OVERVIEW

ETH's Dencun: The Most Unexciting Thing Ever

Bitcoin made another new all-time high and is entering what’s known as ‘Price Discovery,’ which is fancy talk for “no idea where eff it’s going, but it’s going up.” 🚀

In today’s Litepaper, we will look at the nothing burger that the latest Ethereum upgrade was, a new blockchain game from the makers of Eve Online, and three on-chain analysis services.

Also on deck: a Technically Speaking article on three cryptos lagging the market and waiting for their own pop higher.

By the way, if you've been following us on Stocktwits, you can now follow us on X @StocktwitsCrypt. We’ll see you over there! 🫡

Here's how the market looked at the end of the trading day:  

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NEWS
Dencun Ethereum Update

I love this word: proto-dank sharding. Or is it proto-danksharing? It doesn’t matter; it’s cool as hell, and it’s part of the biggest update to $ETH since the Merge. 🤩

Without going into all the proto-dank sharding jargon, the Dencun update is supposed to make Layer-2s much less expensive and, hopefully, transactions in general across Ethereum cheaper. Maybe.

Following the deployment of Ethereum's Dencun upgrade, the layer-2 scaling solution Blast experienced an outage, halting block production. This incident occurred right after the Dencun upgrade went live, but they fixed it in under an hour.

From a price action perspective, as ‘mega’ as this upgrade is touted to be, nobody seems to really care. 😡

WEB3
Take.My.Money

PvPers and space aficionados rejoice. CCP Games - the folks behind the most hardcore PvP game ever, Eve Online, is heading to the blockchain. 🤩

CCP teases a game realm where your digital footprint expands beyond mere existence, powered by blockchain's potential for creativity and ownership. There are not many details or details yet. But it’s Eve Online. That’s all I need to know.

Project Awakening has a playtest coming up on May 21, and it's now open for beta signups. 🥳

NEWS
3 Of The Top On-Chain Analysis Companies

On-chain analysis is a great equalizer for retail traders and investors who don't lounge in ivory towers. Here's why:

• Where and how much: Ever wondered how much Bitcoin the US government has? What about those Bitcoin ETFs? What amount of the supply is held in big wallets? Those questions get answered.

• Network Health: Keeping an eye on the blockchain's vitals can alert you to potential opportunities or crises before they hit the mainstream radar.

• Investment Strategies: By tracking how coins move and where they accumulate, you can tailor your investment strategies to ride the wave or brace for impact. If you ever wanted a heads-up on when big buying or selling is happening, you can track inflows and outflows from exchanges.

Let’s look at three of the most well-known on-chain analysis companies.

Chainalysis: The Detective in a Suit

• Strengths:

  • Top choice for governmental and regulatory bodies for tracing illicit activities.

  • Excellent compliance tools and services.

• Weaknesses:

  • May be seen as too "establishment" for crypto purists.

• Standout Feature:

  • Bridges the gap between blockchain technology and regulatory compliance like no other.

Chainalysis walks the line between blockchain and law enforcement. Chainalysis has become the go-to for governments and private entities alike.

Santiment: The Strategy Sage

• Strengths:

  • Specializes in sentiment analysis, providing a psychological edge.

  • Offers actionable market strategies based on robust analytics.

• Weaknesses:

  • The learning curve can be steep for those new to sentiment analysis. Well, to be fair, many of these services have steep learning curves, but Santiment's seems to be more confusing.

• Standout Feature:

  • Marries traditional market indicators with behavioral analytics for a well-rounded view.

Armed with behavioral analytics, sentiment analysis, and a treasure trove of market indicators, Santiment gives traders and investors the upper hand, turning raw data into actionable strategies. They also have a very active X account that keeps all of us updated on the big changes they see in the crypto space. 

CryptoQuant: The Pulse Checker

• Strengths:

  • Real-time data on exchange flows and miner activities.

  • Alerts on market health and stress points.

• Weaknesses:

  • May focus too narrowly on specific aspects of the market for some users.

• Standout Feature:

  • The real-time "pulse checking" capabilities give users a timely edge in market movements.

Specializing in exchange flows, miner positioning, and various other metrics, CryptoQuant offers a real-time snapshot of the blockchain's heartbeat.

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TECHNICAL ANALYSIS
Technically Speaking - March 13, 2024

Let’s find some of those laggards - cryptos lagging the market and yet to make their move. This equals opportunity.

Flare Network

What is FLS? I have no idea. But it’s down -13.4% over the past 30 days and -3% for the week.

Helium

HNT has a nice bull flag, down -8.40% for the week and -7.46% for the past 30 days.

Monero

I love any major market cap crypto in the privacy coin space right now. The whole damn thing is lagging, and it’s way oversold still. XMR’s daily chart shows a nice-looking bullish pennant.

CRYPTO NEWS
Crypto News In Three Sentences - March 13, 2024

📈 Money Printer Goes Brrrr: VanEck's Bitcoin Trust (HODL) ETF experienced a surge in investments, attracting $200 million in inflows after cutting fees to 0% for the first $1.5 billion invested for a year. This influx pushed HODL to become the sixth-largest U.S.-listed spot Bitcoin ETF, amidst a competitive market and Bitcoin's price soaring to new highs of over $73,500. From CryptoGlobe

🖼️ Laws Are Good Enuf: The U.S. Copyright Office and the USPTO conclude that existing laws sufficiently address NFT copyright concerns, emphasizing the need for public education over new legislation. More from Cryptonomist

⚖️ Just Make This Guy Stop: Craig Wright's legal defense counters COPA's fraud allegations, asserting a lack of concrete evidence in their closing arguments of the trial determining if Wright is Satoshi Nakamoto. Wright's counsel criticized the admissibility of COPA's witness testimonies and disputed the claim that Wright's documents were altered to support his claim to being Bitcoin's creator. CoinDesk has more

💰 Coinbase Copies MSTR’s Playbook: Coinbase announces a $1 billion bond offering due in 2030, with an option for investors to convert into shares or cash, highlighting the company's strategic move to raise capital. The offering aims to leverage the recent surge in Coinbase's stock price and the overall bullish trend in the cryptocurrency market, reflected in Bitcoin's record-high trading. From forkast

Links That Don’t Suck

😁 XRP ETF Is ‘Around the Corner,’ Claims Uphold Research Chief

🤔 Why Diversification Matters for Crypto, Too

🪗 Major short squeeze incoming for MicroStrategy stock

🐋 Bitcoin Whales Are Cashing Out Amid Push To New All-Time High

🤯 Binance CEO Changpeng Zhao to ‘surrender’ Canadian passport

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