If you are a fan of the V-shaped economic recovery, or believe that we will continue to fall before experiencing a more significant rebound, then you can be forgiven in wanting change.
We’re starting to get a good idea of how lush the grass could be.
In just five days time, the total crypto market cap has fallen by $400 billion, from more than $3.3 trillion, to only $2.9 trillion. This is officially lower than the peak of November 2021.
Sounds exciting! This is a very exciting time!
It’s too early to tell. Despite all the noise we still can see some hints of what the market is expecting to happen during the next possible phase in the bull market.
Since Sunday, following Bitget’s hack, the value of all but seven coins in the Top 100 by Market Cap that aren’t stablecoins or liquid staking tokens has fallen.
These losses vary from almost 20% for TKX and Bitget’s BGB to barely negative results for OP or APT.
Among those most affected are the coins that have been tied to some of the protocols with the highest economic activity, such as AAVE, LDO and SOL. Like Keynes said, “markets can remain irrational longer than you can remain solvent.”
The small group of coins that went in the opposite directions is more telling: BERA, SKY (formerly MKR), and TIA are each up by 10% and 9.5% respectively.
BERA launched its mainnet only three weeks prior. This could indicate that some corners of the crypto market are searching for new ecosystem narratives.
As for SKY, it could be benefitting from the increasingly tense air of strict stablecoin regulation in the US — with decentralized offerings set to take up greater mindshare moving forward.
The strongest coin in the top 100 is IP. It has risen by 40% within the last five days.
IP is PIP Labs Story Protocol’s native token, which is backed by A16z. The protocol positions itself as an intellectual property tokenization chain. In less than two months, the mainnet was launched along with its token. Since then, it has seen a steady increase in price.
If I were to make a bet, it would probably be on two things: the fundamentals and the really, really great market makers.
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