title options — the green light continues (weekend rallies fuel momentum), 2023’s Green Start, we’re seeing green in 2023
GM and welcome to another edition of CoinStats Scoop! 🥂 Here’s an overview of this week’s newsletter:
Welcome to the continued Everything Rally 💪
It’s another beautiful week in the crypto markets as the strong rally that we covered last week continued it’s momentum to this week! Weekends have been good to us lately as last week’s explosive move upwards began on Friday night and the same thing occurred this week. 🤑
As we sit today, the total crypto market cap is back sitting comfortably above the $1 trillion dollar mark! As for BTC and ETH, the majors we all know and love have propelled tokens throughout the entire crypto ecosystem higher as BTC gained a strong 9% while ETH followed with a respectable gain of 6%! 😤
This weekend’s rally was once again fueled by short liquidations as more than $300 million worth of market shorts were liquidated on the continued move upwards. As mentioned, the rally of the entire crypto market has resulted in some insane gains for altcoins that act as higher beta to both BTC and ETH. Beta refers to the expected appreciation of altcoins in respect to ETH/BTC as historically speaking they’ve both rallied harder and declined more than the majors in previous cycles which is a trend that continues today.
Speaking of that trend, it was more than evident this week as the rallies in BTC & ETH led, once again, to massive price appreciation in various sectors of altcoins! Below, we’ll highlight those notable sectors that include:
DeFi — FXS +47%, AAVE +11%, CRV +23%, SNX +23%, CVX +25%, & DYDX +10%
LSDs (liquid staking derivatives) — LDO +3%, RPL +12%, & SD +61%
Scaling Solutions — OP +29%, IMX +11%, LRC + 7%, & SYN +14%,
Alternative L1s — APTOS +60%, CANTO +32%, FTM +18%, NEAR +13%, & SOL +4%
Gaming & Metaverse — MANA +22%, SAND +22%, APE +5%, & AXS +46%
NFT tokens — XMON +13%, LOOKS +17%, MAGIC +48%