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Crypto Weekly
December 30, 2022

Analysts predict top crypto trends for 2023, Solana NFTs migrate, and Pudgy Penguins hit new ATH

Crypto markets stabilized after weeks of high volatility as the New Year approaches and industry participants ready for a new era of building. Achievements of 2022 are coming into focus as we see everyone from Visa and TradeFi to Bitcoin developers and DeFi making steady progress despite the crypto winter.

  • Predictions for 2023 roll in
  • Big players buying more bitcoin
  • SOL reaching new lows amid NFT bridges
  • Alameda wallets take unusual turn

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Top Market Trends:

  • Privacy tech to play integral role: Messari’s Ryan Selkis was quoted in his 2023 report as saying “I’m bullish on both Zcash and Monero amidst the upcoming privacy wars. Especially Zcash.” According to Selkis, privacy tech in 2023 will become an integral part of innovation on public blockchains - unless it runs into “dystopian” government-related bans. We should see a heightened interest in privacy infrastructure investments like code integrity, decentralized hardware, governance, and scalability.
  • Metaverse interoperability: As we saw with the industry’s lukewarm reaction to Meta aping into Metaverse building, another trend emerged that is likely to continue through 2023: interoperable Metaverse worlds using bridges to cross blockchains and portal into each other. As Harsh Notariya explained in his Metaverse predictions, “...the potential is vast for multiple Metaverses to co-exist.” Decentralized metaverse building (as opposed to FAANG-based initiatives) may drive the multi-world stage in 2023. ‍
  • Consolidation of layer-1 protocols: In 2022’s market, seven layer-1 blockchains were consistently among the top 20 performing coins, but a few stood out and are on track to consolidate in 2023. Nansen data cited one classic example of powerful layer-1 blockchains consolidating with the recent bridging of Solana-based NFTs to Ethereum and Polygon. Slated for Q1 2023, DeGods will add functionality on Ethereum and y00ts will bridge to Polygon. When these plans were announced, both NFT projects saw massive boosts in volume, DeGods increasing by 187% and y00ts spiking 442%. The jump in volume signals positive sentiment for ETH and MATIC as we enter the New Year.

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Movers and Shakers

Top 7-Day Gainers:
  • HEX + 35%
  • HEX + 35%
  • HEX + 35%
  • HEX + 35%
  • HEX + 35%
Top 7-Day Losers:
  • HEX + 35%
  • HEX + 35%
  • HEX + 35%
  • HEX + 35%
  • HEX + 35%

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Pro-Tip:

Many analysts agree that we are in an accumulation phase. With crypto prices low, now may be the time to be accumulating your favorite coins. Visit Quadency’s Crypto 101 to watch our video on how to use Quadency’s Accumulator Bot and start DCA-ing smarter. 

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Bitcoin Pulse

Bitcoin price oscillated in a tight range to start the week, then dipped slightly. Traders are looking for additional BTC bottom signals but some feel another downturn is imminent. When looking at historical quarterly patterns, we might expect a lot of sideways action in 2023.

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  • Mark Cuban said in a Club Random podcast that he prefers investing in Bitcoin over gold. He’s also hoping the price will go down a bit more so he can scoop some up.
  • An arctic blast that blanketed much of the US tested grid systems as homebound people turned up the heat to survive the freeze. As a result, Bitcoin’s hashrate dipped below 200 EH/s, slowing down block production.
  • Michael Saylor was at it again; Microstrategy took a loss but then sold some Bitcoin for tax advantages. Then Saylor bought some more! He’s reportedly added 2500 more Bitcoin (currently valued at $41.5M) since November 1, 2022.

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BTC - Low Timeframe

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BTC - Macro View

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Altcoins on the Move

Ethereum (ETH) price is attempting to establish a new support zone at $1200 while Solana (SOL) is at its lowest price since February of 2021. Nansen data detected some unusual activity from Alameda-linked ETH wallets to crypto mixers. 

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  • Terra (LUNA) spiked 16% after a week of sideways action. Meanwhile, Luna Classic (LUNC) backtracked on significant December gains (based on a Coinbase listing rumor) when Binance announced a change in its LUNC burn rate.
  • Solana (SOL) saw heavy price action in response to Solana-based NFTs DeGods and y00ts bridging to Ethereum (ETH) and Polygon (MATIC), respectively. SOL was down 18.6% over the past 7 days.‍
  • OKB price saw its second consecutive week in the green. Around the 16th of December it spiked after Elon Musk followed the OKex exchange, but OKB managed to eke out continued gains after that hype wore away.

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Ethereum Macro

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Bitcoin Pulse

Bitcoin price oscillated in a tight range to start the week, then dipped slightly. Traders are looking for additional BTC bottom signals but some feel another downturn is imminent. When looking at historical quarterly patterns, we might expect a lot of sideways action in 2023.

‍

  • Mark Cuban said in a Club Random podcast that he prefers investing in Bitcoin over gold. He’s also hoping the price will go down a bit more so he can scoop some up.
  • An arctic blast that blanketed much of the US tested grid systems as homebound people turned up the heat to survive the freeze. As a result, Bitcoin’s hashrate dipped below 200 EH/s, slowing down block production.
  • Michael Saylor was at it again; Microstrategy took a loss but then sold some Bitcoin for tax advantages. Then Saylor bought some more! He’s reportedly added 2500 more Bitcoin (currently valued at $41.5M) since November 1, 2022.

‍

BTC - Low Timeframe

‍

BTC - Macro View

‍

Altcoins on the Move

Ethereum (ETH) price is attempting to establish a new support zone at $1200 while Solana (SOL) is at its lowest price since February of 2021. Nansen data detected some unusual activity from Alameda-linked ETH wallets to crypto mixers. 

‍

  • Terra (LUNA) spiked 16% after a week of sideways action. Meanwhile, Luna Classic (LUNC) backtracked on significant December gains (based on a Coinbase listing rumor) when Binance announced a change in its LUNC burn rate.
  • Solana (SOL) saw heavy price action in response to Solana-based NFTs DeGods and y00ts bridging to Ethereum (ETH) and Polygon (MATIC), respectively. SOL was down 18.6% over the past 7 days.‍
  • OKB price saw its second consecutive week in the green. Around the 16th of December it spiked after Elon Musk followed the OKex exchange, but OKB managed to eke out continued gains after that hype wore away.

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Ethereum Macro

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Newsworthy

  • Mango Markets exploiter Avraham Eisenberg was taken into custody in Puerto Rico for his role in rugging Mango Markets’ $110 million crypto treasury.
  • Fran Finney, wife to one of Bitcoin’s most important OGs, the late Hal Finney, announced a half-marathon fundraiser to honor her husband while raising money for ALS research.‍
  • Pudgy Penguins NFTs broke their all-time high in floor price and are currently trading on OpenSea at 6.64 ETH per “Pengu”.

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.

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