Crypto Market Pulse (31/10/2022)

Dogecoin rockets up 106%. Elon Musk acquires Twitter. Matter Labs releases second version of zkSync.

Weekly Market Index

Happy Halloween 🎃. Last week’s market prices, volume, and volatility were all up significantly at +12.3%, +97.1%, and +155.5% respectively.

Weekly Performance

Bitcoin (BTC) reclaimed the $20K price level last week and was up +5.0%, while Ethereum (ETH) surged +16.1% and reached $1,600. Amongst other selected top-cap tokens, Dogecoin (DOGE) rocketed up +106.1%.

New Project Spotlight

• Aptos, a new Layer-1 blockchain, launched its mainnet. Aptos was created by ex-Meta developers and includes among its investors Andreessen Horowitz.
• In testing, Aptos claimed a transaction speed of 130K transactions per second (TPS), but upon launch was reported to have only 7 TPS, which is even less than that of the Bitcoin blockchain.
• The native token of Aptos is APT, which is available for trading on the Crypto.com App and Crypto.com Exchange. The initial total supply at mainnet launch was 1 billion tokens, with 30% distributed to the Aptos Foundation and private investors. Tokens held by private investors are subject to a 12-month lockup.

News Highlights

• Crypto.com and the City of Busan in South Korea announced the signing of a Memorandum of Understanding (MoU) to collectively advance the blockchain industry. Crypto.com will also establish a workforce presence within Busan. 
• In other Crypto.com related news, the company is collaborating with A Story to develop a social NFT series called the “Extraordinary Whales Club”. It is based on the Korean drama Extraordinary Attorney Woo.
• Elon Musk, billionaire and CEO of Tesla and SpaceX, formally acquired Twitter for US$44B.
• The U.S. Fed’s preferred inflation gauge rises less than expected in September. The PCE (Personal Consumption Expenditures) Price Index, increased 0.3% in September, slowing from August’s 0.4%.
• Visa filed trademark applications related to digital wallets, non-fungible tokens, and the metaverse. This includes trademarks related to “use as a cryptocurrency wallet”, and “managing and verifying cryptocurrency transactions” amongst others. 
• Matter Labs released the second version of its Ethereum scaling platform, zkSync, a network that uses zero-knowledge rollup technology to bundle up transactions before sending them to the Ethereum blockchain. It aims to improve transaction speeds and reduce gas fees.
• 74% of institutions plan to buy crypto, according to a new survey by financial services giant Fidelity. Investors cited decentralisation, non-correlation to other assets, and the macro environment as reasons to get involved with digital assets.

Recent Research Reports

Alpha Navigator (Sep 2022)	Ethereum: The Merge	Welcome to Web3

• Alpha Navigator (Sep 2022): Crypto outperforming since the recent Fed interest rate hike. ETH derivatives could be indicating less caution with The Merge now in the rearview mirror. Some Layer-1 tokens show strong price momentum.
• Ethereum: The Merge: The Merge is finally complete. Energy consumption is expected to drop by 99.95%. It will not reduce gas fees or increase transaction speeds. More upgrades are incoming.
• Welcome to Web3: Identity, Soulbound Tokens, and Decentralised Society: Exploring the emergence of a blockchain-based, decentralised society through the lens of Web3 identities, Web3 domains, and soulbound tokens.

Catalyst Calendar

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Author

Research and Insights Team

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