Yes, welcome back everybody to altcoin daily, my name’s Austin in today’s video. I want to share with you the latest news involving bitcoin involving Solana involving polygon, slash Ethereum, as well as lower cap altcoins, and much more if you’re interested in making money with cryptocurrency click subscribe right now we drop a video every single day, demystifying this cryptocurrency market. Let’s jump in starting with, why is this crypto market crashing and today’s video is in many ways a continuation from what we brought you yesterday, if you’re wondering more about this crypto market, the fundamentals check out this video link down below, but the sort of truth of It all is it’s not just cryptocurrency, but all markets at this point seem to be correcting, because later this year, as early as march, the fed will raise rates to break down exactly what this means to you. Let’S head on over to cnbc with zillow co-founder a nice explanation on what this means for traditional companies, public and private, as well as cryptocurrency watch this that’s the good news from last year. The bad news is, as we’ve started this year, the fed has said the party’s over that we’re in a five to seven percent inflationary environment and that doesn’t even include housing costs which are going up way faster.
So you know, picasso is forecasting double-digit rates of appreciation in second home markets. Zillow is forecasting 14 rate of appreciation in primary home markets. So if you were to include housing costs, then the fed would see a an even uglier inflationary period. So the problem with that, of course, is that the fed is pulling back and therefore companies and investors are moving further in on the risk curve. So what happens?
Is these public market valuations are coming down? That’s going to impact my world, the venture world, because private companies comp to public companies they’re valued off the same rubric. So it’s going to be ugly as as the fed raises rates we haven’t had a higher rate environment in a very long time. Uh. The good news is great companies get built through these downturns and we’ve seen this in oa.
We saw this in 2001 and that’s because innovation continues and there’s so much. Innovation happening right now between blockchain and crypto and web 3, and so many other platform shifts that are occurring. So that’s the good news if you take the long view all right, like the video, give me your thoughts on this and think of the fed raising rates. As a sort of gravity that they’re bringing back on to these markets, gravity tends to level off bring down many projects, but, as this co-founder of zillow said, the quality projects will weather the storm. Innovation is happening, and many projects that have strong fundamentals will make it through even stronger.
Give me your thoughts down below. Let’S keep moving first piece of news involving bitcoin billionaire ray dalio is doubling down on his recommendation for a reasonable one to two percent bitcoin allocation. In portfolios – and why does he say this well in a direct quote? Bitcoin is now worth about one trillion dollars, whereas gold – that’s not held by central banks and not used for jewelry bitcoin, whereas gold is worth almost five trillion dollars. When i look at it, i keep that in mind, because i think over time, inflation hedge assets are probably likely to do better.
So, even as the market dips he’s still saying, guys put one to two percent of your portfolio in bitcoin as an inflation hedge and why this matters to all of us is because ray dalio is the founder of the world’s largest hedge fund bridgewater associates and when He says something like this: people tend to listen, not all at once. I’M not saying the market couldn’t correct, lower anything’s possible, but this is a long term bullish sign. Let’S keep moving next up. Let’S talk about top altcoins making progress, polygon network activity, spikes as nft sales reach new heights polygons nft market continues to attract users. Despite the downtrend, though, the demographic is more aligned to gaming companies and developers than collectibles as we’ve seen on the ether network, so nft sales on polygon are spiking.
Here is the data the number of non-fungible tokens sold on layer 2 protocol polygon reached an all-time high. Last month, at just short of 2 million according to dune analytics, this marks a near 60 rise in comparison to november, and the third consecutive monthly increase for the network so check this out. Even though prices for all of cryptocurrency have been trending down since about november usage, slash the number of nft sold is trending up december saw all-time highs. Now we’re only seven to eight days in to january, but we’ll have to see how this month plays out. So always interesting to see the data, if you like polygon, you like this, but let’s keep moving next piece of news for solana.
Solana, d5 major serum, which is solana’s main decks like a uniswap serum’s incentive ecosystem foundation is raising 100 million dollars. So another huge boost of capital in this ecosystem. The team behind one of solana’s largest projects serum is midway through a 100 million dollar fundraising to expand operations according to the press release the incentive ecosystem foundation, which is the legal entity staffing. The team behind the order book based decentralized exchange is raising the funds to hire and move into new product verticals, including nfts gaming, metaverse and dow tooling, so, major expansion and just to get even more specific. What is this incentive ecosystem foundation?
Ecosystem funds are a growing trend among major projects. The funds source deals within their particular ecosystem, fostering early stage companies and sending tokens from those projects to fund liquidity providers. One example is avalanches. Recent 100 million blizzard fund all right give me your thoughts on solana. It is nice to see, even though we’re seeing prices down across the board.
It is nice to hear about progress, i’ll, keep you updated, and next up in 60 seconds or less. I want to give a big shout out to sponsor of the channel blockfy introducing the blockfi rewards of visa signature. Credit card earn an unlimited, 1.5 percent back in bitcoin on every single purchase. I know many of you have already received your card here.
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So this is pretty wild. Award-Winning rapper nas will release non-fungible tokens. That will let his fans own a stake in two of his songs, ultra black and rare, and how this works is users who buy and hold the nfts dubbed limited digital assets. Ldas will get a specific percentage of streaming royalty ownership, depending on the token that they hold. So this is for two of his songs.
As you may know, ultra black the song comes from nasa’s 2021 grammy award-winning album king’s disease, while rare is from the follow-up. 2022 grammy-nominated album kings disease 2.
The former song will have a limited supply of only 760 tokens, while the second song will have 1110 tokens. Both will be released on january 11th and buyers will be able to acquire. The tokens on first come first serve basis, so good news for the ether network and, of course, good news for royal.
The ldas will be sold through nft music platform royal, which is backed by and has the ceo of justin blau major, recording artist, pretty cool eath fans, sound off pretty cool and next piece of lower cap. Altcoin news for cold stack as well as akash we’re thrilled to announce our partnership with coltstack to expand node network capabilities. Just as a reminder, akash network is the world’s first decentralized and open cloud. Censorship, resistant, permissionless and self-sovereign, so decentralized, cloud, storage and cold stack is aiming to be the uber for clouds or the aggregator for all cloud storage and looking at the exact announcement as akash network continues to scale and onboard new users contributing to web 3.0.
It’S important to have different storage options as the leading decentralized cloud infrastructure provider. So that’s why they chose to hook up with cold stack, cold stack, a decentralized cloud. Aggregator offers a portal to access any decentralized storage network such as filecoin crust, zia, r, weave storage, among others and in a final direct quote from akash. We see the deployment of these nodes as just the first step in an ongoing technical collaboration with coltstack. Pretty cool.
Give me your thoughts on this, but i’ll keep you updated all right. That’S the video. My name is austin. Like always see you tomorrow,