September 21, 2020

The TIE Weekly Insights (Sep 21)

Uniswap’s governance token (UNI) was the star of last week. It passed Ethereum as the second-most discussed cryptocurrency on Twitter.

Within the first 2 days of launch, UNI accounted for 17% of total cryptocurrency tweets and saw strong performance amidst an otherwise lackluster week for DeFi and the digital asset market.

In our weekly rundown we cover some of the most notable trends, charts, and topics over the past 7 days.

The rise of Uniswap

Following Uniswap’s announcement of UNI, nearly every major exchange listed the token immediately. This surged UNI conversation on Twitter, increasing from ~0.1% to over 17% of all crypto related tweets within 48 hours of launch. It became the second most talked about cryptocurrency, passing Ethereum in tweet volume.

Uniswap Price Chart

For context about how impressive this is, it took LINK two years to represent 14% of all crypto Twitter activity on any day.

Tweet Dominance (BTC vs. ETH vs. UNI)

UNI tweet volume increased from ~0 to over 10,000 within 24 hours, eventually peaking at 11,939. It will be interesting to see where its normal level settles over the next few days.

Uniswap Tweet Volume

DeFi continues to gain media attention, increasing by 38% this week.

Trending Topics in Media

Bitcoin outperforms alts, Uniswap leads DeFi

Altcoins were outperforming Bitcoin for weeks. But BTC finished this week as the strongest of the top 5 coins, gaining 6%. ETH, XRP, and BCH all ended positive as well. LINK saw its third down week in a row, finishing at -17%.

Weekly Performance (BTC vs. ETH vs. XRP vs. BCH vs. LINK)

UNI gained 44% while every other DeFi token within the top 20 by market cap saw negative returns. 15 out of the top 20 lost double digit returns.

Weekly Performance of Top 20 Defi Tokens

Bitcoin share of crypto market cap rises

BTC rose 6% this week, while trading within a 9% range from the low of $10,251 to the high at $11,192. Price held above the weekly VWAP for the majority of the week. Market cap increased from $191B to $202B. Market cap dominance also increased from 56.7% to 58.3%.

Bitcoin Price vs. Sentiment

This chart uses Daily Sentiment Score.

Tether market cap passes $15B

After growing by more than $5B within the past month, Tether’s market cap hits $15B for the first time. This is a huge milestone for the growth of stablecoins.

Tether Market Cap

Sentiment for the top 5, BCH leads

Bitcoin Cash sentiment surged towards the end of the week after a publicity stunt generated attention about the coin. Sentiment among the other top coins was correlated, ending flat.

This chart uses Hourly Sentiment Score.

Notable SEC Filings

Corsair S-1 IPO Filing Mentions Bitcoin mining as a key risk to the firm’s business because of rising demand for GPUs

MicroStrategy 8K reveals the purchase of an additional $175M worth of Bitcoin

Contact us for a demo of our SigDev platform to view all cryptocurrency-related SEC Filings and market-moving events in real-time.

This Week's Podcast Episodes

Ep. 12 - Crypto Derivatives with Pankaj Balani (Delta Exchange)
In our 12th episode, Pankaj Balani discusses reference pricing, derivatives, altcoins, and why crypto community matters: Listen here

Ep. 13 - Valuing a Community with Lou Kerner
In our 13th episode, Lou Kerner discusses the rise of stablecoins, his attempt to purchase Facebook in 2004, the value of communities, and crypto fundamentals: Listen here