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Cryptoassets of the Month: BTC, XRP and More
Every month, 21Shares research team will present the cryptoassets of the month that increased or dropped in value by more than 15%. With a data-driven approach, we highlight the most important developments and events causing price movements.
Figure 1: 30-Day Performance: Cryptoassets of the Month vs. Traditional Asset Classes
XRP Ledger (XRP)
XRP traded up 42.80% in the past month as traders speculate that its legal battle against the SEC seems to be nearing its end. In December 2020, the SEC filed a lawsuit against Ripple, arguing that XRP satisfies the Howey test’s requirements and is thus a security under US laws. On September 17, 2022, both parties agreed to forgo a trial, opting for a summary judgment. A Bloomberg senior litigation analyst, Elliot Stein, estimates that a ruling will happen within the next three months. Furthermore, exchange data from CoinGecko revealed that the XRP surge was primarily driven by South Korean traders. On March 29, XRP trading made up 37% of all volume on Bithumb and 18% on UpBit, the two largest South Korean exchanges by trading volume.
Stellar (XLM)
Stellar’s native token XLM rose 28.81% over the past month. On March 13, it was announced that Stellar would be connected to Polkadot and its ”canary network” Kusama via the newly built Spacewalk bridge. On March 28, Coinme’s wallet integrated USDC on the Stellar network. The move aims to target the cash remittance market, as Coinme is the most extensive crypto-cash network in the US, with over 40,000 locations nationwide. Regarding Stellar Aid Assist, the aid disbursement system leveraging the Stellar blockchain in collaboration with Circle and MoneyGram is being used in pilot programs by the United Nations High Commissioner for Refugees (UNHCR) to deliver cash assistance to internally displaced persons in Ukraine. The program aims to reach 5,000 persons by April.
Bitcoin (BTC)
Bitcoin rallied 23.03% in the past month on the back of a looming banking crisis. On March 13, the Federal Reserve had to step in to protect all depositors of Silicon Valley Bank, which experienced a bank run two days before, and of crypto-friendly Signature Bank, controversially shut down by its state chartering authority. Then, on March 19, UBS agreed to buy Credit Suisse in an emergency rescue deal brokered by Swiss authorities. Meanwhile, Bitcoin decoupled from risk assets like stocks and showed an increased correlation to Gold as investors turned to it as a hedge against bank risk. At its core, Bitcoin is a non-sovereign form of money that exhibits unique characteristics (trustless, permissionless, and censorship-resistant, among others). Indeed, one of Satoshi Nakamoto’s primary motivations for creating Bitcoin was to have an alternative form of money outside central banks’ control.
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Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
Bitcoin is running out. Literally, out of a total 21 million coins, 3.7 million are lost forever. That leaves only 16.3 million in circulation and just 1 million left to be mined. Imagine 60 million millionaires worldwide fighting for Bitcoin: each could only get 0.28 BTC. The question is simple: do you own any Bitcoin?
Perps explained: How Hyperliquid and dYdX are powering the next phase of crypto trading
Perpetual futures contracts, or “perps,” let traders speculate on the future price of cryptocurrencies like Bitcoin or Ethereum without actually owning them and without any expiration date. They are rapidly gaining popularity on decentralized exchanges such as Hyperliquid and dYdX, which offer deep liquidity, seamless access, and efficient on-chain trading, making it easier than ever for users to participate in this growing market.
Meet BAM: Solana’s smart traffic controller investors can’t ignore
Think of Solana as a super-fast highway where transactions are cars, but order can get messy. Jito’s BAM acts as a smart traffic controller, organizing transactions efficiently. This major upgrade from Solana’s largest liquid staking provider improves block building, transaction sequencing, and value flow, marking a key milestone for developers, users, and SOL holders.
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
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