Which Tokens Performed Best Last Quarter?
Plus ATHs for DEXes and some commentary on why bitcoin is poised to succeed
Happy (wish this were a joke) first of April, Blockfolians
Last quarter was brutal by any accounting. Holding aside the incredible human toll, the markets were rough. The Dow was down 23% on the quarter, its worse Q1 ever. Bitcoin was down more than 10%.
The question is - did anything hold up? Well, CoinDesk did an analysis today of which tokens did best in the carnage, and which fell off a cliff.
Interestingly, one researcher also noted that exchange tokens tended to be up against BTC.
Ceteris Paribus @ceterispar1busIt does seem that exchange tokens *may* be the first cohort of altcoins that actually have some diversification benefit Higher floor in bears, less upside in bulls. Need more time to validate theory. Obviously they’re still correlated in large drawdowns (same is true for stocks)
What does it all mean? Honestly, it’s hard to draw conclusions when we’re still living in one of the most unique economic environments of all time. But until we have the benefit of retrospect, at least we can look at the numbers.
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Highly Relevant Reading
It’s not just legitimate commerce hurting - even black market bitcoin transactions are down!
Binance, because they can’t slow down for even one minute, is launching their own mining pool.
Two of DeFi’s most lauded and exciting projects - Uniswap and PoolTogether - have received $1.1m in funding via Coinbase.
Bitfury has become the latest crypto miner to donate mining power to Coronavirus research.
It’s been a little gloomy, but check out this great thread from Coinbase’s Max Bronstein on why bitcoin is poised for a comeback
Want an explanation for, well, nearly everything? Hans from Ikigai Asset Management has you covered.
A Really Big Number We Should Be Paying Attention To
That’s the total volume of DEX’s and non-custodial exchanges in February - a new all time high and 53% more than January.
The bitcoin code is now safely ensconced in an Arctic mountain, protected and preserved by GitHub for 1000 years.