🧘♂️ALERT: Answer To All Your Crypto Problems?
Market Meditations | October 12, 2021
A Brilliant Project Is Now LIVE
Bitcoin dominance continues to increase and altcoins take a hit. More on this later today.
Over in the world of DeFi, a brilliant project has just gone LIVE!
☄️ Top 5 Things You Need To Know About Crypto
? XDEFI Wallet: The DeFi Project That Solves The Biggest Problems in DeFi today
⚛️ Crypto Money Cycles: Understanding Alt Season
? Our Trading Puzzle
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Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
? A New Sheriff in Town?
? DeFi: The Story So Far
For years now, MetaMask (which focuses on chains compatible with Ethereum) has dominated the browser wallet space.
New players have entered the town: for instance, alternative browser wallets like Phantom and Terra Station were rolled out and designed to support a specific Blockchain.
But the people of DeFi-ville were still unhappy. They ended up downloading several wallets to interact with different ecosystems at the expense of speed and security. A painful process in a field where speed and efficiency are essential! Clunky wallets acting as a barrier to mass adoption. To summarise, there are 3 aspects to the problem:
1) Speed 2) Connectivity and 3) Automation
Just when all hope was seemingly lost for Alpha Apes and DeFi Degens alike, there seems to be a new sheriff in town.
☺️ Enter the scene, XDEFI Wallet
So, what is XDEFI Wallet? It is a Multi-Chain Chrome Extension Wallet designed to deliver the fastest possible experience for NFTs and DeFi. And it’s LIVE today! XDEFI Wallet offers solutions to the 3 issues mentioned above.
The wallet is designed to give DeFi users a speed edge. As the CEO Emile Dubié explains: “In DeFi and NFTs, speed is alpha… These things determine your ability to seize an opportunity or not”.
Through the invention of Ape Mode, XDEFI Wallet gets you into the next block every time, without wasting gas fees.
The XDEFI Wallet currently integrates with nine blockchains: Ethereum, Polygon, Terra, THORChain, Bitcoin, Binance chain, Binance Smart Chain, Bitcoin Cash and Litecoin. Support for Arbitrum, Solana and Avalanche are coming next. Through this, it brilliantly displays NFTs from all chains.
The team’s long term vision is to create a suite of products bridging different blockchain ecosystems together in an effort to improve accessibility to the best DeFi and NFT opportunities. What’s more, XDEFI Wallet has added a new Buy Crypto option, allowing users to buy crypto and bring their Fiat into DeFi through integration with third-party Ramp. Unlike MetaMask and other competitors, XDEFI Wallet is not charging an additional fee on top of Ramp’s fees.
To quote the CEO again: “If you want to unleash the full potential of Web 3, you need to have a wallet that allows you to interact with web applications built on different blockchains. No need to switch from a wallet to another, no need to deal with several seed phrases – just use the same vehicle to access different destinations”.
As NFTs continue to become a larger part of the crypto landscape, XDEFI Wallet is the only multichain browser wallet to offer both automatic detection of NFTs and an Instagram-style, customizable NFT display. Through these features, XDEFI Wallet works in the background, so you can focus on what matters to you.
Given the strong product market fit, it’s unsurprising that next generation browser wallet XDEFI Wallet recently secured $6 million in funding. It’s worth adding that the funding round was led by some of the biggest venture funds in crypto: Mechanism Capital, DeFiance Capital, and Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures, and CoinGecko. When it comes to doing your due diligence on projects, backing by big names in the space is a good indicator of credibility.
XDEFI Wallet is offering a lucrative solution to some of the biggest problems in DeFi. It looks positioned to be a powerful asset for all DeFi users, relieving them of the struggles of the past and giving them the competitive edge they need in the hunt for alpha!
? XDEFI WALLET IS LIVE!
Needless to say (and as we always emphasise) it is important to do your own due diligence on any project before you make any decisions.
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? Small Account Trading
Which of these is considered a pro unique to trading small accounts?
You can focus on lower liquidity coins
You can use leverage
You have reduced fees
? Riding A Cycle
Do you ever get that feeling of déjà vu? When you’re pretty sure you’ve seen something like this play out before? Crypto sites are abuzz with expectation of a big Bitcoin move in the near term, but which way could it go? Market cycles are not an exact science, especially as whales can move the price at will. But here are some interesting metrics to keep an eye on:
Bitcoin Dominance (BTC.D) is a metric that measures the ratio of Bitcoin’s market capitalisation (price x number of BTC in market) to that of the rest of the crypto market.
Historically, BTC.D has trended:
Downwards during the long, slow build-up when a new bull market forms, with money entering into both BTC and altcoins;
Upwards during the parabolic phase of the bull run;
Downwards around the peak of the bull run and just after
A pivot point in BTC.D is where it either tops or bottoms, and could indicate a change in the phase of the cycle. It indicates that market participants are moving their money around, otherwise known as capital rotation.
ETH/BTC is an alternative metric that indicates how Ethereum, and as a proxy how altcoins, are doing compared to Bitcoin. It is inversely correlated to BTC.D and can also be used to identify pivot points.
Previously, money rotating out of BTC at its peak delayed the peak of Ethereum and other altcoins by a few weeks. Profits from Bitcoin are rolled into other large-caps first, followed by mid-caps and then low-caps, before the cycle repeats.
Want to know more? This blog post does a good job of visually showing the relationship between BTC.D and altcoins. And to learn more about capital rotation and money flow check out our Crypto Cycle Guide.
1. You can focus on lower liquidity coins
That’s right, it can actually be an advantage to have a small account. Why not the others? I hear you ask. Well, using leverage is something you can do whether your account is small or large so it isn’t unique to trading small amounts. Reduced fees are also usually a perk of trading in much larger accounts, as companies are inclined to reward those who trade with size.
If you’re trading with a large position size, often you can only focus on Bitcoin, Ethereum, and other large and mid-cap coins because as you start increasing size, you run into issues like slippage and illiquidity. Thus, if you have a smaller account then you actually have an edge.
If you want more tips on trading with a small account check out our guide here.
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