Weekly Wrap: 24th April - 1st May

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While the memecoin mania from last week has somewhat subsided $PEPE refuses to disapear and is still seeing significant volume. The floor prices of NFT collections across the board are continuing their drift down. And the crypto market experienced a flash crash, of which it has mostly recovered.

Just another week in the wild west of the digital fronteir.

- @nuconomist

Crypto Market Cap: 1.25 Trillion Dollars 🔺+13.6% (Was 1.1 T)

Bitcoin Dominance: 45.07% 🔺+2.17% (Was 44.11%)

Ethereum Dominance: 18.28% 🔻-1.14% (Was 18.49%)

Other Crypto (excl. BTC & ETH): 36.65% 🔻-2.00% (Was 37.40%)

Comments:

Last week saw a flash crash in Bitcoin which some have attributed to a mistaken market alert of a US Government and Mt Gox sell-off. However, the timing doesn't line up perfectly on this, so it is possible these two events aren't directly related and there is some post-rationalisation going on. Either way, there was a huge spike in volatility and volume in the latter part of the week, with most of the losses being regained by the end of the weekend. This uncertainty appears to have led to an increase in Bitcoin dominance, likely as a flight to safety.

NFT Market Cap (ETH): 8.1 Million 🔻-1.22% (Was 8.2 Million)

NFT Market Cap (USD): $15.26 Billion 🔺+0.20% (Was 15.23 Billion)

30 Day NFT Volume (ETH): 635k 🔻-13.95% (Was 738k)

Comments: Volume continues to fall here as the market cap as priced in Ethereum also falls. However, interestingly the USD Market cap actually went up during this period due to the increased price of ETH. This could suggest some level of stability for those pricing assets in ETH. It's not the first time that USD prices have grown or remained relatively stable in USD terms while the ETH value shifts. Definitely something worth investigating on a broader timeline.

1. Mutant Ape Yacht Club: 11755 🔻-38.23% (19030 ETH)

2. Azuki: 7534 ETH 🔻-45.39% (Was 13795 ETH)

3. Bored Ape Yacht Club: 6600 🔻-68.22% (Was 20771 ETH)

4. DeGods: 3510

5. Wrapped Cryptopunks 3382 🔻-72.88% (Was 12471 ETH)

Comments: This weeks data seems to suggest that volume is indeed winding down on high vaue assets ahead of the Blur Airdrop points bonus ending and announcement scheduled for 1st May. It will be interesting to see what incentives they announce moving forward (if any) and whether this increases volume across other collections. I suspect that trait bidding will be on the cards and we could see the floor value for certain rare traits rising again but this is pure speculation and anything is possible, including a complete crash in some projects as people remove bidding liquidity.

1. Otherdeed Expanded 640 ETH PnL (547 ETH PnL)

2. Bored Ape Yacht Club 499 ETH PnL

3. HV-MTL 349 (Was 452 ETH PnL)

4. Otherside Koda 315 ETH PnL

5. Milady 291 ETH PnL (Was 785 ETH PnL)

Comments:

Azuki is notably absent from this list after a solid few weeks, with the top four spots being held by Yuga Labs assets. Once again flexing it's ability to bring success to their holders. While volume falls on Milady, they are holding on after their unexpected rise in the charts.

1. Moonbirds 1143 ETH PnL (Was -935 ETH PnL)

2. Doodles 814 ETH PnL (Was -470 ETH PnL)

3. CloneX -438 ETH PnL (Was -1020 ETH PnL)

4. Mutant Ape Yacht Club -274 PnL (Was -609 ETH PnL)

5. Checks - VV Edition -161 ETH PnL

Comments: The pain continues for top top four collections here and interesting it accelerated for Moonbirds and Doodles even though they have been making announcements that likely would have moved the needle during a bull market. Perhaps people are seeing the apathy towards these announcements and capitulating? Yuga's Mutant Ape Yacht Club also continues its losses, showing that while Yuga Labs may be top dog for now they are not immune to market losses. And finally Checks - VV Edition makes an entrance, this was considered a new meta early in the year and spurred a ton of projects were holders could burn for new assets. Perhaps with this project apparently making a fall from grace, the burning meta will also be laid to rest for a while.

Five key takeaways from Conensus 2023 (Hint: Regulation!) - CoinDesk

Bitcoin Ordinal Inscriptions are soaring - Decrypt

Yuga Labs, Bored Ape creators, account for 35% of NFT Sales - Decrypt

PayPal's Venmo will soon allow external transactions - Bitcoin Magazine

Comments:

This tweet thread aligns with some of thoughts I've been having recently. After NFTs have been hammered for some months now, a change in the Blur farming game and some stability at these higher ETH prices could be a catalyst for a mini surge in NFT activity. Time will tell...

1st May - ADIDAS Alts Chapter 1 Reveal

2nd May - $ROOT AMA (New L1 linked to Fluf World and Cool Cats)

4th May - Captainz Reveal

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