M3TA Recap: Oct 30 – Nov 5, 2023
We gave you a heads-up about altcoin season last week. So, what did you pick up? Did you snag any of the top-performing ones this week?
Achievement unlocked: Progressing toward Beta release!
EP 1: Chart generation from AI.
We're thrilled to showcase our first AI feature demo with added features:
Query Ethereum project data using NLP (Natural Language Processing) spanning the last 30 days.
Output formats include SQL, Tables, and Charts.
Chart customization options encompass color schemes, titles, font sizes, types of charts, and more.
An extensive Frequently Asked Questions (FAQ) section.
The ability to review your query history.
See the power in action!
Make sure to secure an exclusive spot on our whitelist for immediate access and Stay tuned for more updates on our Beta!
Altcoin Season
Bitcoin displayed a strong dominance last week, but it appears to be losing momentum as it currently trades sideways. This suggests that altcoins may be gearing up for a surge.
Top performers (7D)
Gas - $GAS: +161.6%
Price as of time of writing: GAS/USD - $12.58
GAS is used to pay gas fees on the Neo blockchain.
Neo, a community-led, open-source blockchain platform originating from China, enables developers to automate and digitize asset administration via intelligent contracts. Key built-in functionalities of Neo include decentralized storage, oracle services, and domain name services, laying the groundwork for the future of the internet.
ARK - $ARK: +105.7%
Price as of time of writing: ARK/USD - $1.54
ARK is a blockchain-based platform that provides a scalable and interoperable infrastructure for the development and deployment of dApps. It uses a unique consensus algorithm called Delegated Proof of Stake (DPoS) to enable fast and secure transactions, and supports cross-chain interoperability.
PancakeSwap - $CAKE: +84.5%
Price as of time of writing: CAKE/USD - $2.27
PancakeSwap is a decentralized exchange (DEX) built on the Binance Smart Chain (now BNB Chain), providing users with a seamless platform to easily swap BEP-20 tokens. It differs from Uniswap, a DEX operating on the Ethereum blockchain.
Status - $SNT: 76.6%
Price as of time of writing: SNT/USD - $0.0511
Status Network develops decentralized technologies and applications to enable secure transactions, free communication, and confident organization through peer-to-peer technologies. Their offerings include secure communication tools, hard wallets, project funding, developer tools for DApps, and infrastructure for secure messaging and Ethereum 2.0 support.
Tokamak Network - $TON: +66.7%
Price as of time of writing: TON/USD - $2.45
Not TON - The Open Network.
Tokamak Network is an Ethereum-based protocol created to boost Ethereum's scalability. It functions as a network of Layer 2 networks, serving as both a protocol and a platform for the straightforward and secure construction and interconnection of Layer 2 networks.
This week's top performers align with large accumulations and deposits from and to Upbit, with the trading volume of these tokens significantly surpassing other exchanges.
Top losers (7D)
Polymesh - $POLYX: -31.2%
Price as of time of writing: POLYX/USD - $0.2131
Polymesh is a proof-of-stake blockchain built on Substrate, designed to effectively address rule enforcement, identity verification, compliance, data privacy, and transaction finality. $POLYX is the network's main token used for staking and securing the network, paying transaction fees, and participating in governance.
Viction - $VIC: -26%
Price as of time of writing: VIC/USD - $1.3
Viction (formerly TomoChain) is a Layer 1 based in Vietnam that supports all smart contracts, protocols, and seamless token transfers across different chains that are compatible with the Ethereum Virtual Machine (EVM). The token's value dipped when TomoChain rebranded to Viction.
FLOKI - $FLOKI: -13.9%
Price as of time of writing: FLOKI/USD - $0.00003123
FLOKI, originally a meme-coin inspired by Elon Musk's dog, has transformed into a comprehensive web3 project encompassing decentralized finance, NFTs, and the Metaverse.
ECOMI - $OMI: -13.3%
Price as of time of writing: UNI/USD - $4.16
Ecomi is a blockchain-powered platform designed for the acquisition, storage, and collection of licensed digital collectibles.
Celsius Network - $CEL: -13%
Price as of time of writing: UNI/USD - $0.2117
Celsius Network is a lending platform that lets you earn interest on your deposited cryptocurrencies or take out crypto-backed loans. It's regulated and compliant with SEC rules.
Several weeks ago, these tokens experienced a significant surge in value. However, last week, with Bitcoin trading sideways, these tokens lost momentum and underwent a correction following the earlier surge, resulting in a decline in their value.
Macro
ETF-related
Crypto Fundraising
Micro
M3TA Telegram - Oct 30, 2023
Recent Bitcoin surge was tied to US spot Bitcoin ETF hype. Historical trends suggest it may signal a peak.
However, M1 Money Supply, which represents the total supply of cash, checking accounts and other liquid forms of money in an economy, is giving a negative signal, challenging the bullish outlook for Bitcoin.
Declining Bitcoin Net Taker Volume on the buy side, which is how much volume is being executed by takers as opposed to makers over a certain period, may lead to negative impacts in November.
High Net Take volume on the buy side might suggest bullish sentiment, as it indicates a large number of market orders are willing to "take" the available sell orders at current or increasing prices.
M3TA Telegram - Oct 30, 2023
CEX Volume Drop: Top 10 CEXs fell 20.1%, Binance faced regulatory and leadership challenges.
Decline in Stablecoin Market Cap: Top 15 stablecoins lost 3.8%, USDC and BUSD saw notable decreases.
NFT Market Slump: NFT trading volumes plummeted 55.6%, marking Q3 as the weakest in years.
Historical Crypto Market Downturn: Total market cap dipped by 10%, and average trading volume decreased 11.5% to $39.1 billion. It was a challenging past quarter for crypto.
M3TA Telegram - Oct 30, 2023
Celestia's mainnet released the $TIA token on October 31 on multiple CEXs, including Binance, Bybit, and Kucoin. They distributed 60 million $TIA to active users on Ethereum Layer 2s, Cosmos Hub, Osmosis stakers, and crypto devs, based on a snapshot taken on January 1, 2023.
Celestia, a Cosmos SDK chain, offers a modular data availability network that provides verifiability, collaboration, and ample blockspace for developers.
M3TA Telegram - Oct 31, 2023
Digital asset investment products saw a substantial $326M inflow last week, the highest since July 2022. Notably, most of the inflows came from the US, with Canada, Germany, and Switzerland.
Bitcoin dominated with 90% ($296M). Solana received $24M, but Ethereum experienced $6M in outflows.
M3TA Telegram - Oct 31, 2023
In Nov 2023, 24 projects are poised to unlock tokens valued at over $398 million, more than double the previous month's total, with leading releases by Aptos (APT), Avalanche (AVAX), and Hashflow (HFT). Be careful before trading these tokens.
M3TA Telegram - Nov 01, 2023
Bitcoin bid farewell to 'Uptober' with a solid 28.52% monthly gain, outperforming the S&P 500. However, November's outlook appears less optimistic due to historical trends and technical metrics indicating a potential challenge for Bitcoin's value.
M3TA Telegram - Nov 01, 2023
The order's effectiveness hinges on executive branch agency actions but may face legal challenges and criticism for burdensome reporting requirements affecting startups and potential overregulation of technologies.
AI-related tokens like $GRT, $FET, $AGIX, and $OCEAN dipped in response to the news.
M3TA Telegram - Nov 01, 2023
Driven by the US Fed maintaining a 5.25%-5.50% interest rate and expressing optimism about the Q3 economy.
MicroStrategy acquired 155 BTC for $5.3 million, amassing a total of 158,400 BTC.
M3TA Telegram - Nov 03, 2023
Bitcoin exceeded $35k, and three dormant whale addresses from 2017 recently transferred a total of 6,500 BTC without selling.
This indicates a long-term outlook, possibly influenced by upcoming factors such as the April halving, potential Wall Street ETF approval, and growing institutional Bitcoin investments that could stabilize and enhance the crypto market.
Disclaimer
The views expressed herein are for informational purposes ony and should not be considered as investment advice. They may not necessarily represent the opinions of M3TA. As every investment and trading opportunity carries risk, you should conduct your own research before making any decisions. M3TA assumes no responsibility for our users' investment activities or their profits or losses. The articles, data, and content provided by M3TA should not be relied upon for any investment-related decisions. We do not advise investing funds you cannot afford to lose.
This article, encompassing text, data, content, images, videos, audio, and graphics, is presented for informational purposes only and is not intended for trading purposes. M3TA cannot guarantee the accuracy, comprehensiveness, or timeliness of the content, documents, data, materials, or website pages accessible through any service, and neither M3TA nor any of its affiliates, agents, or partners shall be liable to you or anyone else for any loss or injury caused in whole. The content available through this website is the property of M3TA and is safeguarded by copyright and other intellectual property laws. Failing to provide proper citation may result in being accused of plagiarism.