A New Range for Crypto

Alt coin rally incoming?

Weekly Beluga Insights

After a brief pullback on BTC to the $40,000 level, BTC has bounced seeming to confirm its new range. While still unconfirmed, if BTC is able to hold its new range we are looking for a massive alt coin rally across the board. Ethereum has also showed strength bouncing off its lows, however as compared to BTC and other high-cap tokens, it remains underperforming. Sentiment among trades seems to be shifting on ETH however, and we’re looking for a strong rally to catch up with its peers as we head into the new year. On-chain activity on Solana and other chains indicate high interest among traders, and it is exciting to finally see SOL meme coins and DeFi surge as they are.

For any readers interested in a more in-depth look at the events of the crypto market, we are excited to announce the first episode of the weekly Beluga podcast has gone live! Click here to access the recording, and be sure to subscribe so you don’t miss another episode.

One specific token we currently have our eyes on is Stargate (ticker STG), which was covered in a previous edition of the Beluga newsletter. Stargate is a cross-chain swap protocol built on what is known as Layer 0, and allows traders to swap different tokens across a number of blockchains with very low friction. The reason for covering STG again is despite news of a catalyst as well as the rest of the market moving, STG has remained relatively stagnant over the last few weeks.

Source: STG

To reiterate the thesis for STG, it is the most popular Layer 0 protocol. Layer 0 is one of the most highly anticipated token launches of this coming year, and while the date has not yet been confirmed rumors seem to indicate it is happening very soon. Token distribution information is also fairly nonexistent, however a sizable airdrop hitting the Layer 0 ecosystem with few other places for it to flow than Stargate is a very strong catalyst. We continue to believe accumulating STG as we draw closed to the Layer 0 launch is a very attractive trade.

Quick Quips: Catch Up on What You Missed

Source: Bonk Coin

Did you know?

Despite climbing over $1B in market cap, Injective retains about 0.033% of Ethereum’s TVL. Beluga wonders who is buying?

Chart of the Week

We’re not saying that Bonk price action is due to Beluga covering it in our newsletter a few weeks ago, but we’re also not saying it isn’t. Huge congratulations to holders as it reaches over $2B market cap!

Source: CMC