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- Weekly Recap - Jan. 7th, 2024
Weekly Recap - Jan. 7th , 2024
Top News Headlines
Top Crypto Prices by Market Cap.
1. Bitcoin $43,423.14 7D 2.0% | 6. Cardano $0.473 7D -20.9% |
Source: Coingecko Price Feed, Dec. 17th 2023, 10:45pm EST. Data excludes Lido Staked Ether, and stablecoins USDC and USDT.
Spotlight: Messari’s 2024 Crypto Theses
Happy New Year Everyone!! 🍾
It’s officially 2024 and the Year of the Dragon is upon us!
According to Chinese culture, the Dragon symbolizes great power, good luck, and strength. And it’s up to all of us to seize it!
With our first edition of the year, we’re going to highlight a few of the top Crypto Theses from industry leading research firm - Messari.
Thesis #1: “When in Doubt, Zoom Out”
According to Messari’s founder, Ryan Selkis, “Crypto is inevitable, and when you question the long-term trajectory, it's helpful to zoom out and appreciate how far we've come”.
Here's crypto's 5 year performance scorecard. Although the top 10 coins have certainly shifted, its important to note the multiple 1,000+ percentage increases.
Thesis #2: “Bitcoin is the Godzilla of Finance”
Another gem from Messari’s founder here.
Despite the recent run-up, BTC still has multiple catalysts ahead in the coming year. The ETF approval is looming, institutional adoption is accelerating, geopolitical tailwinds are strengthening, and we are nowhere near overheated compared to historical cycles.
Check out market value to realized value. We're at ~1.3 today. Wait until 2.0+ to reevaluate.
Thesis #3: “Private Investment is Back”
Private funding typically follows public token prices. 2024 is poised to crush 2023 in terms of crypto VC activity, and growth companies will likely lead the pack.
The biggest beneficiaries of VC funding will most likely be:
+ DePIN (storage, compute, wireless)
+ Rollups & Integrated Network ecosystems
+ Anything Crypto x AI
Thesis #4: “DePIN will explode in 2024”
We’ve also discussed the value and bullish outlook for Decentralized Physical Infrastructure (DePIN) in one of our previous posts, but we highly recommend reading Messari’s full report on the sector as it will likely be an outperformer this cycle.
Here are some of the key DePIN projects to keep an eye on:
Thesis #5: You aren’t bullish enough on the BTC ETF
According to many market analysts, the spot BTC ETF is imminent in 2024 (potentially even this coming week).
+ Wall Street is now into crypto.
+ They must all compete heavily with marketing dollars.
+ Gateway drug for ETH, and then everything else.
“But it's a tsunami (earthquake, mini correction, then relentless wall of money).”
We highly recommend reading the full Crypto Theses for 2024 for more amazing insights by Messari. The Twitter commentary by Messari founder Ryan Selkis is also worth a read.
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