals or place to actively trade/chart the BTCLT coin so for now it’s unclear exactly what “The Market” thinks of its valuation. As it stands, there are over 8,000,000 BTCLT tokens in circulation with a price of $136.37 giving a rough total Marketcap of $1.1b. It will be interesting to see how price shakes out once the pent-up sellers have an opportunity to trade their token on an exchange. We have no indication of the current timeline for that.
The Blockswap Team released the details of their upcoming Incentivized CommunityNet that will co-incide with a fair token launch that is expected to take place in early April. Users who wish to participate in the ETH2 CommunityNet will need to acquire BSN testnet tokens to do so.
With 250,000,000 tokens available for participants in the form of airdrops/reward incentives, this is one we’ll be keeping a close eye on in the coming weeks. Their $aver token product promises to deliver a 7% fixed yield “Universal Savings Account” that will be denominated in USD.
7% may not grab the attention of savvy DeFi yield farmers right now, but as the market transitions through the next cycle, experts agree that the “vegetable” tokens offering inflated yields, paid in their own token, will eventually get squashed to bits. Variable yields based on borrowing/lending are typically high in bull markets and low through bear markets. Making the idea of a fixed yield product, based on PoS staking rewards more attractive for the average user who is seeking stable, passive income over time.
I’ll continue to keep you updated on all the hottest opportunities I can find in the space, until next time, have a great week, and whatever you do, always play from a position of strength!
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