Trakx Weekly Update: December 11

Weekly Update
• Dec 11, 2023
Trakx Weekly Update: December 11

Key Crypto Market Figures

Trakx Weekly Update: December 11

CTIs Weekly Performance

The crypto rally continues with the Trakx Top 10 Crypto CTI up more than 10% over the prior seven day period. The best performing CTI in the Trakx family was the ESG CTI, up almost 30%, while the weakest performer was the Lending CTI, down 2% on the week.

Driving the gains in the ESG index was a 60% rally in AVAX, the native token of the Avalanche blockchain. As a result of this latest price jump, the token is up more than 300% over the past two months. Helping to support the the AVAX token has been the recent announcements of partnerships with large tradfi firms such as JPMorgan and Citi, that has boosted the project’s credibility, solid trading volumes and attractive staking rewards. Unlike Ethereum, validators on Avalanche are not subject to slashing penalties and are able to earn around 8% APY. This is one of the highest reward rates amongst the larger market cap Proof-of-Stake (PoS) currencies and explains why there has been a strong uptick in the number of validators on the Avalanche blockchain (1,539 validators).

AVAX may have been the strongest performer on the week, but other leading altcoins were no slouches either. Cardano and Solana, the second and third largest PoS tokens after Ethereum, also witnessed solid price gains over the last seven days, gaining 35% and 10% respectively. These gains not only helped boost the ESG CTI, but helped propel the Top 10 PoS CTI into second place amongst the Trakx suite of crypto tradable indices, gaining 19% last week.

Despite the overall bullish trend, the past 24 hours provided a timely reminder to investors that crypto prices can be volatile. After eight straight weeks of gains, and hitting a fresh cycle high above $44,000 on Friday, Bitcoin slumped 5% in less than an hour early Monday. The speed of the move lower is a clear indication that investor sentiment had become too one-sided, and hence vulnerable to short-term position correction. As to what triggered the move lower, given crypto prices have been buoyed by expectations that the next policy move from the Fed will be an rate cut, most likely it was a bout of profit taking ahead of this week’s two key macro events in the US, Tuesday’s CPI report and Wednesday’s FOMC policy statement.

Trakx Weekly Update: December 11

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • Avax Price Up Over 50% in a Week as Meme Kombat Looks to Be Next Crypto Gaming Token to Pump: CoinPedia.
  • Cardano Jumps 20% as Analyst Eyes Bitcoin Pullback to $40K to 'Fill CME Gap': CoinDesk.
  • Jito airdrop FOMO sparks $200m Solana stampede: DLNews.
  • Bitcoin wipes nearly a week of gains in 20 minutes, falling under $41K: Cointelegraph.
  • SEC issues new investor warning over crypto assets: CryptoSlate.

Trakx News

  • We are launching our highly anticipated private token sale today! Buy TRKX Tokens by clicking here.

Trakx CTIs Performance

Trakx Weekly Update: December 11

Sources: Coingecko and AlphaVantage

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

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