Bitcoin ETFs are “an inevitability”, which will send the price of the cryptocurrency soaring, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.

Court Sides With Grayscale In A Lawsuit Against The SEC

The bullish assessment from deVere Group CEO – and long-time crypto advocate – Nigel Green, comes as the US Court of Appeals sided with Grayscale in a lawsuit against the Securities and Exchange Commission (SEC) which had rejected the company’s application to convert the Grayscale Bitcoin Trust to an ETF. 

Spot ETFs invest directly in underlying assets, typically stocks or bonds, at the current market price (spot price). They aim to replicate the performance of a specific index or asset class by holding a portfolio of the actual securities that make up the index.

Mr Green says: “This is a landmark legal win for crypto against the US regulator.

“The court’s decision destroys the SEC’s central argument for rejecting every spot Bitcoin ETF over the last few years.

“This win paves the way for Bitcoin ETFs.

“Following the monumental ruling, there’s very little chance now the SEC will block the launch of ETFs.

“A swathe of big-name asset managers, among others, have filed ETF applications for Bitcoin ETFs and we expect that the SEC will organise a block approval of applications that meet requirements, as it will not want to be seen as a kingmaker.

“We believe that Bitcoin ETFs are now an inevitability. And they could come to market sooner than many anticipate.”

Expectations For Crypto Price To Jump

The deVere chief executive believes that the price of crypto will jump if/when Bitcoin ETFs are launched for three reasons.

“First, if Bitcoin ETFs are approved, it would open up the cryptocurrency market to a broader range of investors who might have been hesitant to directly invest in digital assets. This influx of new capital from institutional and retail investors could drive up demand for Bitcoin, leading to an increase in its price.

“Second, ETFs typically involve the purchase of the underlying asset by the fund managers. If Bitcoin ETFs follow this structure, it could create a substantial demand for actual Bitcoins to back the ETF shares. This increased demand, coupled with the limited supply of Bitcoin (capped at 21 million coins), could lead to a supply-demand imbalance, resulting in a price surge.

“And third, the launch of Bitcoin ETFs might improve the overall perception of cryptocurrencies in the eyes of regulators and traditional financial institutions. This increased legitimacy could attract more conservative investors who were previously wary of the regulatory uncertainties surrounding cryptocurrencies. As more institutional money flows into the market through ETFs, the price of Bitcoin would experience upward pressure.”

deVere expects that the first Bitcoin ETFs will be available in Quarter 1 of 2024 “if not before.”

Nigel Green concludes: “In-the-know investors are unlikely to wait until the potential launch of the ETFs to increase their holdings of Bitcoin.”

About deVere Group

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

New data reveals 60,854 people have signed up to have their irises scanned in exchange for WorldCoin crypto tokens in the last three weeks

The creator of ChatGPT, Sam Altman, is responsible for distributing iris-scanning orbs worldwide.

60,854 users have signed up for World ID in the past three weeks.

Over the same three-week period, 5,529,956 WorldCoin (WLD) tokens have been claimed by users.

The study conducted by crypto gambling experts at Cryptogambling.tv, tracked the number of people signing up for World ID (having their irises scanned), as well as the amount of WLD tokens claimed by users over a three-week period. Below is a table detailing the increase of both:

Global Sign-Ups To World ID, And WLD Tokens Claimed In The Past Three Weeks

 

8th August

29th August

Increase

World ID sign-ups

2,202,694

2,263,548

60,854

Amount of WLD claimed by users

22,476,207

28,006,163

5,529,956

A new crypto project, launched on 24th July, known as Worldcoin, is asking people to have their irises scanned in exchange for digital coins. The eyes are scanned by large silver orbs that can currently be found in 120 countries around the world. The eye scan is assigned a unique number added to an extensive database acting as your World ID, proving you are human, almost like a login. The vision is to have a global financial network that is owned by everyone and is unhackable.

A spokesperson from Cryptogambling.tv has commented on the findings:

 “The very thought of using biometric data in exchange for money on a global scale sounds like something from a piece of dystopian fiction; however, this is happening today in 2023. The almost unbelievable concept of using human eyes as a form of payment is a clear cause for the global spike in searches.

At present, fingerprint, face ID scans, and emails can be hacked, whereas the iris scan can supposedly not as it is uniquely human. There are worries that this technology might not be safe an secure, but over two million people have already signed up. It will be interesting to see how many people sign up for this platform in the near future.”

Bitcoin is the top cryptocurrency that Americans want to sell the most

The second cryptocoin Americans want to sell is Ethereum

XRP, Dogecoin and Shiba Inu all make the top five cryptocoins Americans want to sell 

A new study has revealed the cryptocoins Americans want to sell the most, with Bitcoin taking the top spot.

The Cryptocoins That The U.S. Want To Sell The Most

The research was conducted by crypto gambling experts at cryptogambling.tv, who analyzed Google Trends data to establish the cryptocurrencies the US wants to sell the most out of the 24 largest cryptocurrencies by market cap, giving an average weekly search volume for the interest in selling each cryptocoin.

Bitcoin

The study revealed that Bitcoin has the highest number of searches from Americans looking to sell this cryptocurrency. Searches to 'sell bitcoin' were the highest at the end of July in the United States and worldwide.

Many factors might sway someone to sell their Bitcoin, with the main reason being the current financial and economic strain many countries in the world are facing, prompting people to tap out and cut their losses. Last year the price of the cryptocoin dropped below $16,000, which highlights its downfall tremendously, and with Bitcoin’s value being based purely on speculation, it can be challenging for those who don't know whether or not to stick with it.

Ethereum

Ethereum is the second cryptocoin Americans want to sell the most, with searches for 'sell Ethereum’ being the highest in September worldwide. Although the currency is known for owning around 20% of the global crypto market, those wanting to invest tend to agree that it is one of the safest long-term coins. The current price of Ethereum is $1,458, and with the cryptocoin shifting its process from PoW to PoS, it's predicted its supply may reduce.

XRP

XRP is the third cryptocoin Americans want to sell the most, as it is predicted that its price will be near $0.198 by the end of this year. XRP runs by RippleNet and is a low-cost coin which is excellent for those who want to begin investing; however, due to the current lawsuit proceedings with the SEC, there is a significant decrease in interest for the currency, which has undoubtedly urged investors to act fast and sell.

Dogecoin

The fourth cryptocoin Americans want to sell the most is Dogecoin, which, although it has remained one of the top cryptocurrencies in the industry, is still not a solid investment for many investors. The coin rose over 15,000% over 2021, and for a cryptocoin which was created as a joke when it first began, it has truly exceeded expectations.

Many avoid investing in Dogecoin due to its price volatility, no supply limit, and not being as widely accepted as other competing coins; these are reasons why many also want to sell.

Shiba Inu

Shiba Inu is the fifth cryptocoin that Americans are looking to sell, and while the coin is top-rated, it is advised that those looking to invest should not use it as a long-term investment. The coin is down almost 92% since 2021, but many investors hope it will still go up in time as it is currently at over 589 trillion.

An expert at cryptogambling.tv  commented: "The cryptocurrency market is forever fluctuating, and with the increase in economic stress worldwide, it can be an uncertain and nerve-racking time for those hoping to make sound investments in the crypto world.

“This study offers an interesting insight into which cryptocoins Americans currently want to sell, with Bitcoin being the most popular to sell."

The Cryptocoins Americans Want To Sell The Most

Rank Cryptocoin 1 Bitcoin 2 Ethereum 3 XRP 4 Dogecoin 5 Shiba Inu 6 Avalanche 6 Solana 7 TRON 8 Monero 9 Uniswap 9 Polygon 10 Tether

High net worth (HNW) investors have not lost any confidence in cryptocurrencies, despite the dismal so-called crypto winter of 2022, as the robust first half of year continues for the market.

85% of HNW clients have considered, or currently already are, investing in cryptocurrencies such as Bitcoin so far in 2023, according to a survey carried out by deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations.

The poll’s findings were up from 82% of the organisation’s HNW clients with between £1m and £5m of investable assets who sought advice on cryptocurrencies throughout 2022, as a whole.

Renewed Confidence In Crypto

Nigel Green, chief executive and founder of deVere Group, comments: “The half year crypto poll reveals that, despite the crypto market delivering its worst performance since 2018 last year, 2023 has seen a remarkable turnaround for digital currencies.

“This sustained market bounce is quite incredible considering just how dark the 2022 crypto market was, with a string of serious headline-grabbing events triggering a domino effect of financial losses that led to a shattering of investor confidence in cryptocurrencies.

“Last year's price drops also came as investors reduced their exposure to risk-on assets, including stocks and crypto, due to heightened concerns about inflation and slower economic growth.”

Amongst other incidents, in May 2022, the TerraUSD and Luna stablecoins crashed, taking billions of dollars of investor equity down with it. The market was further rattled by the bankruptcy of crypto exchange FTX in November, which also wiped out billions of investor money. Allegations of financial wrongdoing were tabled against the firm’s leaders, including the company's founder Sam Bankman-Fried.

“It really was about as bad as it could’ve been for the crypto market last year. And 2023 has, so, far been characterised by the US Securities and Exchange Commission (SEC) ramping up oversight in the digital asset space.

“The fact, then, Bitcoin has gained 80% already in 2023, putting it on track for its best annual performance since 2020, and that Ethereum prices are also up 52% so far this year, is truly impressive.”

The deVere CEO notes: “Against this backdrop of the so-called ‘crypto winter’, and the macroeconomic headwinds, HNWs are consistently seeking advice from their financial advisors about including digital currencies into their portfolios, or increasing their exposure to them.”

He added that despite the surveyed group being "typically more conservative," he believes the interest stems from Bitcoin’s core values of being "digital, global, and borderless.”

The deVere Group CEO also notes the cryptocurrency market is now experiencing “upside momentum due to global cooling inflation trends which will improve the outlook for risk-on assets.”

Wealthy individuals are not the only ones who have continued their crypto interest and holdings over the last year. Institutional investors, namely Wall Street giants are also forging ahead into the space.

Nigel Green concludes: “If HNWs are continuing to express such huge interest in crypto, as market conditions steadily improve, they’re going to be amongst the first to capitalise on the anticipated continued price rises of the major digital currencies.”

About deVere Group

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

A quote from Alex Adelman, CEO and Co-founder of leading bitcoin rewards app, Lolli on Blackrock CEO Larry Fink's recent bullish statements on bitcoin on Fox News in light of the firm's bitcoin ETF filing. 

Larry Fink Is Bullish On Bitcoin

"BlackRock CEO Larry Fink’s statement that bitcoin is an 'international asset' that can help give clients a better future signals a new chapter for bitcoin where it is embraced by the most established and trusted names in global finance. Bitcoin is entirely independent from any one currency or economy which makes it a uniquely attractive store of value, particularly under the conditions of geopolitical conflict and inflationary anxieties we are seeing now.

As the leading cryptocurrency with no ties or affiliation to any government, bitcoin occupies a singular role as a safe haven asset amid uncertain market conditions. Now more than ever, bitcoin is being recognized by financial leaders like BlackRock as a resilient, long-term store of value and a form of ‘digitized gold’ that can serve as a hedge against market downturns.

As global institutions continue to show their faith in bitcoin as a preferred store of value, we will see bitcoin rise to unprecedented levels of mainstream adoption and demand. Bitcoin ETF filings from global leaders like BlackRock and Fidelity will also continue to catalyze a race among other financial institutions to offer bitcoin-based financial products and meet rising client demand."

Investors should “follow the big money” as institutional funds flow into Bitcoin, says the CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organizations.

The suggestion from Nigel Green of deVere Group comes as the first and biggest cryptocurrency by market capitalisation hits its 12-month high, despite other risk assets, including stock markets experiencing a dip.

Bitcoin Hits Its Highest Price Since June 2022

Bitcoin jumped around 4% to $31,255 in trading, hitting its highest price since June 7 2022.

He says: “The latest bullish sentiment around Bitcoin, which has soared 21% within 24 hours, can largely be attributed to one of the world’s most influential fund managers (Blackrock) applying last week for what would be the US’ first Bitcoin spot exchange traded fund (ETF).

“We believe that this attempt has the best chance of regulatory approval and success out of all the attempts so far.

“Should it get regulatory approval, as we expect it will, it will be a landmark moment for crypto. We would then see a huge further surge in investment from institutional investors, which would have the effect of driving-up crypto prices across the board.”

He continues: “Bitcoin has been outpacing Wall Street recently. Why? Because as this latest application shows, it is attracting an increase in exposure and interest from institutional investors – which typically include pension funds, hedge funds and sovereign wealth funds, among others.

“During the so-called ‘crypto winter’, two of the world's largest financial institutions, Fidelity and Blackrock, with a combined $14 trillion in assets under management—have been moving into the world of Bitcoin and the wider crypto ecosystem.”

Many major legacy financial institutions are now offering crypto-related services to potentially benefit their clients.

Follow The Institutional Investors

Of course, individual investors should conduct their own research and analysis and make investment decisions based on their own financial goals, risk tolerance, and investment strategy, but “I would suggest that by following institutional investors, the big money, this can be helpful and potentially very rewarding,” says the deVere CEO.

“Institutional investors often have access to extensive research, analysis, and market insights that individual investors may not have. By following their investments, individual investors can gain valuable information and insights into market trends, potential opportunities, and risk assessment.

“Institutional investors, due to their significant financial resources, can have a substantial impact on the market. Their buying or selling activity can drive stock prices or influence market sentiment. By following their moves, individual investors can potentially identify patterns or trends that may be indicative of future market movements.

“In addition, following institutional investors could reduce the risk of acting solely on your own biases.”

He concludes: “There’s a growing sense of optimism in Bitcoin - the price has jumped more than 12% since the beginning of June. This is down to increasing interest in crypto of institutional investors. 

“You would do well to watch with interest where the big money of these institutions goes.”

About deVere Group

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

There can be no doubt: uncertainty looms over the future of cryptocurrency regulation. The recent lawsuits initiated by the Securities and Exchange Commission (SEC) against two major cryptocurrency exchanges have cast a cloud of uncertainty over the future of cryptocurrency regulation in the United States. Yet, investors aren’t terribly worried.

SEC Versus Coinbase And Binance

The SEC has accused Binance of operating an unregistered securities exchange and selling unregistered securities to US investors. Coinbase meanwhile is being investigated for its proposed yield-generating product called Lend. The SEC claims that this product qualifies as a security, but Coinbase argues that it does not.

While some speculate that the SEC may be targeting a historically compliant exchange to show its authority in the cryptocurrency space, others believe that this crackdown is long overdue. It remains to be seen if more exchanges will be targeted by the SEC in the future, but this recent action is designed to send a clear message. Nonetheless, the clearest message of all is that the crypto market has priced these events in.

The allegations against Coinbase Global Inc ( NASDAQ:COIN ) and Binance have rattled crypto investor sentiment. As a result, bitcoin prices fell to as low as US $25,485 before rebounding, suggesting a diminishing negative effect of regulatory action against increasingly optimistic investor sentiment.

Investors know that these types of lawsuits are temporary, and eventually Congress will start to pass the bills that are being brought forth and the Executive Branch’s reign will come to an end. As investors await further developments in these cases, we see the lessened impact on crypto investor sentiment by these actions in the price action. The European Union has given the world an idea as to how a developed country might approach crypto.

For now, crypto firms in the U.S. remain particularly worried about the potential fallout from these lawsuits. The SEC's crackdown on exchanges could lead to increased regulatory scrutiny and potentially stifle innovation in the industry. Regardless of how these lawsuits play out, it is clear that they have put a spotlight on waning investor concern over such actions.                             

Why SEC Action Now?

That the Securities and Exchange Commission (SEC) took legal action against both Binance and Coinbase within a single day raises questions about the Commission’s motive. Some industry experts speculate that the SEC may be responding to last year's FTX fiasco, where the derivatives exchange was accused of offering unregistered securities.

The SEC's actions against Binance and Coinbase seem to suggest a crackdown on crypto exchanges operating in the US without proper regulatory approval.

However, it is too early to say for certain whether these recent actions are directly linked to FTX or part of a larger effort by the SEC to regulate the cryptocurrency market. Nevertheless, crypto exchanges should be aware that they will face increased scrutiny from regulators going forward. It is possible that more exchanges will be targeted by the SEC if they fail to comply with regulations designed to protect investors.

Investors Priced In Regulatory Actions Already

Despite the recent actions taken by the SEC against two of the largest cryptocurrency exchanges in the United States, the top 10 cryptocurrencies recovered quickly after an initial drop. Investors were already prepared for a potential lawsuit, which is why the market bounced back so swiftly.

One thing is for certain: the crypto industry will continue to thrive because investors hold positive long-term sentiments. Despite legal action taken by the SEC, the crypto industry continues to thrive. Most top 10 cryptocurrencies recovered shortly after the news, indicating that investors remain confident in their long-term prospects.

We’ve seen this before. The crypto market often rebounds fairly quickly after negative news cycles. The market seemed to have already priced in a potential lawsuit by the SEC, as it is not uncommon for regulatory agencies to take actions against crypto exchanges.

Moreover, there are several factors that contribute to the resilience of the crypto industry. The decentralization of cryptocurrencies means that they are less vulnerable to government regulations than traditional financial instruments. Additionally, many investors still see cryptocurrencies as a hedge against inflation and a safe-haven asset during times of economic instability.

Overall, despite legal challenges faced by some players in the industry, it appears that cryptocurrencies will continue to gain traction as investors have already recognized their long-term potential and braced for actions such as the SEC’s against Binance and Coinbase.

The International Organization of Securities Commissions which regulate financial markets unveils 18-point plan to put guardrails around crypto investing.

Bitcoin rises as proposals propel crypto currencies further into the mainstream.

Concerns about investors’ risk following the FTX collapse prompted the move.

The move piles pressure on UK to publish its own crypto market regulation.

Bitcoin Rises On IOSCO's Policy Recommendations For Crypto

This move by the international watchdog which represents authorities regulating financial markets around the world, is aimed at protecting investors but it will also propel crypto further into the mainstream.

Bitcoin seems to have been bolstered by the news of this concerted effort to regulate the industry, rising by more than 2%. The crypto currency has gained 64% since the start of the year, largely recovering from the sharp falls it suffered in the back half of 2022.

Despite this volatility, the IOSCO is clearly recognising that digital coins and tokens are here to stay which is why it’s pushing a global approach to governing this risky asset class.

When FTX collapsed like a house of cards it sent shockwaves - not just through the crypto world - but also the wider financial system as the vast numbers of diverse firms owed money became apparent. The ripple effect sent a shiver through regulatory bodies and prompted this turning point from the IOSCO.

It wants to apply the similar stringent rules governing the way equity and bond markets operate to the crypto-sphere covering requirements governing conflicts of interest, operational risks, treatment of market manipulation and the treatment of retail customers. 

This move by the international watchdog comes hot on the heels of MPs calling for the government to treat crypto investments as gambling. The need for regulation could not be clearer, and now the guardrails have been drawn up and now the pressure is growing on individual jurisdictions, including the UK, to come up with a concrete plan to regulate the market.

Article by Susannah Streeter, head of money and markets, Hargreaves Lansdown

Finder's panel of 32 experts predict ETH will peak at $2,758 in 2023 and that the next big battle is with the SEC.

Ethereum has just completed another major milestone, with the Shapella upgrade going live earlier this month. 

Shapella enables the withdrawal of ETH from the Beacon Chain. This means that large amounts of Ether could potentially be withdrawn and sold off. This has led to intense speculation about what will happen to the price of ETH now that Shapella is live. 

To help get a clearer picture, Finder surveyed a panel of 32 industry experts who gave their predictions of where the price of ETH will go next.

Ethereum Price Predictions: Experts disagree on Shapella 

Our panelists have been split over what effect Shapella will have on price. 

On average, the panel expects ETH to peak at $2,758 in 2023, before dropping to finish the year at around $2,342.

Nearly one-third 29% think there will be a major sell-off of ETH following the upgrade.

The key concern is that more than 18 million ETH worth approximately US$36 billion can now be unstaked and sold off by validators – if they want to. 

Nicole DeCicco, CEO of CryptoConsultz believes that there could be significant volatility for the price of ETH in the short term, arguing that:

"There's no debating the fact the upgrade will dump huge sums of ETH into the market freeing up ETH that’s been locked up through staking protocols. Assuming this is a non-event is akin to putting one’s head in the sandbox, pun intended. What these long-term investors plan to do with that ETH in the short term remains unknown but I wouldn’t be surprised if there’s a negative impact on the price of ETH for those with a short-sighted outlook."

So far Nicole's prediction has rung true, with ETH climbing 15% immediately following the upgrade only to crash back down by 13% a week later. 

But it doesn't look like the reason for this is due to un-staking.

The amount of staked Ether has actually increased since Shapella went live on April 12.

According to data from Nansen, the amount of staked Ether increased from 18.1 million on April 12 to 19 million by April 21.  

According to head of trading at Wirex, Yves Renno, this dip could actually be a buying opportunity for investors.

"If a sell-off happens around the Shapella upgrade, due to unlocked Ether being sold, or simply profit taking, then we could have some very interesting entry points on ETH/BTC. I believe a price @ 0.055 (BTC) is a good opportunity to diversify a 100% BTC position."

Renno expects ETH could reach as high as US$3,500 by the end of the year. 

It seems the bulk of the panel agrees with Renno, with 53% believing that ETH is worth buying around the $1,900 mark, and 40% believing it's cheap at this price. 

This is hardly a surprise, given the panelists expect a strong growth-trajectory for Ethereum. 

"An ever-expanding use case for thousands of projects, Ethereum will continue the march toward being the backbone of the future of the internet," says Joseph Raczynski of the Washington Web3 Foundation.

On average, the panel expects ETH will be worth $5,491 by 2025 but also acknowledges there are some considerable hurdles that will have to be cleared before then. 

Predictions: The SEC and Ethereum

The SEC – led by Gary Gensler – currently has cryptocurrency squarely in its sights, and Ethereum could be next. 

There is increasing concern amongst experts that the SEC could rule the ETH asset as a security. 

Some experts believe that the changes brought forth by Shapella and the Merge may have jeopardized ETH's status in the eyes of the SEC.

50% of Finder's expert panel believes that ETH will be put under closer scrutiny as a result of the recent upgrades. 

"... there's a high risk that Ethereum could be classified as a security by the SEC, because Ethereum investors are effectively betting on the future performance of the developers." says Ruadhan O, creator of Seasonal Tokens. 

Aaron Rafferty, CEO of StandardDAO, thinks it was the transition to proof-of-stake that may have changed things in the eyes of the SEC, noting that, "regulations around staking on the side of the SEC also adds to damper price."

Last week Gary Gensler testified in front of the United States House Financial Services Committee. When questioned on the topic, he refused to answer whether or not ETH was a security, adding further uncertainty to the asset's regulatory future in the US. 

Predictions: Liquid Staking Derivatives (LSDs)

Liquid staking derivatives (LSDs) are the hot new buzzword on the block. 

They refer to tokens like stETH or cbETH which are issued 1:1 in return for Ether that is staked through protocols like Lido and Rocket Pool or exchanges like Coinbase and Binance. 

Essentially they are an IOU for your staked ETH, intended to maintain the same value as ETH and can be easily traded or used in DeFi markets, essentially allowing stakers to enjoy the liquidity and value of their ETH while it is staked.  

They are a big deal because they encourage users to stake their ETH and earn yield, all the while increasing DeFi activity and liquidity on Ethereum. This helps reduce the overall supply of ETH and makes the asset more scarce, which is typically a good thing for price. 

21% of Finder's panel expect there will be "a major increase" in LSDs following the Shapella upgrade. 

LSDs also present new investment opportunities. 29% of the panel believes that the DAO tokens of LSD providers will increase in price following the Shapella upgrade. These include tokens like Lido (LDO), Rocket Pool (RPL) and StakeWise (SWISE). 

Looking ahead

The expert consensus appears to be that Ethereum has a strong future ahead, but there are still a number of hurdles to be cleared which are likely to keep the price of ETH volatile in the short-term. 

Web3 is an emerging trend in the crypto industry. It combines blockchain technology with smart contracts to give users control over their data and make transactions. A cryptocurrency related to Web3 offers several services, such as storage, hosting, bandwidth services and more, that were previously provided by cloud providers. Let’s take a look at the 10 biggest Web3 cryptocurrencies

10 Biggest Web3 Cryptocurrencies

We have used the market capitalization of Web3 cryptocurrencies as of March 28, 2023 (from coinmarketcap.com) to rank the 10 biggest Web3 cryptocurrencies. Here are the 10 biggest Web3 cryptocurrencies:

Q4 2022 hedge fund letters, conferences and more

 

Loopring (LRC)

Loopring is an open protocol that helps to develop decentralized crypto exchanges. LRC is up by almost 78% year to date, but has been in the red for the last 30 days, with a decline of almost 8%.

As of this writing, LRC is trading at $0.3368, giving the cryptocurrency a market capitalization of more than $451 million. LRC has an all-time high of $3.8272 (Nov 2021) and an all-time low of $0.01986 (Dec 2019).

BitTorrent (BTT)

Released in 2019, BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform. BTT is down by over 3% year to date, and has remained in the red for the last 30 days, down almost 15%.

As of this writing, BTT is trading at $0.0000006045, giving it a market capitalization of more than $575 million. BTT has an all-time high of $0.000003054 (Jan 2022) and an all-time low of $0.0000005912 (Mar 2023).

Conflux (CFX)

Founded in 2018, Conflux aims to power dApps (decentralized applications), e-commerce, and Web 3.0 infrastructure. CFX is up by over 1323% year to date, with a 30-day gain of over 48%.

As of this writing, CFX is trading at $0.3166, giving it a market capitalization of more than $858 million. CFX has an all-time high of $1.7038 (Mar 2021) and an all-time low of $0.02191 (Jan 2023).

Theta Network (THETA)

Founded in 2018, it is a decentralized network that allows users to share bandwidth and computing resources on a peer-to-peer (P2P) basis. THETA is up by over 32% year to date, but has remained in the red for the last 30 days, down almost 19%.

As of this writing, THETA is trading at $0.9716, giving it a market capitalization of more than $975 million. THETA has an all-time high of $15.90 (Apr 2021) and an all-time low of $0.03977 (Mar 2020).

The Graph (GRT)

The Graph is an indexing protocol that helps in querying data for networks like Ethereum and IPFS. GRT is up by almost 132% year to date, but has been in the red for the last 30 days, down almost 16%.

As of this writing, GRT is trading at $0.1314, giving it a market capitalization of more than $1.17 billion. GRT has an all-time high of $2.8751 (Feb 2021).

Stacks (STX)

Started in 2017, Stacks allows smart contracts and decentralized applications to use Bitcoin as an asset. STX is up by over 310% year to date, with a 30-day gain of over 17%.

As of this writing, STX is trading at $0.8734, giving it a market capitalization of more than $1.2 billion. STX has an all-time high of $3.6104 (Nov 2021) and an all-time low of $0.04501 (Mar 2020).

Internet Computer (ICP)

Internet Computer assists in developing online systems or services without the need for traditional IT, such as cloud computing services. ICP is up by over 18% year to date, but with a 30-day decline of almost 22%.

As of this writing, ICP is trading at $4.78, giving it a market capitalization of more than $1.42 billion. ICP has an all-time high of $750.73 (May 2021).

 

Filecoin (FIL)

Filecoin aims to store data in a decentralized manner. FIL is up by over 72% year to date, but has been in the red for the last 30 days, down over 19%.

As of this writing, FIL is trading at $5.43, giving it a market capitalization of more than $2.2 billion. FIL has an all-time high of $237.24 (Apr 2021) and an all-time low of $1.8292 (Aug 2019).

Chainlink (LINK)

Founded in 2017, Chainlink is a blockchain abstraction layer that allows universally connected smart contracts. LINK is up by over 21% year to date, but has been in the red for the last 30 days, down almost 8%.

As of this writing, LINK is trading at $6.87, giving it a market capitalization of more than $3.5 billion. LINK has an all-time high of $52.88 (May 2021) and an all-time low of $0.1263 (Sep 2017).

Polkadot (DOT)

Polkadot is an open-source sharded multichain protocol that allows blockchains to be interoperable with each other. DOT is up by over 34% year to date, but has been in the red for the last 30 days, down over 9%.

As of this writing, DOT is trading at $5.88, giving it a market capitalization of more than $6.8 billion. DOT has an all-time high of $55.00 (Nov 2021) and an all-time low of $2.6929 (Aug 2020).

Cryptocurrencies have transformed from a speculative asset class to an asset that has garnered massive mainstream adoption across industries, including tourism. The adoption of crypto by the tourism industry has given rise to a new genre of operations, i.e., crypto tourism.

Over the past few years, many tourism companies have initiated dedicated travel programs to meet the needs of crypto and blockchain enthusiasts. Let’s take a look at the 10 biggest tourism cryptocurrencies.

Q4 2022 hedge fund letters, conferences and more

  10 Biggest Tourism Cryptocurrencies

We have used the market capitalization of tourism cryptocurrencies as of March 20, 2023 (from coinmarketcap.com) to rank the 10 biggest tourism cryptocurrencies. There aren’t many tourism-related cryptocurrencies presently, and those that are available are very small in terms of market capitalization. Here are the 10 biggest tourism cryptocurrencies:

Kemacoin (KEMA)

Launched in 2018, Kemacoin is a decentralized digital currency that can be used as a means of payment. KEMA is up by over 44% year to date and up over 11% in the last 90 days.

As of this writing, KEMA is trading at $0.0001679, giving the cryptocurrency a market capitalization of more than $4K. KEMA has an all-time high of $0.002772 (Apr 2021) and an all-time low of $0.00005976 (Mar 2023).

TravelNote (TVNT)

TravelNote is a blockchain-based technology platform that supports fast transactions. TVNT is up by almost 55% year to date and up over 53% in the last 90 days.

As of this writing, TVNT is trading at $0.002915, giving it a market capitalization of more than $6K. TVNT has an all-time high of $0.1526 (Dec 2018) and an all-time low of $0.0001948 (Mar 2020).

Heron Asia (HERON)

Heron Asia allows users to convert their tokens into vouchers for accommodation at the Heron Retreat every year. HERON is down by over 56% year to date and down almost 58% in the last 90 days.

As of this writing, HERON is trading at $0.0004211, giving it a market capitalization of more than $7K. HERON has an all-time high of $0.02328 (Nov 2021) and an all-time low of $0.0003691 (Mar 2023).

Guider (GDR)

Guider facilitates and expedites the search for a suitable guide for travelers. GDR is up by almost 233% year to date and up almost 232% in the last 90 days.

As of this writing, GDR is trading at $0.00003801, giving it a market capitalization of more than $9K. GDR has an all-time high of $0.0006248 (Nov 2019) and an all-time low of $0.000004569 (Sep 2022).

EvenCoin (EVN)

EvenCoin is a self-mining smart contract that operates on the Ethereum platform. EVN is down by almost 11% year to date and down almost 22% in the last 90 days.

As of this writing, EVN is trading at $0.0004634, giving it a market capitalization of more than $14K. EVN has an all-time high of $0.9581 (May 2019) and an all-time low of $0.00008898 (Apr 2022).

XcelToken Plus (XLAB)

XcelToken Plus is a blockchain-based travel platform that allows users to book holidays, vacations, hotels and flights. XLAB is down by almost 19% year to date and down almost 31% in the last 90 days.

As of this writing, XLAB is trading at $0.000003666, giving it a market capitalization of more than $117K. XLAB has an all-time high of $0.01842 (Oct 2019) and an all-time low of $0.00000101 (Nov 2020).

TripCandy (CANDY)

TripCandy is a Web3 travel booking platform that allows users to book with NFT and travel with Crypto. CANDY is up by over 3% year to date but is down almost 3% in the last 90 days.

As of this writing, CANDY is trading at $0.001206, giving it a market capitalization of more than $252K. CANDY has an all-time high of $0.0209 (Jun 2021) and an all-time low of $0.0004735 (Mar 2022).

 

Ariva (ARV)

Ariva is the first tourism Metaverse that allows users to virtually travel to destinations from the comfort of their own homes. ARV is up by almost 17% year to date and up almost 16% in the last 90 days.

As of this writing, ARV is trading at $0.00008111, giving it a market capitalization of more than $5.80 million. ARV has an all-time high of $0.00145 (Oct 2021) and an all-time low of $0.00002533 (Sep 2021).

LockTrip (LOC)

LockTrip is a blockchain-based travel marketplace that enables users to save up to 60% on their bookings by eliminating the middleman. LOC is up by over 13% year to date and up almost 16% in the last 90 days.

As of this writing, LOC is trading at $0.6912, giving it a market capitalization of more than $8 million. LOC has an all-time high of $11.19 (Jun 2021) and an all-time low of $0.001779 (Nov 2020).

Travala.com (AVA)

Launched in 2017, Travala.com is a blockchain-based travel booking platform that claims to be cheaper than traditional booking methods. AVA is up by almost 21% year to date and up over 18% in the last 90 days.

As of this writing, AVA is trading at $0.6386, giving it a market capitalization of more than $33 million. AVA has an all-time high of $6.48 (Apr 2021) and an all-time low of $0.04395 (Apr 2018).

Cryptocurrencies are now present in almost all industries and fields, including research. Cryptocurrencies and blockchain are now not only a part of those industries and fields, but rather are helping to revolutionize the way those industries operate.

Several cryptocurrencies are now in existence that aid developers, scientists and others in their research.  Let’s take a look at the 10 biggest research cryptocurrencies.

10 Biggest Research Cryptocurrencies

We have used the market capitalization of research cryptocurrencies as of March 16, 2022 (from coinmarketcap.com) to rank the 10 biggest research cryptocurrencies. Here are the 10 biggest research cryptocurrencies:

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CoinFi (COFI)

CoinFi provides research, analysis, trading signals, trading algorithms, and market-moving news to cryptocurrency traders. COFI is down by over 3% year to date but is up over 2% in the last 30 days.

As of this writing, COFI trading at $0.001601, giving the cryptocurrency a market capitalization of more than $336K. COFI has an all-time high of $0.3608 (Jun 2018) and an all-time low of $0.0005429 (Mar 2020).

Curecoin (CURE)

Curecoin's objective is to accelerate research in the medical sciences related to Cancer, Diabetes, Zika and more. CURE is up by over 2,342% year to date and up almost 39% in the last 30 days.

As of this writing, CURE is trading at $0.02428, giving it a market capitalization of more than $642K. CURE has an all-time high of $1.39 (Jan 2018) and an all-time low of $0.0008298 (Dec 2022).

Einsteinium (EMC2)

Einsteinium is a community-driven cryptocurrency that uses blockchain technology to raise funds for scientific research. EMC2 is up by over 28% year to date but is down over 5% in the last 30 days.

As of this writing, EMC2 is trading at $0.007439, giving it a market capitalization of more than $1.65 million. EMC2 has an all-time high of $2.88 (Dec 2017) and an all-time low of $0.00002538 (Jan 2016).

Energi (NRG)

Energi works as a governance token for the Energiswap decentralized exchange. NRG is down by almost 6% year to date but is up over 3% in the last 30 days.

As of this writing, NRG is trading at $0.2066, giving it a market capitalization of more than $12 million. NRG has an all-time high of $9.90 (Jun 2019) and an all-time low of $0.1443 (Oct 2022).

Numeraire (NMR)

Founded in late 2015, Numeraire enables developers and data scientists to develop machine learning models that have better reliability. NMR is up by almost 58% year to date but is down over 6% in the last 30 days.

As of this writing, NMR is trading at $19.28, giving it a market capitalization of more than $113 million. NMR has an all-time high of $168.49 (Jun 2017) and an all-time low of $1.93 (Nov 2018).

Nervos Network (CKB)

Nervos Network enables crypto-assets to be stored using the security, immutability and permissionless nature of Bitcoin. CKB is up by almost 86% year to date but is down almost 12% in the last 30 days.

As of this writing, CKB is trading at $0.00425, giving it a market capitalization of more than $169 million. CKB has an all-time high of $0.04412 (Mar 2021) and an all-time low of $0.002083 (Dec 2022).

Conflux (CFX)

Conflux allows creators, communities, and markets from diverse borders and protocols to connect with each other. CFX is up by almost 1,248% year to date but is down almost 24% in the last 30 days.

As of this writing, CFX is trading at $0.3013, giving it a market capitalization of more than $799 million. CFX has an all-time high of $1.70 (Mar 2021) and an all-time low of $0.02191 (Jan 2023).

 

Fantom (FTM)

Originally created in 2018, Fantom is a directed acyclic graph (DAG) smart contract platform that offers (DeFi) services to developers. FTM is up by almost 104% year to date but is down over 27% in the last 30 days.

As of this writing, FTM is trading at $0.4135, giving it a market capitalization of more than $1.14 billion. FTM has an all-time high of $3.48 (Oct 2021) and an all-time low of $0.001953 (Mar 2020).

Algorand (ALGO)

Launched in 2019, Algorand aims to speed up transactions and improve efficiency of transactions. ALGO is up by over 17% year to date but is down almost 23% in the last 30 days.

As of this writing, ALGO is trading at $0.2091, giving it a market capitalization of more than $1.48 billion. ALGO has an all-time high of $3.28 (Jun 2019) and an all-time low of $0.1024 (Mar 2020).

Cardano (ADA)

Founded in 2017, Cardano ensures that all technology developed goes through a process of peer-reviewed research. ADA is up by almost 32% year to date but is down over 19% in the last 30 days.

As of this writing, ADA is trading at $0.3282, giving the cryptocurrency a market capitalization of more than $11 billion. ADA has an all-time high of $3.10 (Sep 2021) and an all-time low of $0.01735 (Oct 2022).

The cryptocurrency market remained largely unchanged in February, disappointing investors who were expecting the January rally to continue in the second month as well. Bitcoin gained about 0.2% last month, compared to a 38% rise in January. Ether gained 1.7% last month, following a gain of 31% in January.

Although the crypto market had a strong start to 2023, many expect the market to struggle for the remainder of 2023. Amid such a backdrop, let’s take a look at the 10 worst performing cryptocurrencies in Feb 2023.

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  10 Worst Performing Cryptocurrencies In Feb 2023

We have used the February return data from coinmarketcap.com to rank the 10 worst performing cryptocurrencies in Feb 2023.

We have only considered cryptocurrencies with a market capitalization of more than $450 million (as of March 1, 2023) for our list of the 10 worst performing cryptocurrencies in Feb 2023. Here were the 10 worst performing cryptocurrencies in Feb 2023:

THORChain (RUNE, -13%)

THORChain allows users to exchange cryptocurrency assets without giving up full custody of their assets. RUNE is down by over 11% in the last 90 days and down almost 4% year-to-date.

As of this writing, RUNE is trading at $1.24, giving the cryptocurrency a market capitalization of more than $404 million. RUNE has an all-time high of $21.26 (May 2021) and an all-time low of $0.007939 (Sep 2019).

Avalanche (AVAX, -14%)

Launched in 2020, Avalanche works as a platform for decentralized applications and custom blockchain networks. AVAX is up by over 6% in the last 90 days and up over 31% year-to-date.

As of this writing, AVAX is trading at $14.24, giving it a market capitalization of more than $4.63 billion. AVAX has an all-time high of $146.22 (Nov 2021) and an all-time low of $2.79 (Dec 2020).

Axie Infinity (AXS, -14%)

Created in 2018, Axie Infinity is a blockchain-based trading and battling game that is partially owned and managed by the players. AXS is down by over 16% in the last 90 days but is up almost 14% year-to-date.

As of this writing, AXS is trading at $7.19, giving it a market capitalization of more than $819 million. AXS has an all-time high of $165.37 (Nov 2021) and an all-time low of $0.1234 (Nov 2022).

ApeCoin (APE, -16%)

Launched in 2022, ApeCoin aims to support the APE Ecosystem, as well as provide infrastructure to ApeCoin holders to participate through open and permissionless governance processes. APE is up by almost 1% in the last 90 days and up over 2% year-to-date.

As of this writing, APE is trading at $3.96, giving it a market capitalization of more than $1.46 billion. APE has an all-time high of $39.40 (Mar 2022) and an all-time low of $1.00 (Mar 2022).

Monero (XMR, -17%)

Launched in 2014, Monero's objective is to allow transactions to take place privately and anonymously. XMR is down by over 7% in the last 90 days and down almost 7% year-to-date.

As of this writing, XMR is trading at $138.93, giving it a market capitalization of more than $2.53 billion. XMR has an all-time high of $517.62 (May 2021) and an all-time low of $0.213 (Jan 2015).

Dogecoin (DOGE, -17%)

Forked from Litecoin in December 2013, Dogecoin is mainly used to reward users for creating and sharing quality content on Reddit and Twitter. DOGE is down by over 32% in the last 90 days and down almost 7% year-to-date.

As of this writing, DOGE is trading at $0.06558, giving it a market capitalization of more than $8.7 billion. DOGE has an all-time high of $0.7376 (May 2021) and an all-time low of $0.00008547 (May 2015).

Decentraland (MANA, -18%)

Opened to the public in 2020, it is an Ethereum-powered virtual reality platform that allows users to develop and monetize content and applications. MANA is up by almost 28% in the last 90 days and up almost 69% year-to-date.

As of this writing, MANA is trading at $0.5107, giving it a market capitalization of more than $947 million. MANA has an all-time high of $5.90 (Nov 2021) and an all-time low of $0.007883 (Oct 2017).

 

Fantom (FTM, -19%)

Launched in 2019, Fantom is a DAG (directed acyclic graph) smart contract platform that provides DeFi (decentralized finance) services to developers. FTM is up by over 37% in the last 90 days and up over 63% year-to-date.

As of this writing, FTM is trading at $0.3317, giving it a market capitalization of more than $921 million. FTM has an all-time high of $3.48 (Oct 2022) and an all-time low of $0.001953 (Mar 2020).

Trust Wallet Token (TWT, -24%)

Launched in 2020, it is a utility token that offers several benefits and incentives to the users of Trust Wallet. TWT is down by over 59% in the last 90 days and down almost 26% year-to-date.

As of this writing, TWT is trading at $1.06, giving it a market capitalization of more than $443 million. TWT has an all-time high of $2.72 (Dec 2022) and an all-time low of $0.006478 (Jul 2020).

Aptos (APT, -27%)

Aptos aims to bring web3 mainstream, as well as support an ecosystem of DApps to address real-world issues. APT is up by almost 112% in the last 90 days and up over 189% year-to-date.

As of this writing, APT is trading at $10.21, giving it a market capitalization of more than $1.75 billion. APT has an all-time high of $19.90 (Jan 2021) and an all-time low of $3.09 (Dec 2022).

After kicking off 2023 on a positive note, the cryptocurrency market has had a pretty flat February. Bitcoin gained 0.4% last month, compared to a gain of almost 40% in January. The crypto market witnessed a brief sell-off earlier in the month, with BTC down about 6%.

However, the market quickly recovered losses in the following week, but maintained a low profile for the rest of the month. Let’s take a look at the 10 best performing cryptocurrencies in Feb 2023.

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  10 Best Performing Cryptocurrencies In Feb 2023

We have used the February return data from coinmarketcap.com to rank the 10 best performing cryptocurrencies in Feb 2023. We have only considered cryptocurrencies with a market capitalization of more than $500 million (as of March 1, 2023) for our list of the 10 best performing cryptocurrencies in Feb 2023. Here were the 10 best performing cryptocurrencies in Feb 2023:

Filecoin (FIL, 23%)

Filecoin allows developers to come up with file storage services. FIL is up almost 101% year-to-date, bringing its 90-day gain to over 38%. As of this writing, FIL is trading at $6.23, giving the cryptocurrency a market capitalization of more than $2.46 billion. FIL has an all-time high of $237.24 (Apr 2021) and an all-time low of $1.83 (Aug 2019).

OKB (OKB, 34%)

Launched in 2017, OKB is a utility token that allows users to use the special features of OKEx, which is one of the largest crypto exchanges. OKB is up over 79% year-to-date, bringing its 90-day gain to almost 125%. As of this writing, OKB is trading at $49.15, giving it a market capitalization of more than $2.94 billion. OKB has an all-time high of $58.46 (Feb 2023) and an all-time low of $1.25 (May 2019).

Lido DAO (LDO, 39%)

Lido DAO is a staking solution for Ethereum with no minimum deposits. LDO is up almost 177% year-to-date, bringing its 90-day gain to almost 172%. As of this writing, LDO is trading at $3.00, giving it a market capitalization of more than $2.54 billion. LDO has an all-time high of $11.00 (Nov 2021) and an all-time low of $0.406 (Jun 2022).

ImmutableX (IMX, 42%)

ImmutableX is referred to as the first layer-two scaling solution for NFTs on Ethereum. IMX is up over 169% year-to-date, bringing its 90-day gain to almost 119%. As of this writing, IMX is trading at $1.04, giving it a market capitalization of more than $879 million. IMX has an all-time high of $9.50 (Nov 2021).

Maker (MKR, 43%)

Launched in December 2017, Maker is the governance token of the MakerDAO and Maker Protocol that allows users to issue and manage the DAI stablecoin. MKR is up over 93% year-to-date, bringing its 90-day gain to over 46%.

As of this writing, MKR is trading at $935.89, giving it a market capitalization of more than $914 million. MKR has an all-time high of $6,339.02 (May 2021) and an all-time low of $21.06 (Jan 2017).

Neo (NEO, 45%)

Launched in February 2014, Neo aims to be the foundation for the next-gen economy where digitized payments, identities and assets come together. NEO is up almost 80% year-to-date, bringing its 90-day gain to almost 66%.

As of this writing, NEO is trading at $11.50, giving it a market capitalization of more than $811 million. NEO has an all-time high of $196.85 (Jan 2018) and an all-time low of $0.07229 (Oct 2016).

The Graph (GRT, 73%)

The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS. GRT is up over 162% year-to-date, bringing its 90-day gain to over 127%. As of this writing, GRT is trading at $0.1481, giving it a market capitalization of more than $1.3 billion. GRT has an all-time high of $2.88 (Feb 2021).

 

SingularityNET (AGIX, 164%)

First announced in 2017, this cryptocurrency allows users to easily develop, share and monetize AI services via its globally accessible AI marketplace. AGIX is up over 900% year-to-date, bringing its 90-day gain to over 970%.

As of this writing, AGIX is trading at $0.458, giving it a market capitalization of more than $550 million. AGIX has an all-time high of $1.86 (Jan 2021) and an all-time low of $0.007497 (Mar 2023).

Stacks (STX, 209%)

Stacks aims to bring smart contracts and (DApps) decentralized applications to Bitcoin (BTC). STX is up over 288% year-to-date, bringing its 90-day gain to almost 228%. As of this writing, STX is trading at $0.821, giving it a market capitalization of more than $1.12 billion. STX has an all-time high of $3.61 (Nov 2021) and an all-time low of $0.04501 (Mar 2020).

Conflux (CFX, 265%)

Conflux allows creators, communities, and markets to connect across borders and protocols. CFX is up over 793% year-to-date, bringing its 90-day gain to almost 584%. As of this writing, CFX is trading at $0.197, giving it a market capitalization of more than $490 million. CFX has an all-time high of $1.70 (Mar 2021) and an all-time low of $0.02191 (Jan 2023).

Cryptocurrencies are now one of the most popular asset classes, and it is evident from their growing use in sensitive sectors like healthcare. In fact, it wouldn’t be wrong to say that blockchain technology has the potential to transform healthcare by placing patients at the center of the healthcare ecosystem.

Moreover, using blockchain technology also helps improve health data security, privacy, and interoperability. Let’s take a look at the 10 biggest health cryptocurrencies.

10 Biggest Health Cryptocurrencies

We have used the market capitalization of health cryptocurrencies as of Feb. 28, 2023 (from coinmarketcap.com) to rank the 10 biggest health cryptocurrencies. Here are the 10 biggest health cryptocurrencies:

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MediShares (MDS)

Launched in November 2017, MediShares aims to use blockchain to develop commercial centers for medical treatment that don’t require full money to cover the costs. MDS is up by over 44% year-to-date, but remains in the red for the last 90 days, down over 13%.

As of this writing, MDS is trading at $0.0002068, giving the cryptocurrency a market capitalization of more than $270K. MDS has an all-time high of $0.2717 (Mar 2018) and an all-time low of $0.0001083 (Jan 2023).

Tokes (TKS)

Tokes is the native token of the Multichain Ventures ecosystem. TKS is down by almost 4% year-to-date, bringing its 90-day gain to over 15%. As of this writing, TKS is trading at $0.0015, giving it a market capitalization of more than $300K. TKS has an all-time high of $11.29 (Jan 2018) and an all-time low of $0.0003899 (Jan 2022).

DOSE (DOSE)

Launched in November 2021, DOSE is a gamified fitness ecosystem to boost the real-world workout experience by using game design techniques and a play-to-earn model. DOSE is up by over 21% year-to-date, bringing its 90-day gain to almost 1%.

 As of this writing, DOSE is trading at $0.007552, giving it a market capitalization of more than $391K. DOSE has an all-time high of $0.4051 (Nov 2021) and an all-time low of $0.006037 (Dec 2022).

Patientory (PTOY)

Patientory is a native token of PTOYMatrix, which is a HIPAA compliant blockchain-enabled Health Information Exchange and Storage System. PTOY is down by over 86% year-to-date, bringing its 90-day gain to over 274%.

As of this writing, PTOY is trading at $0.008008, giving it a market capitalization of more than $560K. PTOY has an all-time high of $1.69 (Jan 2017) and an all-time low of $0.0012 (May 2022).

Medicalchain (MTN)

Medicalchain uses blockchain technology to securely manage health records. MTN is up by over 43% year-to-date, bringing its 90-day gain to over 3%. As of this writing, MTN is trading at $0.001774, giving it a market capitalization of more than $569K. MTN has an all-time high of $0.4041 (Feb 2018) and an all-time low of $0.0007654 (Jan 2023).

Dentacoin (DCN)

Dentacoin is a blockchain solution for the global dental industry. DCN is up by over 2% year-to-date, bringing its 90-day gain to almost 3%. As of this writing, DCN is trading at $0.000002203, giving it a market capitalization of more than $1.29 million. DCN has an all-time high of $0.008267 (Jan 2018) and an all-time low of $0.000001183 (Oct 2022).

DOC.COM (MTC)

Medical Token Currency or MTC is integrated into the services that Doc.com provides, including patient referrals, tools for doctors’ everyday practice and more. MTC is up by over 58% year-to-date, bringing its 90-day gain to almost 200%.

As of this writing, MTC is trading at $0.0041, giving it a market capitalization of more than $3 million. MTC has an all-time high of $0.4915 (May 2018) and an all-time low of 0.001167 (Jun 2022).

 

SOLVE (SOLVE)

Solve is a utility token that facilitates inter/intra network payments and transaction fees on the Solve.Care healthcare platform. SOLVE is up by almost 77% year-to-date, bringing its 90-day gain to over 53%.

As of this writing, SOLVE is trading at $0.0374, giving it a market capitalization of more than $18 million. SOLVE has an all-time high of $0.603 (May 2021) and an all-time low of $0.02016 (Jan 2023).

Step App (FITFI)

Created in 2021, it aims to create a fitness experience in the metaverse with the help of geo-location technology and non-fungible tokens. FITFI is up by almost 13% year-to-date, but remains in the red for the last 90 days, down almost 42%.

As of this writing, FITFI is trading at $0.02542, giving it a market capitalization of more than $37 million. FITFI has an all-time high of $0.7346 (May 2022) and an all-time low of $0.02135 (Dec 2022).

MediBloc (MED)

MediBloc is a blockchain-based ecosystem that gives users sovereignty over their data and the use of their health information. MED is up by over 74% year-to-date, bringing its 90-day gain to over 36%.

As of this writing, MED is trading at $0.02017, giving the cryptocurrency a market capitalization of more than $139 million. MED has an all-time high of $0.3528 (Apr 2021) and an all-time low of $0.001558 (Feb 2019).

Automated market makers (AMMs) enable digital assets to be traded without permission and automatically with the help of liquidity pools, rather than a traditional market of buyers and sellers.

In other words, AMM is the underlying protocol that powers all decentralized exchanges (DEXs), which in turn, allows users to directly exchange cryptocurrencies without the need of an intermediary. AMMs automate the pricing and order matching process on the exchange. Let’s take a look at the 10 biggest AMM cryptocurrencies.

10 Biggest AMM Cryptocurrencies

We have used the market capitalization of AMM cryptocurrencies as of Feb. 21, 2023 (from coinmarketcap.com) to rank the 10 biggest AMM cryptocurrencies. Here are the 10 biggest AMM cryptocurrencies:

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Mdex (MDX)

Launched in 2021, Mdex is a decentralized exchange protocol that works on the concept of fund pools. MDX is up by over 52% year to date, bringing their 90-day return to over 15%. As of this writing, MDX is trading at $0.1048, giving the cryptocurrency a market capitalization of more than $99 million. MDX has an all-time high of $10.06 (Feb 2021) and an all-time low of $0.05961 (Sep 2022).

Kyber Network Crystal v2 (KNC)

It is a multi-chain hub of liquidity protocols that combines liquidity from several sources to offer secure and instant transactions on DApp (decentralized application). KNC is up by over 93% year to date, bringing their 90-day return to over 49%.

As of this writing, KNC is trading at $0.8708, giving it a market capitalization of more than $143 million. KNC has an all-time high of $5.72 (Apr 2021) and an all-time low of $0.4489 (Jan 2023).

Anyswap (ANY)

Launched in 2020, Anyswap allows tokens to be swapped across numerous platforms. ANY is up by almost 173% year to date, bringing their 90-day return to over 229%. As of this writing, ANY is trading at $12.46, giving it a market capitalization of more than $232 million. ANY has an all-time high of $34.24 (Jan 2022) and an all-time low of $0.08365 (Jan 2021).

SushiSwap (SUSHI)

Launched in 2020, SushiSwap aims to diversify the AMM market, as well as add new features to it. SUSHI is up by almost 55% year to date, bringing their 90-day return to over 20%. As of this writing, SUSHI is trading at $1.45, giving it a market capitalization of more than $322 million. SUSHI has an all-time high of $23.38 (Mar 2021) and an all-time low of $0.4737 (Nov 2020).

Balancer (BAL)

Launched in 2020, Balancer is a self-balancing weighted portfolio, price sensor and liquidity provider. BAL is up by almost 40% year to date, bringing their 90-day return to almost 33%. As of this writing, BAL is trading at $7.27, giving it a market capitalization of more than $343 million. BAL has an all-time high of $74.77 (May 2021) and an all-time low of $3.65 (Jun 2022).

1inch Network (1INCH)

1inch Network unites decentralized protocols to ensure lucrative, fast, and protected operations in the DeFi space. 1INCH is up by almost 65% year to date, bringing their 90-day return to almost 19%.

As of this writing, 1INCH is trading at $0.6389, giving it a market capitalization of more than $507 million. 1INCH has an all-time high of $7.87 (May 2021) and an all-time low of $0.3738 (Dec 2022).

Loopring (LRC)

Launched in 2017, Loopring is an open protocol that facilitates the development of decentralized crypto exchanges. LRC is up by over 126% year to date, bringing their 90-day return to over 78%.

As of this writing, LRC is trading at $0.4242, giving it a market capitalization of more than $564 million. LRC has an all-time high of $3.83 (Nov 2021) and an all-time low of $0.01986 (Dec 2019).

 

PancakeSwap (CAKE)

Launched in 2020, it enables users to exchange tokens, as well as earn fees in return. CAKE is up by almost 33% year to date, bringing their 90-day return to over 5%.

As of this writing, CAKE is trading at $4.19, giving it a market capitalization of more than $782 million. CAKE has an all-time high of $44.18 (Apr 2021) and an all-time low of $0.0002318 (Sep 2020).

Curve DAO Token (CRV)

Launched in 2020, it is a decentralized exchange for stablecoins that utilizes the automated market maker (AMM) to manage liquidity. CRV is up by almost 128% year to date, bringing their 90-day return to over 97%.

As of this writing, CRV is trading at $1.20, giving it a market capitalization of more than $870 million. CRV has an all-time high of $60.50 (Aug 2020) and an all-time low of $0.3316 (Oct 2020).

Uniswap (UNI)

Launched in 2018, Uniswap is a decentralized trading protocol that facilitates automated trading of decentralized finance (DeFi) tokens. UNI is up by over 36% year to date, bringing their 90-day return to almost 31%.

As of this writing, UNI is trading at $7.17, giving it a market capitalization of more than $5.46 billion. UNI has an all-time high of $44.97 (May 2021) and an all-time low of $0.419 (Sep 2020).

The cryptocurrency market was off to a great start this year, with Bitcoin, the world’s largest digital currency by market value, gaining more than 40% last month. Ether, the world’s second-largest digital currency, also gained about 40% in January. Other cryptocurrencies showed impressive gains as well, with the broader cryptocurrency market gaining over 35% last month. Let’s take a look at the 10 best performing cryptocurrencies in January 2023.

10 Best Performing Cryptocurrencies In January 2023

We have used the January return data from coinmarketcap.com to rank the 10 best performing cryptocurrencies in January 2023. We have only considered cryptocurrencies with a market capitalization of more than $400 million (as of Feb. 1, 2023) for our list of the 10 best performing cryptocurrencies in January 2023. Here are the 10 best performing cryptocurrencies in January 2023:

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Loopring (LRC, 123%)

Launched in 2017, Loopring is an open protocol that helps in developing decentralized crypto exchanges. LRC is up by almost 33% in the last 90 days and up almost 63% in the last 60 days. As of this writing, LRC is trading at $0.4205, giving the cryptocurrency a market capitalization of more than $560 million. LRC has an all-time high of $3.83 (November 2021) and an all-time low of $0.01986 (December 2019).

Frax Share (FXS, 146%)

Frax Share is a fractional-algorithmic stablecoin system that offers highly scalable, decentralized, algorithmic money to replace fixed-supply digital assets, such as BTC. FXS is up by over 61% in the last 90 days and up almost 126% in the last 60 days. As of this writing, FXS is trading at $10.91, giving it a market capitalization of more than $806 million. FXS has an all-time high of $42.67 (April 2022) and an all-time low of $1.52 (June 2021).

Solana (SOL, 149%)

Launched in 2020, Solana facilitates the creation of DApps (decentralized apps). SOL is down by over 23% in the last 90 days but is up by almost 85% in the last 60 days. As of this writing, SOL is trading at $24.91, giving it a market capitalization of more than $9.27 billion. SOL has an all-time high of $260.06 (November 2021) and an all-time low of $0.5052 (May 2020).

Decentraland (MANA, 162%)

Launched in 2017, Decentraland is a virtual reality platform that allows users to develop and monetize content and applications. MANA is up by over 19% in the last 90 days and up over 92% in the last 60 days. As of this writing, MANA is trading at $0.7901, giving the cryptocurrency a market capitalization of more than $1.46 billion. MANA has an all-time high of $5.90 (November 2021) and an all-time low of $0.007883 (October 2017).

Fantom (FTM, 185%)

Launched in 2019, it is a DAG (directed acyclic graph) smart contract platform that offers DeFi services to developers. FTM is up by almost 116% in the last 90 days and up almost 138% in the last 60 days. As of this writing, FTM is trading at $0.5733, giving it a market capitalization of more than $1.59 billion. FTM has an all-time high of $3.48 (October 2021) and an all-time low of $0.001953 (March 2020).

Optimism (OP, 197%)

Optimism helps to scale the Ethereum ecosystem by using optimistic rollups. OP is up by over 122% in the last 90 days and up over 161% in the last 60 days. As of this writing, OP is trading at $2.75, giving it a market capitalization of more than $646 million. OP has an all-time high of $4.57 (May 2022) and an all-time low of $0.4005 (June 2022).

dYdX (DYDX, 210%)

Founded in 2017, it is the governance token of dYdX, which is an eponymous non-custodial decentralized cryptocurrency exchange. DYDX is up by over 105% in the last 90 days and up over 92% in the last 60 days. As of this writing, DYDX is trading at $3.54, giving the crypto a market capitalization of more than $550 million. DYDX has an all-time high of $27.78 (September 2021).

 

Threshold (T, 214%)

Launched in 2022, it is the governance token for the Threshold DAO and the utility token for the Threshold Network. T is up by over 87% in the last 90 days and up almost 171% in the last 60 days. As of this writing, T is trading at $0.04967, giving the cryptocurrency a market capitalization of more than $423 million. T has an all-time high of $0.2245 (March 2022) and an all-time low of $0.01473 (December 2022).

Render Token (RNDR, 313%)

Launched in 2020, Render Token aims to connect artists and studios that require GPU compute power with mining partners. RNDR is up by almost 130% in the last 90 days and up over 215% in the last 60 days. As of this writing, RNDR is trading at $1.68, giving it a market capitalization of more than $434 million. RNDR has an all-time high of $8.76 (November 2021) and an all-time low of $0.03676 (June 2020).

Aptos (APT, 416%)

Launched in 2022, this cryptocurrency aims to bring mainstream adoption to web3. It uses a novel smart contract programming language called Move. APT is up by over 146% in the last 90 days and up almost 241% in the last 60 days. As of this writing, APT is trading at $18.14, giving the cryptocurrency a market capitalization of more than $2.90 billion. APT has an all-time high of $19.90 (January 2023) and an all-time low of $3.09 (December 2022).

The UK’S plans to “robustly” regulate the cryptocurrency industry must be championed and highlight that “digital is the future of finance”, says the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.

The comments from Nigel Green of deVere Group comes as the UK government plans to bring the cryptocurrency sector under the umbrella of mainstream financial services regulation.

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The Treasury said late on Tuesday it would unveil a series of proposals to “regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance.”

It will also temporarily backtrack on a previous vow to align the regulation of crypto promotions with the regulations applied to stocks, shares and insurance products.

Crypto Is Mainstream

The deVere Group CEO notes: “The UK’s decision to regulate crypto must be championed as digital currencies, including Bitcoin, are set to play an ever greater role in the domestic and international financial system, and they should be held to the same standards as the rest of the system.

“The news that digital currencies are being brought into the regulatory tent in one of the world’s largest economies and most highly-regulated markets shows that crypto is now mainstream. It has come of age.

“A strong regulatory framework will help protect investors, tackle criminality, and reduce the potential possibility of disrupting financial stability.”

He continues: “It also offers a potential long-term economic boost to the UK as digital is the inevitable future of finance.

“This move will help further position Britain as a global hub for crypto, and fintech more generally.

“It will help attract the businesses of tomorrow – and the jobs they create – in the UK, as effective regulation gives them the confidence they need to think and invest long-term.

“We also expect this development comes as the government has expressed interest in launching its own ‘Britcoin’, or central bank-backed digital currency (CBDC).”

This news will further strengthen the case for cryptocurrencies and is likely to have a positive impact on prices of the major digital tokens, says Nigel Green.

“The move to regulate illustrates that retail and institutional investors are increasingly aware of the inherent characteristics of cryptocurrencies like Bitcoin which has the core values of being digital, global, borderless, decentralized and tamper-proof.”

According to the results of a study by deVere Group, 82% of high net worth clients, with between £1m and £5m of investable assets, sought advice on cryptocurrencies.

“Wealthy investors, a typically conservative cohort, also understand that digital currencies are the future of money, and they don’t want to be left in the past.”

 

The deVere CEO believes that this momentum of interest is set to build further as the bear market, or so-called 'crypto winter', of 2022 is thawing.

“Bitcoin is on track for its best January since 2013 based on hopes that inflation has peaked, monetary policies become more favourable, and the various crypto-sector crises including high-profile bankruptcies are now in the rear-view mirror,” he says.

“The world’s largest cryptocurrency is up over 40% since the turn of the year and this will not go unnoticed by investors and others who want to build wealth for the future.”

He concludes: “Regulation will further shore up the crypto sector and further instil trust and confidence for investors. This will have a beneficial impact on the price trajectory long-term.”

About the deVere Group

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

It has been a solid start to 2023 for Bitcoin and expert predictions suggest that the bullish momentum is far from complete.

The recent rally of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) has renewed debate about whether the market is experiencing a sustainable rebound or if the trends are merely a precursor to a further decline.

Although Bitcoin remains down over 60% from its 2021 peak, digital assets have had a solid start to 2023.

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The value of BTC rose close to 40% in January to over $23,000. Many other major cryptos followed suit, including layer-1 blockchains Aptos (APT) and Solana (SOL), as well as metaverse tokens, The Sandbox (SAND) and Decentraland (MANA), which all soared upwards of 90%.

The rise in cryptocurrency prices is likely attributed to an expected decrease in inflation and reports that the Federal Reserve will not raise interest rates as aggressively in the coming months.

Both of these factors could see a return to "risk on" investing, which typically benefits cryptocurrencies.

Bitcoin Price Predictions: What Are The Experts Saying?

Finder interviewed 56 industry experts to get their opinions on what's next for the world's largest digital currency. Although the sentiment was mixed, 50% agreed that now was a good time to buy Bitcoin, 37% were happy to hold and only 13% of experts thought now was the time to exit long positions and sell.

Daniel Polotsky, founder and chairman of CoinFlip, stated, "Bitcoin will emerge from the ashes of the ruins as it always has in the past, and now may be a good time to feast on the dip."

President of NetCoins, Fraser Matthews, agreed with Polotsky.

"I believe that the current price of Bitcoin is a good entry point for investors, and I anticipate it will continue to rise in the long term," Matthews said.

However, some experts are warning to proceed with caution, forecasting that the sudden rise in values may lead to a crash or significant correction and cause losses for those who mistook it as the start of a prolonged uptrend.

Vetle Lunde, a senior analyst at Arcane Crypto, pointed out that "higher costs of living and a challenging economic backdrop reduce investors' ability to allocate capital to BTC".

Robert Johnson, professor at Creighton University's Heider College of Business, also has his doubts concerning the longevity of Bitcoin, claiming that there is a lack of use case, suggesting that it is nothing more than a speculative investment.

Chapter 11

Since the bull run of 2021, most digital assets have been negatively affected by rapidly rising interest rates and the failure of prominent crypto-based companies and exchanges, including 3AC, Celsius and FTX.

The latest victim and the most recent company to file for Chapter 11 bankruptcy is cryptocurrency lender Genesis Global Capital – 1 of 3 companies under the Genesis umbrella that sought bankruptcy protection on 19 January 2023.

Genesis was heavily impacted by the meltdown of Bahamas-based crypto exchange FTX and stopped allowing customers to withdraw funds on 16 November 2022.

In its filing to the US bankruptcy court for the southern district of New York, the lender stated that it had assets and liabilities between $1 billion and $10 billion and estimated that it had more than 100,000 creditors.

While this seemed like a near-certain opportunity to sell the recent bullish move, the market didn't respond as many expected and continued to the upside after a minor correction.

Although Genesis' bankruptcy filing was only recently confirmed, it was almost certainly seen coming and had already been priced into the market.

Since 13 January, over $250 million worth of BTC has been forcibly liquidated from short traders. These liquidations triggered a string of stop runs and helped to amplify the bullish move.

Bitcoin Technical Analysis

Bitcoin has finally broken above its 200-day moving average after a prolonged period of decline. If the bulls can keep the price above this level, the demand in the market will likely continue.

The next significant level for Bitcoin to surpass is the $25,000 price point, which, in the past, has served as a technical and psychological resistance zone.

However, a test of this level may not be imminent. There is a noticeable discrepancy between the price and the relative strength index (RSI) indicator on the daily timeframe, suggesting that a correction may come in the short term.

On-Chain Data

The chart below summarises Bitcoin price cycles since 2010. It demonstrates Bitcoin's price action and its correlation to the market value, realised value (MVRV) metric.

The MVRV compares Bitcoin's market value to its realised value and calculates a Z-Score, indicating whether the cryptocurrency is overvalued or undervalued.

Historically, the Z-Score falls into the green zone during bearish market phases, indicating that Bitcoin is trading at a low value and the bottom of the cycle is forming. But as the chart shows, each time the metric exceeded 1, Bitcoin experienced a significant increase, signalling the start of a bull market.

 

Bitcoin's recent rally has resulted in a significant increase in the Z-Score. If history is anything to go by, this push above 1 and out of the green zone suggests that the market may have entered a sustainable bullish phase.

Indicators, on-chain data and general price structure all agree and allude to a long-term bullish Bitcoin continuation. This agreement is hard to ignore, as all traders will confirm – confluence is key.

Although there's still a long way to go for many coins and tokens to reach their 2021 all-time highs, signs are positive that the crypto market has shaken off the countless negative events of 2022.

Josh Fraser, a co-founder at Origin Protocol, is particularly optimistic. "It will take us a while to climb back to all-time highs, but at the end of the day, Bitcoin is inevitable, and adoption at a similar level to gold would bring the asset to a price of ~ $500,000."

It's a new year, and if Josh's predictions come to fruition, it might be a big one for Bitcoin.

Over the last few years, trades of options contracts have been exploding. In fact, 2022 marked the third consecutive year in which contracts in single-stock and index options in the U.S. set a new record, more than doubling from where they stood only three year ago.

Last year marked the first time U.S. stock options surpassed 10 billion contracts in a year. However, while options are also available on cryptocurrencies, they remain far behind stock options in popularity. According to Wave Financial, the daily crypto options volume has hovered just below $1 billion on centralized exchanges.

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On-chain options takes crypto derivatives another step further, but they are still far less popular than daily crypto options, accounting for a daily volume of less than $10 million. As a result, Wave Financial declared earlier this month that on-chain options "are the next frontier in DeFi."

What Are On-Chain Options?

Options are contracts that give the holder the option but not the obligation to buy or sell the underlying security at a particular price on or before a particular date. Call options allow holders to purchase at the specified price by a particular date, while put options allow them to sell at the specified price by a particular date.

When an option is referred to as "on-chain," it's a contract that's been recorded on a blockchain. Purchasing on-chain options requires a protocol like Hegic.

Some investors purchase options to hedge against potential volatility, although in cryptocurrency, volatility is virtually a given. Others purchase them as portfolio protection because they might enable them to sell their assets at a price that's higher than what the broader market is selling at. Another common reason to buy options is to generate yield by selling optionality and then collecting a premium in exchange.

In the last couple of years, much of the growth in decentralized finance (DeFi) has been the result of expectations that institutional investors will become major players in the market. However, traders have yet to fully tap into the advantages offered by on-chain options.

A Changing Landscape

On one hand, it's easy to see why off-chain options are more popular right now. There is inherently more available liquidity off-chain, and there's a wider array of maturities and strike prices available via off-chain options. According to Zee Prime Capital, on-chain protocols may offer only one or two short-dated maturities with only three to five strike prices.

However, the options landscape in DeFi has been changing rapidly, and the last 12 to 18 months have been critical for this asset class. Hegic was the dominant options protocol at the beginning of 2020, trying to create liquidity pools for selling calls and puts.

Three years later, the on-chain options landscape includes various forms of protocols that Zee Prime categorizes as Liquidity Pools, Order-Books, Structured Products and Sustainable Yield Products. One of the more popular groups of protocols is Structured Products, more commonly known as Vaults.

Structured Products

They allow users to sell volatility in various ways, like by underwriting covered calls or protected puts. In exchange, the users receive a premium that some see as an alternative to liquidity mining. Just as with other options strategies, investors who utilize this options protocol don't have to do anything after making the initial deposit.

Most options mature at the end of the week, and the strike prices at 10% to 30% versus the spot price are pre-selected and rolled automatically by the protocol. Unsurprisingly, Ethereum and bitcoin are the most popular underlying securities for these options protocols, although options on a select number of other crypto assets are also available.

Zee Prime Capital observed one recently developed, options-related trend, which is dampening of short-term implied volatility due to heavy selling from protocols that fall under the Structured Products category. The firm noted that off-chain market makers who buy those options have to hedge by selling similar options on Deribit.

As a result, it suggested that the natural demand might not be great enough to absorb the growing total value locked in Structured Products. Zee Prime Capital expects interest in Structured Products to continue growing due to its attractive yields. It also noted that some protocols started to address the issue by allowing investors to bid on-chain while competing on pricing against market makers.

Another problem for Structured Products is that volatility is dampening around the time when weekly premiums are being auctioned. Market participants know that heavy options selling is going to occur around that time, so they push implied volatility lower, leaving less yield for users of Structured Products.

As a result, protocol users and developers must address various issues during this period of growing pains. For example, they'll have to consider whether to take more risk, which can be done in various ways like underwriting the options closer to the at-the-money level to compensate for the compressed yield.

On the other hand, the market force could be allowed to naturally balance the supply and demand over sales of volatility. For example, Fritktion is already working on addressing this through experimentation with different auction times for different assets throughout the week. Those experiments are aimed at trying to capture higher implied volatility.

  Potential Problems With On-Chain Options

As the number of on-chain option protocols grows, it should become clear which are more promising than others. However, no asset class is perfect, so investors should also learn the risks associated with an investment before they buy in.

Zee Prime Capital noted that options have been growing faster than other DeFi products until recently. However, the difference has been relatively small considering the number of users, options versus spot volumes, and other issues.

For example, liquidity is always an issue during the early days of an asset class, and on-chain options are no different. Zee Prime suggested that traditional market makers may need a single venue with greater liquidity supporting multiple derivative products while allowing under-collateralization with cross-margining. Several protocols are doing this on the Solana blockchain, and the firm expects them to gain significant traction over the next year.

Of course, most options expire worthless, so on-chain protocols must protect investors at the expense of capital efficiency, liquidity and price discovery. Gas fees are a significant barrier, especially as they have been rising recently. Most of the option protocols have been built on Ethereum amid rising gas prices, and options are especially sensitive to gas fees because premiums have comparatively low value in dollar terms.

Finally, decentralized market makers must be hedged so that they can provide the liquidity to underwrite options and be able to sell them both ways. This issue must also be handled via the options protocol, which can be challenging.

Some Ideas For On-Chain Options

Going forward, Zee Prime Capital expects to see more products built to tap the crypto-native sources of yield like staking. In turn, the firm also noted that selling options premiums for income isn't a sustainable strategy over the long term. As a result, it expects all Structured Products protocols to eventually build Sustainable Yield Products.

The firm also predicts that on-chain options will more closely integrate with other DeFi use cases. Automated market makers, money markets and perpetual futures markets could theoretically all drive their own liquidity and adoption by adding options to assist with risk management. This would create natural demand for on-chain options.

Have you invested in on-chain options? Share your insights in the comments section below.