The past week in the cryptocurrency market had been interesting – to say the least. The surging cryptocurrency market came to a halt and major tokens crashes. However, this is nothing new to the cryptocurrency market as the market is notorious for its volatility.
Highlights of the week
We are here with an update into the week. This is your all-you-need-to-know guide and here are the top developments that occurred in the crypto sphere:
- The bull run of 2021 may have effectively been ended by Tesla CEO Elon Musk with his bearish tweets on Bitcoin. Elon Musk hinted towards ditching the cryptocurrency as a mode of payment for Tesla’s electric cars amidst environmental concerns.
- Musk’s tweets caused nearly 10% decrease in the overall cryptocurrency market with as much as two figure losses in most major cryptos. The market sentiment had turned bearish ever since.
- The king of the market – Bitcoin – stands at $43,390 while the queen – Ethereum – is at a price level of $3,260.
- Bitcoin’s dominance had fallen to 40% the lowest level seen since the market crash of 2018
- A research conducted by Galaxy Digital, a cryptocurrency firm, dissed the Tesla founder with its findings concluding that the energy consumption of Bitcoin is nearly two times less than that of the traditional banking sector as well as the gold industry
- Thanks to the decentralized finance surge, cryptocurrencies now account for 2% of the global money supply
- MoneyGram is taking the step towards fueling cryptocurrency adoption. MoneyGram partnered with Coinme Inc. to allow users in the US to use its retail outlets for withdrawing and buying cryptocurrency holdings
- BitMEX founders had been accused of evading anti-money laundering laws and violating as well as conspiring to violate the Bank Secrecy Act by the US Commodity Futures Trading Commission. The trial date has been set for 28th March 2022
- A survey conducted by New York Digital Investment Group revealed that nearly 17% Americans or 46 million people hold some share of Bitcoin. However, a more accurate figure may be at 14%
- Texas House of Representatives have passed a law which will recognize cryptocurrencies under the commercial law of the state. The bill is set to be presented in the senate next after which the governor Greg Abbott will have to sign the bill into law
Top Weekly Gainers
Cryptocurrencies had been surging – till Elon Musk decided to cause a crash. But even amidst the crash, there are cryptocurrencies that have given a phenomenal performance.
The top performer of the week has been Kusama (KSM). KSM coin has had 54% gains in the weekly timeframe and 20% gains in the daily timeframe. At the time of writing, Kusama stands at an all-time high price of $608. The price has increased by nearly 20% in the past twenty-four hours while the daily trading volume has climbed up by 60%. With a market dominance of 0.25%, Kusama coin stands at a rank of 34th in the market. Polkadot announced that Kusama is ready to host parachains – which may be contributing towards the performance of the coin.
Aave (AAVE) takes the second place in the top performers’ list. Aave coin has had 44% gains in the past week. At the time of writing, Aave coin stands at the all-time high price of $622. The price of the cryptocurrency has increased by 25% in the past twenty-four hours while the daily trading volume has shot up by 100%. Aave is a decentralized finance protocol which facilitates lending and borrowing in the crypto sphere.
BakeryToken (BAKE) is another top performer of the week. The cryptocurrency has gone up by 36% in the past week. At the time of writing, BakeryToken stands at a price level of $6.97. The cryptocurrency is on an uptrend and is nearing its all-time high of $8.48. The price action of BakeryToken is moving upwards in the daily timeframe while the daily trading volume has declined by 20%.
Nano (NANO) has had gains of 33% in the weekly timeframe. Nano crypto has been on an uptrend and the market crash seems to have left the coin completely unscathed as it continues its journey upwards without any major corrections. Nano coin stands at a price level of $11.14, at the time of writing. The price of the cryptocurrency has increased by 15% in the past twenty-four hours while the daily trading volume has gone up by 22%.
The final top performer of the week is Synthetix (SNX). Synthetix crypto has gone up by 30% in the past week. The cryptocurrency has established its all-time high at $27 in February. Ever since then, the price volatility has been high as the bears and bulls fight to overpower. At the time of writing, Synthetix stand at a price level of $21 – with the price increasing in the daily timeframe.
Top Weekly Losers
The market crash warrants more than five cryptocurrencies to be in this list for the week. However, here are the top five losers of the week:
The worst performing coin of the week has been Shiba Inu (SHIB). The cryptocurrency crashed after the developers gifted half of the circulating supply to Ethereum co-founder Vitalik Buterin for burning purposes but Buterin donated a major chunk of the tokens to donations. At the time of publication, SHIB token stands at a price of $0.000017. The price is looking to recover since the crash as it increased by nearly 10% in the past twenty-four hours.
Internet Computer (ICP) is the next loser of the week. The new token was hyped a lot as it launched a few days ago with price going as high as $4000 on some exchanges. However, the project seems to have lost its luster as it makes it to our top losers’ list. ICP token stands at a price of $200. On a downward trend, the cryptocurrency’s price and daily trading volume are falling.
Telcoin (TEL) is another loser of the week because of its performance. The cryptocurrency was trading hands $0.041 at the time of writing. Telcoin may be gaining back its bullish momentum as the cryptocurrency’s price increased by 10% in the daily timeframe. However, the daily trading volume continues to decline.
Venus (XVS) has had a loss of nearly 30% in the past week. At the time of press, Venus coin stands at a price of $84. The price of the cryptocurrency has declined by nearly 10% in the daily timeframe while the daily trading volume has increased by 20%.
Filecoin (FIL) is on a sharp downtrend with a loss of 23% in the weekly timeframe. At the time of writing, Filecoin stands at a price of $104. The price of the coin has increased in the past twenty-four hours while the daily trading volume is dropping.
All-time High Coins
These are the cryptocurrencies that you need to watch out for as they have established new all-time high during strong bearish sentiments.
Polygon (MATIC) has been one of the few cryptocurrencies defying the market trend. Even as the market was crashing, Polygon was bullish. The cryptocurrency established a new all-time high at a point where it was hard and by doing so it also established the strong bullish undercurrent it has. MATIC coin’s all-time high stands at $1.95 – which is also the current price, at the time of writing. The DeFi has been causing the cryptocurrency to surge even during market corrections.
Relite Finance (RELI) established its all-time high at $0.479. At the time of writing, RELI token stands at a price level of $0.46. Relite Finance is a cross chain lending protocol. The platform is designed to enable users lend and borrow all cryptocurrency assets at one place. The project is relatively new with its ICO held only recently.
PAX Gold (PAX) established its new all-time high at $2,238. The gold-backed cryptocurrency was not as affected by the market corrections. The all-time high of the gold crypto may also indicate a shift from cryptocurrencies to gold as the market turns highly volatile and resulted in a lot of losses. At the time of press, PAX coin stands at a price level of $1,879. The price of the coin has gone down by 4% in the past twenty-four hours while the daily trading volume has increased by 60%.
Stronghold Token (SHX) is another lesser-known cryptocurrency that came under the spotlight amidst the market crash because of its performance. The cryptocurrency established its all-time high at $0.0495. At the time of publication, SHX token stands at $0.031. The price of crypto has surged upwards by nearly 150% in the past twenty-four hours while the daily trading volume has increased by 400%.
Last but not the least, Telos (TLOS) also established a new all-time high at $0.336. At the time of writing, TLOS coin stands at a price of $0.28. The price and the daily trading volume of the coin have increased in the past twenty-four hours. Telos focuses on fast and scalable blockchain which is used for real-world cases.
Hot ICOs to Watch Out For
Get invested in a project right from the beginning in order to maximize your gains. For this purpose, we have compiled a list of top five ICOs currently going on which you can look into for investing.
Polkally (KALLY) is the governance token of the upcoming Polkally DAO. It can also be exchanged for advertising. The ICO of the project will end in two days. The goal of the project is to raise $200,000 by selling 4,000,000 tokens at a price of $0.05.
Knit Finance (KFT) is another top-rated ICO project. The aim of the project is to ‘knit’ together various blockchains by creating cross-chain wrappers for assets. The project will enable the transfer of assets and data from one blockchain to another. The goal of the project is to raise $277,500 with each token priced at $0.0925.
Solanium is a decentralised platform designed for Solana blockchain. It will add additional features like decentralized fundraising, governance voting and time-weighted staking to the solana blockchain. The aim of the project is to raise $1,000,000 through the ICO.
Launchpool is a platform designed to connect the various stakeholders and players of the cryptocurrency industry. The aim of the project is to increase knowledge sharing for innovation in the blockchain technology. The ICO of the project ends in four days.
B-cube.ai is a marketplace equipped with new technologies like AI and ML. Through quant and mechanical models, the project aims to take crypto marketplaces to the next level. The project aims to raise $1,500,000 through the ICO. The token sale will end in 40 days.
Some of the top and highly-anticipated ICO projects that will soon begin are:
Shield Finance (SHLD) is a multi-chain decentralized finance insurance aggregator. The project is designed to allow users to protect themselves against market crashes caused by hacks, pumps & dumps etc. The goal of the Shield Finance’s ICO is to raise $150,000 by selling 14,563,107 tokens each priced at $0.0103. The ICO is set to start on 19th May.
TruePNL (PNL) offers multiple on and off chain financial products for a transparent investment experience. The products include Robo-trading marketplace, trading bots and portfolio tracker. The ICO goal of the project is to raise $1,600,000 through the sale of 5,060,000 token at an ICO price of $0.08.
Hot Cross (HOTCROSS) ICO is set to begin on May 20th 2021. The ICO goal is to raise $2,500,000 through selling 50,000,000 tokens at a price of $0.05. The token is a cryptographically-secure ecosystem utility token which will play a vital role in the Hot Cross platform through representation of functions of the platform.
APENFT (NFT) is designed to address all the problems encountered in the NFT industry. It targets investment in NFT projects, incubating NFT artists sponsoring exhibitions etc. The goal of the project’s ICO is to raise $2,399,976 through the sale of 19,999,800,000,000 tokens. The ICO is set to commence on May 20th.
CryptoTycoon (CTT) is, in essence, a monopoly game based on Binance Smart Chain. Users can utilize BUSD, USDT, BNB and other BSC tokens in the game. The ICO is planned to raise $45,000 through the sale of 1,500 tokens at a price of $30. The ICO will begin on May 23rd.
Some of the top-rated ICO projects that have ended are:
- LaunchX: A launchpad platform that offers various new and exciting features for cross-chain products was able to collect $1,420,000 in its ICO
- 03Labs: The project has the aim to link distributed networks and facilitate open finance. It was able to raise $2,000,000 in its ICO
- Don-key: The blockchain service is working to reduce the entry barriers to yield farming. The ICO raises $2,200,000.
- ColdStack: A decentralised cold storage aggregator that was able to raise $5,000,000
- Metis: The blockchain service is building a Layer n2 framework for the shift from Web 2.0 to Web 3.0
Here is a list of some of the hottest airdrops currently going on – a perfect opportunity to win some free tokens.
SHIB Trading Competition
- Create an account on Binance
- New users who create an account during the activity period and trade 15,000,000 SHIB tokens or more in any trading pair will share a prize of $10,000 worth of SHIB
- Users who deposit 8,000,000 SHIB tokens or more using their Binance account from an external source will share a prize of $10,000 worth of SHIB
- Users who are eligible for either of the promotions will also enter a lucky draw where 60 winners will be selected to win $500 SHIB each
EUR Trading Competition
- Create an account on Binance and complete KYC verification
- Deposit 200 EUR or buy 200 EUR worth of cryptocurrencies to split a pool of 20,000 EUR
- Top 100 traders with highest trading volume will get up to 5,000 EUR
Elrond eGold Trading Competition
- Create an account on Binance
- New users who trade 3 or more EGLD will equally share $10,000 worth of EGLD
- Users who trade 50 EGLD will be ranked on the basis of their trading volumes to qualify for up to $15,000 EGLD
- SherpaX will conduct an airdrop of KSX to PCX holders – so hold PCX in a private wallet in you don’t already
- The snapshot of PCX holders will be taken will SherpaX is forked from ChainX
- A total of 10,500,000 KSX will be airdropped to eligible PCX holders
- The airdrop ratio is expected to be 1:1 before PCX halving and 1:0.9 after PCX halving
- The distribution will happen sometime in June 2021
- Visit Morpher airdrop page
- Claim your free crypto
- Connect your Fortmatic wallet and confirm email address
- Complete KYC verification
- Claim 100 MPH by clicking on “Redeem Tokens”