Market Roundup
Sometimes in crypto it can feel like everything you do is wrong. That kind of sentiment is so typical in a bear market. In a bull market everyone is a genius, and in a bear market an idiot. But the truth is that we all make mistakes when it comes to investing. We never sell enough when times are good, and will fool ourselves into thinking that the bad times will last forever.
But this bear market has hit almost everyone in one way or another. Crypto investors got hit hard, but also everyone else. It is not a crypto specific thing. This is the everything crash driven by tightening monetary policies. And if you think that your altcoins are looking bad, then just have a look at this selection of devastated stocks. YIKES!
And the crazy thing is that we can still see lower prices coming in for basically everything. While no one knows for certain, the truth is that many macro factors still point to volatility and uncertainty in markets leading into 2023. So proceed with caution.
That all being said, money is still being made in crypto. Albeit the opportunities are fewer and further between. So let’s dig in.
Top Airdrops of the Month
While it is unclear if testers will get any airdrop, Polygon’s zkEVM is in the final testnet. You can check out how to hook up to the network here. Then send some transactions back and forth to yourself and even play around on Quickswap.
Cosmos Name Service allows you to claim your Cosmos ID, and your human readable name. Looking at how popular Ethereum Name Service became it could be worth claiming yours, especially if you are a Cosmos user.
Top Altcoins to Watch
I maintain that altcoins represent significant risk right now. Only a small handful of coins have managed to put in gains over the last few months. Many are reaching devastating lows with no bid in sight.
As mentioned previously, a lot of coins won’t make it to the next cycle. And yes, there are some sweet deals going around, but those deals look less sweet when you realize those coins could still drop another 99%.
If you are in the market for altcoins then I would be looking in two places:
<h3 id="1.-defi-blue-chips“>1. Defi Blue Chips
Coins like Aave, Curve Finance, Maker Dao, Synthetix, GMX, and maybe even Uniswap have made a name for themselves. Many are either already providing real yield or plan to in the future. Most likely these coins are going to be here next cycle. They also have a decent chance of exceeding previous high prices.
By the way, I really loved Jesse’s Chainlink report this month. If you haven’t read it yet then it is a great overview of why Chainlink matters.
<h3 id="2.-new-chains“>2. New Chains
Every cycle we see new coins, in particular new blockchains getting a lot of attention. Newer, faster, cooler, yeah!!! Think Solana. It went from 50 cents to $280. I suspect we will see other chains do that next cycle too. Here would be a few to research.
Late Cycle Entrants: Moonbeam and ImmutableX both came onto the market late into the bull run. The bear market will offer good entries on these coins that will likely be able to get some narrative traction next cycle.
Bear Market Entrants: Aptos is a VC shit show they say… Yeah, but that can also mean it will pump like crazy next cycle. That being said I would be looking…
