Health, Wealth, and Happiness | |
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"The greatest lesson that I learned in all of this is that you have to start. Start now, start here, and start small. Keep it simple."
- Jack Dorsey
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Howdy, investors!
- Staking is two investments in one: you can earn rewards, but the underlying token can also increase in value over time. But which staking tokens have performed the best for investors? Check out our updated guide below.
- The Open Network, or TON, has been one of the best-performing tokens in 2024, but does it have the staying power to become a part of your crypto investing portfolio? We've got the complete analyst report on TON.
Read on!
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This Week in Bitcoin Market Journal
Our latest crypto investing insights and ideas.
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The Best Proof of Stake (PoS) Coins for 2024
Jane is an intelligent investor who wants to put her crypto to work, earning interest by staking her tokens. After doing research, she allocates $10,000 into staking as follows:
- Ethereum (ETH): 40%
- Cardano (ADA): 30%
- Polkadot (DOT): 30%
After a year of staking, Jane reviews her earnings. Her total portfolio value has grown to $10,553.50, earning her a substantial interest income of $553.50 in just one year.
But here's the catch: her underlying tokens have also changed in value. So staking crypto is really two investments in one: the "interest income" (or staking rewards), and the token itself.
In our updated guide for 2024, we dig into the best-performing staking coins you can add to your crypto portfolio, and replicate Jane’s success.
Click to learn which PoS coins our analysts like best >>
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Should You Invest in Toncoin (TON)? Charts, Stats, Analysis for 2024
The year was 2018, and the messaging giant Telegram, led by the visionary Durov brothers, Pavel and Nikolai, was dreaming big. Their ambitious plan? To create a blockchain that would revolutionize the digital landscape: the Telegram Open Network (TON).
Their vision was a digital world where millions of transactions could instantly zip across the globe, with absurdly low fees. At the heart of this grand idea was a new cryptocurrency called Gram, poised to power this lightning-fast network run atop Telegram.
The crypto community was electrified. Investors, caught up in the excitement, poured a staggering $1.7 billion into the project through an Initial Coin Offering. It seemed like nothing could stop TON's meteoric rise.
But fate had other plans. In 2020, the SEC dropped a bombshell, suing Telegram and declaring Gram an unregistered security. The Durov brothers found themselves caught in a regulatory tempest, forced to abandon their brainchild and return their investors' money.
But from the ashes of the original project, a group of passionate developers and enthusiasts formed the TON Foundation. They breathed new life into the project, rebranding it as "The Open Network" and transforming Gram into Toncoin (TON).
And so, against all odds, Toncoin's journey began: a tale of vision, setback, and rebirth. Against this backdrop, our analysts did the heavy lifting on TON to see if it's weighty enough to add to your portfolio.
Read on to see the charts, stats and analysis and decide for yourself >>
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Top Stablecoins for Investors 2024
In our updated guide to stablecoins, we outline our latest principles for investing in these important assets. You'll learn:
- Why we need stablecoins: They are important as a bridge between the traditional and crypto economy.
- How to invest: For the crypto investor, they can offset the volatility of crypto, while providing higher interest rates than legacy banks. (We've got the rates.)
- Which ones are best: Look for stablecoins that are large (>$1B), reputable, and have been around for several years. (We've got the ratings.)
- Risks and rewards: We outline the risks with stablecoins, including the one no one ever talks about (spoiler alert: interest rate risk.)
Click to read our updated guide to investing in stablecoins >>
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Premium Power-Ups
Level up your crypto investing game.
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New Risk Scorecard: Maker (MKR) | |
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Maker Protocol allows users to create the stablecoin Dai by depositing collateral assets, such as ETH, into smart contracts.
When you deposit collateral, you can then mint DAI, a stablecoin that aims to maintain a 1:1 value with the US Dollar.
Think of MKR like "stock" in the company that oversees Dai. It is a governance token that gives tokenholders voting rights in the future of the company.
MKR has done quite well over the past year, returning 153% to investors. But how risky is it?
Premium members can download the Maker Risk Scorecard here to learn what our analysts say about the risk of MKR. (Remember: lower = better.)
Not yet a Premium member? Sign up now to access our complete library of tools to make you a better crypto investor.
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Must-Reads
This week's most important stories for crypto investors.
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(Seeking Alpha) - The Bitcoin 2024 conference was highlighted by significant pro-crypto statements from Donald Trump, Robert F. Kennedy Jr., and Senator Cynthia Lummis. Their proposals range from appointing crypto-friendly leadership to large-scale government bitcoin acquisitions. We believe the shift to bitcoin as a mainstream political topic can only benefit the price of bitcoin long-term.
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(Coin Metrics) - Staking on Ethereum has exploded since it's transition to Proof of Stake, with 33.5 million ETH staked. However, the exclusion of staking rewards from new spot Ether ETFs, and the potential centralization risk posed by large staking providers like Lido (which controls 29% of staked ETH) are important developments for investors to watch.
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New Research on Drivers of Crypto Asset Prices
(Uniswap) - A new paper from a team of researchers at Uniswap Labs, Circle Internet Financial, and the Copenhagen Business School provides insight into how traditional financial factors — like U.S. monetary policy — impact crypto price movements, underscoring that digital assets behave similarly to traditional asset classes in the global financial markets.
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Which Blockchains Actually Make Money?
(Bankless) - Which L1 and L2 networks are driving the most revenue and earnings? Bankless dives into the data of four top blockchains to find out how much each is making and whether they are actually keeping any of that cash.
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Is Bitcoin a Strategic Asset?
(Blockworks) - The Treasury Department announced that US national debt has reached over $35 trillion, with no signs of slowing. At the Bitcoin Nashville event, Senator Cynthia Lummis suggested using a strategic bitcoin reserve to cut the national debt in half by 2045. Here's a good analysis on whether this plan would actually work. (TLDR: Bitcoin price would have to increase by 1200x.)
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Chart of the Week
Daily Active Users on Ronin
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Blockchain gaming has been recovering some of the enthusiasm seen for the sector back in 2021, and one of the primary beneficiaries has been Ronin. This EVM-compatible blockchain was created specifically for gaming.
After seeing its Daily Active Users crash to 20,000 from late 2022 through late 2023, Ronin has increased to 2 million DAU as of this writing. Of course, that has also increased fees and revenues for the chain, leading to a nearly 200% increase in the price of the native RON token over the past year.
With the global gaming market comprised of hundreds of millions of users that generated roughly $347 billion in revenue in 2022, we believe there is plenty of market potential for Ronin.
Ronin is also at the forefront of blockchain gaming. Its parent company, Sky Mavis, launched the sector with Axie Infinity, and while that title has waned in popularity, it has been followed by another hit blockchain game: Pixels.
As Ronin continues to dominate, it could become the top blockchain in a multi-billion dollar blockchain gaming industry. See what our analysts think about the project here.
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ICYMI
In Case You Missed It
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In case you've missed our recent newsletters, here are links to the July 29 and July 22 newsletters, as well as the most recent BMJ investor content:
In this guide, we cover why Active Developers (ADs) are so important, how to measure them, and the top blockchains by ADs.
Avalanche has worked since 2018 to make its blockchain faster, cheaper, and more energy-efficient. Have they also succeeded in making AVAX a top investment?
Today, we need a bipartisan push to overhaul the laws around crypto. Put another way, crypto is too big to belong to any one party.
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Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It's created by John Hargrave, Steve Walters, Anatol Antonovici, Matthew Du, Daniel Joel, and Preetam Kaushik.
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