In case you have been sleeping, this week saw Bitcoin reach a new all time high of about $67,000. This new peak came exactly 6 months and 6 days since its last all time high back in April. If historic trends continue, we should see an imminent surge into the altcoin market - this arguably already started as Ethereum and Solana (SOL) quickly followed Bitcoin’s surge and came within a few dollars of their all time highs before cooling down just before the weekend. SOL, one of the fastest growing blockchains, did however reach an all time of high of total value locked in its DeFi protocols, reaching US$12.7 billion on Friday. We believe SOL still has a lot of room for growth and price movement; we view it similarly to BNB’s massive run from some $20 to over $600 from Q3 2020 to Q2 2021 due to network adoption.
Below is a quick wrap of the crypto stories that made headlines over the past week, followed by the coins that we have been eyeing or buying over the week. But first, our disclaimer needs to be noted: the information provided here, as well as on our website (coinpad.io), does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the content as such.
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Cheers.
Weekly News Wrap:
Let’s start with this analysis on where Bitcoin may be heading for the rest of the year: Bitcoin: These are the realistic price levels for BTC before end of 2021
And some other Bitcoin focused pieces:
Here are the week’s top stories on crypto adoption and the flow of institutional money into the sector:
JMP Securities Sees Crypto Entering the Mainstream, Says Adoption Has Hit Escape Velocity
NFT studio Mojito completes $20M seed round with help from Sotheby's
PayPal logs its largest Bitcoin volume since May BTC price crash
And finally, here are some coin specific articles of interest:
Solana Moves Into 6th Largest Crypto Market Cap Position — SOL Valuation Targets Cardano's Rank
Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance
Coinpad’s Plays
As discussed in last week’s wrap, we have been focusing on stable-coin accumulation, namely BUSD as we are eyeing a soon-to-be-launched yield farm that we believe has an amazing, if not revolutionary, concept with carefully crafted tokenomics literally designed for the native token to go up in value. As such, we will be buying the public-presale of the native token and then we will farm the token with BUSD.
We will have all the details in advance on our calendar feature and announcement channel on our site in the coming days. We are also airdropping 20 BUSD to any eligible subscriber - email us at coinpad@protonmail.com for more details with the subject line “BUSD Airdrop”.
Also this past week, we have been adding to our position in KICK.IO, a Cardano native Initial Decentralized Offering (IDO) launchpad and project accelerator. The launchpad has just announced that its first IDO will be ADASWAP, a next generation DEX built on Cardano. KICK holders will be able to gain priority access for the IDO and / or endorse the project in return for ADA (endorsers will receive their pro-rata share of 5% of each purchase made towards the projects launch.). Currently trading at around $0.2 with a marketcap of about $21 million, we believe this is a hugely undervalued project that is flying under the radar.
Let’s kick it.