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Ember Nuggets are a weekly update with commentary from the investment team on what’s happening within the crypto market - news, developments, market trends, and more.
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October was a great month for crypto, both from a performance and regulatory standpoint. The overall market cap surged above $2.8T. This was supported by regulatory approval of the Bitcoin futures ETF. Bitcoin was able to hit an all-time high above over $67K and even after the pullback, was able to hold above $60K. October was the highest monthly close on record for the asset.
Ethereum also saw strong gains during the quarter driven by a resurgence in new DeFi projects like OHM, Tokemak and others. Ethereum also saw an all-time high of $4,400+ and had a record monthly close of $4,200+.
SHIB and DOGE faced off in the month of October. SHIB saw strong retail demand and saw $23B in trading volume on October 28th on Binance and Coinbase. The frenzie led to SHIB hitting an all-time high of $0.00008616 allowing it to flip DOGE as they both hung in the top-10 crypto coins by market cap before pulling back.
SHIB and DOGE are great examples of tokens that started off as memes that have now become active and vibrant communities that are actively building in the cryptoverse. SHIB has launched a DEX, NFT marketplace and NFT drop (Shiboshis), and is now rumored to be working with a AAA-studio on an NFT game. It will be interesting to see if the meme frenzie is a short-term phenomena or if it has the legs to go long-term.
Thank you for reading!
Investment Associate | Ember Fund
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