Morning Minute | Uptober Becomes Reality as Crypto Rallies
TylerD's Market Summary
The crypto market saw a huge rally yesterday evening, with Bitcoin leading the way. Find out how big the gains were and why they happened, plus catch up on a bloody day in SocialFI.
📈 Crypto Rally Begins
After a few pump fakes, "Uptober" is proving to be a reality.
The crypto markets soared yesterday in what seemed like the single-biggest day rally in a long time.
Sentiment has shifted on a dime and the timeline is wondering - is this the real beginning of the next cycle?
By The Numbers
Here are some notable cryptocurrencies and their daily change:
- Bitcoin at $34,720 (+13.6%)
- ETH at $1,833 (+9.5%)
- Solana at $31.74 (+7%)
- Dogecoin at $0.067 (+4.5%)
- Avax at $10.60 (+5.9%)
- BLUR at $0.22 (+19%)
- ApeCoin at $1.26 (+12.5)
- PEPE at $383M marketcap (+32%)
So a major, major rally, led by Bitcoin which outperformed all the majors.
Why did it happen?
It was tied to speculation that the BlackRock BTC ETF will be approved shortly.
Yesterday, that BlackRock iShares Bitcoin Trust was listed on the DTCC (Depository Trust & Clearing Corporation), which clears NASDAQ trades.
It got a ticker symbol and everything ($IBTC), leading many to think approval is a matter of "when" and no longer "if".
And that "when" may be very soon.
Quick side note - at these prices, Michael Saylor's BTC investment is now in the green by ~$800M. He's smiling.
PEPE was another huge winner after the team burned 6.9T tokens (~$6M) while noting a new team of advisors has been brought on to guide the team forward.
In NFT-adjacent coins, both $BLUR and $APE had solid rallies as well, especially meaningful for Blur holders and farmers ahead of the upcoming Season 2 airdrop (Nov 20).
It was another reminder that a real crypto rally will have many winners.
WAGMI?
👥 Friend Tech Trend Tracker
The Friend Tech market had a bloody weekend as sellers came out in force following some big-name exits from the market, and a feisty new competitor is in up-only mode right now.
Here are some of the core Friend Tech metrics for 10/23 and their day-over-day change:
- Return users: 3,321 -> 3,414 (+3%)
- Daily Buy volume: $0.71M -> $0.86M (+21%)
- Total Volume: $3.25M -> $3.05M (-6%)
- TVL: $43.23 -> $40.53M (-6%)
- Highest key: CBB0FE 5.7 -> 4.97 (-13%)
*TVL in ETH terms 25,802 -> 22,178 ETH (-14%)
These numbers don't tell the whole story as most of the selling took place after the night-time cutoff for the numbers.
Massive selling took place on Friend Tech yesterday starting when the prior #1 Vombatus sold off most of his keys, setting off a major cascade of selling.
This led to most keys dropping in the 15-20% range amidst some broad panic. The selling seems to be continuing this morning, so we will see where things land when the dust settles.
In other SocialFI news:
- New Bitcoin City was the primary beneficiary of the FT drawdown, with its TVL soaring from $2.57M to $4.3M (+59%) overnight
- StarsArena TVL fell 24% from $1.48M to $1.12M after the app completed its 2nd points airdrop (first for many users)
- Tomo TVL held even at $1.3M
- New streaming-based SocialFI app TurnUp opened up its private beta on Monday to a few dozen users before a broader rollout happening later this week
The SocialFI market is indeed in major flux right now. We will see which winner(s) emerge...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Trading volume jumped nearly 40% to $11.6M (6,400 ETH) on Monday, though the leaderboard was mostly red with crypto rallying
- Clone X and Milady were notable top movers, both up 10% on the day to 1.34 ETH and 2.12 ETH respectively
- Async Art announced it will wind down operations over the next few months, after having powered works from several notable web3 artists like XCOPY, Coldie, Kristy Glas and more
- Jack Butcher shared a cryptic post yesterday simply containing a racing flag, seemingly confirmed by the AOI team that he'll be the 4th artist for the Velocity Series (Velocity Series Pass up 5% to 1.44 ETH)
- Pixel Vault announced that all Founders DAO and Generative Identity NFT holders can now test their game BattePlan
- Worldwide Webb Land will launch its Playa play test today; its floor was up 6% on the day to 0.13 ETH though up 48% on the week
- A wallet holding 172 MoonCats spent 74.5 ETH ($126k) buying 3 more yesterday
- The Claynosaurz dropped a sneak peek of their upcoming plushie toys, following in the Pudgy Penguin's footsteps
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market rallied big on Monday; BTC +13.6% at $34,720; ETH +9.2% at $1,833; SOL +7% at $31.74
- Bitcoin recorded a new 52-week high after surging past $31,800 yesterday before settling at a whopping $34,720 this morning
- MetaMask shared that it's a "great time to onboard to Solana," touting a partnership with Solflare and deBridgeFinance to make it happen
- Blockaid, a web3 security firm founded by Israeli cyber intelligence experts, announced $33M in funding from notable investors like Variant Fund and Sequoia
🚀 NFT Total Volume
- BAYC (2,064 ETH, 26.15 ETH Floor)
- MAYC (1,179 ETH, 5.06 ETH)
- Azuki (639 ETH, 5.17 ETH)
- Pudgy Penguins (581 ETH, 4.98 ETH)
- DeGods (503 ETH, 3.3 ETH)
📈 NFT Floor Price Increase
- Steady Stack Legends (40%, 0.13 ETH Floor)
- Metal Tools Access Pass (36%, 0.82 ETH)
- Ether Capsule (33%, 0.38 ETH)
- Sproto Gremlins (33%, 1.09 ETH)
- DigiDaigaku (20%, 2.76 ETH)
🗓 Upcoming NFT Mints and Events
Today is another busier day of drops but with fewer big names than Monday.
Reddit is back with 2 listed drops, Level Up and a Deadfellaz collab. Besides that, AB reGEN "Lucky Clover" from Sputniko! is likely the highlight.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Jioverse (9:00 a.m. ET)
- Atti NFT (9:00 a.m. ET)
- Reddit - Level Up (12:00 p.m. ET)
- Art Blocks reGEN - "Lucky Clover" (1:00 p.m. ET)
- Zien Pass (6:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's NFT Calendar page.
