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"Take the opportunity to learn from your mistakes: find the cause of your problem and eliminate it. Don't try to be perfect; just be an excellent example of being human." - Tony Robbins |
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| Howdy, investors!
We've often pointed out that daily active users (DAUs) are among the most useful metrics since they show a project's number of users—or "customers." Today, we share which cryptos are attracting the most DAUs.
Is bitcoin overvalued? That depends on how high you think the price might go in the coming years. Read the bull case for bitcoin below.
Crypto VC activity increased 25% in Q1 2024 and is expected to remain hot thanks to favorable macroeconomic factors, institutional interest, and the upcoming bitcoin halving. (Same outlook for bitcoin.)
Read on to explore more! |
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| Top Blockchains With the Most Daily Active Users (DAUs) by Danielle Greving |
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| At Bitcoin Market Journal, we talk a lot about Daily Active Users (DAUs) … and for good reason. As we’ve often pointed out, Daily Active Users (DAUs) is a critical metric reflecting the success and growth of a blockchain network.
Still, most investors look at other metrics like price and market cap, ignoring DAUs.
For crypto investors, think of DAUs as customers. If DAUs are high (or growing rapidly), it means a “company” that’s scaling up, and potentially a great investment. If DAUs are low (or falling steadily over several years), it’s probably not worth your money.
Read on to find out the best blockchains by DAU, updated for 2024.
Click to see the full list of investments >> |
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Exciting Upcoming Content for You! |
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| It's the start of a new quarter, and we've got a boatload of great content for our Premium members.
First up is the quarterly update for our Blockchain Believer Portfolio, which will be delivered this Wednesday. (Spoiler alert: our best returns to date.)
Then, on Thursday, we'll present our monthly Best Blockchain Buys, breaking down all the winners and losers we've highlighted in the past month.
Then, next Monday, we will have the update for our Future Winners Portfolio, featuring our top crypto picks (Spoiler alert: also our best returns to date.)
Are you not yet a Premium member? Sign up now to get access to all this upcoming content, and our complete library of investor tools. |
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| Must Read Today's most important stories for crypto investors. |
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Despite bitcoin's surge and the launch of spot bitcoin ETFs, the crypto industry still mainly attracts Gen Z and young millennial men, with many potential investors deterred by the perceived high cost of bitcoin. This piece argues that bitcoin can be considered undervalued rather than overvalued at its current price, making it a bargain at current levels. |
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In the first quarter of 2024, the crypto venture landscape showed signs of heating up, with $2.52 billion raised, a 25% increase from the previous quarter. The rise in deal-making activity is attributed to positive legal outcomes, growing interest in decentralized finance (DeFi), and approvals of spot bitcoin ETFs in the U.S. Experts predict that crypto ventures will continue to thrive due to favorable macroeconomic factors, institutional interest, and the upcoming bitcoin halving. |
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Bitcoin is expected to have a strong second quarter in 2024, influenced by the upcoming bitcoin halving and the potential approval of spot ether ETFs by the SEC. However, the Federal Reserve's decision on interest rate cuts could have a significant impact on the crypto market. Overall, the outlook for bitcoin and the crypto market remains optimistic, with potential demand shocks and increased attention to bitcoin's predictable monetary policy. |
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| | | Long-Term Wealth $1K invested at today's market prices |
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| This asset | invested 5 years ago | is now worth | | Bitcoin (BTC) | $1,000 | $10,940 | | Ethereum (ETH) | $1,000 | $8,191 | | Uniswap (UNI)* | $1,000 | $2,205 | | BNB Chain (BNB) | $1,000 | $42,913 |
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| Note: The future may look different from the past. Please invest carefully. * As UNI is less than five years old, we calculate from the launch date (Sep 2020). |
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| Chart of the Day ETF Assets Under Management |
| In just two short months, spot bitcoin ETFs have handily overtaken silver ETFs in terms of assets under management. This is despite the $14.7 billion in outflows from the Grayscale Bitcoin Trust (GBTC), due to its higher fees and long-term holders cashing out.
Spot bitcoin ETFs look like they could even overtake gold ETFs soon: pretty impressive when you consider that the first gold ETF - SPDR Gold Shares (GLD) - debuted in November 2004. At the time, gold was trading around $700 and the ETF saw over $1 billion of inflows in its first week of trading.
By contrast, BlackRock's iShares Bitcoin Trust (IBIT) alone saw over $1 billion inflows in its first week of trading, with eight other bitcoin ETFs racking up an additional $1.2 billion inflows in that first week. The total trading volume of all spot bitcoin ETFs was $16.6 billion in the first week.
There's no denying the strong demand for bitcoin ETFs. As this grows, it will not only help bitcoin gain increased acceptance in mainstream finance, it should also help to boost the entire crypto industry. |
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