Trakx Weekly Update: April 22

Weekly Update
• Apr 22, 2024
Trakx Weekly Update: April 22

Key Crypto Market Figures

Trakx Weekly Update: April 22

CTIs Weekly Performance

Crypto asset markets were little changed over the past week, with the Trakx Top10 Crypto CTI flat over the period. The best performer was the DePin CTI, which gained 9%, a performance almost matched by the AI CTI, whereas the weakest performance was in the RWA CTI, which slipped 3%.

In the week that Bitcoin underwent its fourth halving event – something that has historically proved a reliable harbinger of strong price gains - such lacklustre price action may appear disappointing at first glance. However, considering the sharp sell-off that occurred at the start of the week amid surging geopolitical tension, an unchanged performance was actually not too bad a result. News that Hong Kong had given initial approval for spot Bitcoin and Ethereum ETFs, in effect leapfrogging the US because the SEC has still to decide whether to allow an ETH version of these financial products, helped turn negative sentiment around.

In the run up to the halving event Bitcoin transaction fees jumped sharply, a rise many credited to the simultaneous launch of the Runes Protocol. Developed by Casey Rodarmor, the person responsible for introducing Ordinals to Bitcoin last year, Runes allows for the creation of fungible tokens on Bitcoin, or as Casey described it in his earthly style, it “brings Sh!tcoins to Bitcoin”. Unlike BRC-20, which ties balances to a Bitcoin address, the Runes protocol is UTXO-model-based, which is more efficient than BRC-20 and avoids bloating Bitcoin’s UTXO set. Although it is early days for the Rune protocol, it will be interesting to see if this helps to promote the transaction fee market for Bitcoin, something that will become increasingly important with each successive quadrennial halving event.

Helping to lift AI tokens was a joint statement by the Artificial Super Intelligence Alliance that its ASI token will be launched on May 24. The date was decided after the token holders of the three AI projects comprising the Alliance (Fetch.ai, SingularityNET and Ocean Protocol – a constituent token of both the AI and DePin CTI) approved the merger. Once completed the ASI token would have an estimated market cap of $7.5bn – putting it in the top 20 of all cryptocurrencies. According to Fetch.ai CEO and chairman of the Artificial Superintelligence Alliance, the objective of the merger is to “establish a decentralized AI infrastructure on a large scale” and disrupt the current highly centralized approach to AI.

Trakx Weekly Update: April 22

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • Hong Kong regulators approve launch of spot bitcoin and ether ETFs: CNBC.
  • Runes Protocol Launches on Bitcoin, Sending Fees Soaring as Users Rush to Mint Tokens: CoinDesk.
  • Fetch.ai, SingularityNET, and Ocean Protocol’s planned $7.5 billion ASI token to launch in May: CryptoSlate.
  • Worldcoin launches its own ‘human-centric’ blockchain network: Cointelegraph.
  • Andreessen Horowitz Raises $7.2B for New Funds, Second Gaming Fund Targeting Web3 Games Amongst Others: Yahoo Finance.

Trakx News

  • This week, we are launching a new incentive program - when depositing and buying CTIs on the Trakx platform - as well as the airdrop campaign, stay tuned!

Trakx CTIs Performance

Sources: Coingecko and AlphaVantage


*Return of bitcoin is calculated since 01/05/2020, while CTIs performances were calculated since their respective launch date.

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