Trakx Weekly Update: February 12

Weekly Update
• Feb 12, 2024
Trakx Weekly Update: February 12

Key Crypto Market Figures

Trakx Weekly Update: February 12

CTIs Weekly Performance

Price momentum firmed in crypto markets over the past week with the Trakx Top10 Crypto CTI gaining more than 10%. Leading the charge higher was Bitcoin, whose 12% rally propelled the Trakx Bitcoin-Ether CTI to the top of the performance tables. Even the worst performing CTI, the “defensive” Inflation Hedge, recorded a positive weekly return (+2% w/w), testament to the broad-based nature of the crypto rally.

The gain in Bitcoin comes as the next halving event, when the block subsidy earned by miners gets cut by 50%, looms ever larger on the horizon. What is focusing investors minds is the fact that substantial price rallies have occurred after each of the prior three halvings. Unlike other blockchains, Bitcoin block times are not fixed, but every fortnight a difficulty adjustment is made that targets a 10 minute block time. Hence, with a 210,000 block interval (approximately four years) between halvings, investors can be fairly confident as to when the next will occur (April 19). This difficulty adjustment is a function of the amount of hash power being deployed by miners, and it is set to rise quite sharply at the next adjustment due later this week, given the hash rate recently rose to a record peak of 608 EH/s.

While increased hash power is good news for Bitcoin as it increases the security of blockchain, it has attracted the attention of government officials in the US. Earlier this month, the EIA issued a mandatory survey to Bitcoin miners seeking information on energy use, sources and locations of miners. Needless to say, the survey has not gone down well with the industry who are suspicious of the motives for the survey. After all criticism of Bitcoin due to its energy consumption has been around for a long time, even though as we have pointed out previously such criticism is increasingly misplaced with Bitcoin mining one of the fastest decarbonizing industries in the world, and whose flexibility provides a useful mechanism for balancing an electricity grid increasingly powered by intermittent renewables.

Elsewhere, one surprise winner last week was Solana, a constituent token of several Trakx CTIs. Its price also witnessed near-double-digit gains despite its blockchain suffering its first network outage in almost a year. The five hour hiatus was caused by a bug that developers had identified recently that caused transactions to loop indefinitely and was resolved with a software upgrade.

Finally, last week the Ethereum dev team announced they will deploy the Dencun upgrade next month. The upgrade, the first since last year’s Shanghai upgrade that allowed users to withdraw staked ETH, introduces proto-danksharding, which will serve to lower the cost of Layer-2 rollups and data availability, the next step in the blockchain’s journey to low-cost high-volume transactions.

Trakx Weekly Update: February 12

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • Bitcoin's Hashrate Hits Record 609 EH/s, Powering Through to New Peaks Amid Price Surge:
  • US crypto miners challenge EIA’s energy usage survey: Cointelegraph.
  • Solana Back Up Following Major 5-Hour Outage: CoinDesk.
  • Ethereum Set for Boost as Dencun Upgrade Gets a Date: Decrypt.
  • Traders plow millions into bets that Bitcoin will hit $55,000 by June: DLNews.
  • Joe Biden posts ’laser eyes’ meme after Super Bowl — but it’s not about Bitcoin: Cointelegraph.

Trakx News

  • Trakx launched its latest CTI focused on decentralized physical infrastructure networks (DePin), a new crypto use-case that has been gaining in popularity.
  • We also launched the second round of our highly anticipated private token sale. Be sure to buy your TRKX Tokens by clicking here before the deadline.

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.
**Includes simulated performance.
***The risk signal is determined according to the historical volatility level, the higher the riskier.

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