The past week had been marked by an explosion of gaming tokens. NFT based games on various blockchains were moving against the tide as the general outlook for the cryptocurrency market remained bearish. As the top hundred cryptocurrencies were in the grips of strong bears, newer projects began gaining attention in the market. We are here to take you on the rollercoaster ride through the past week – with all its highs and lows – and hopefully provide a better investment perspective.
Highlights of the week
Here are the top developments that happened around the market:
- Bitcoin (BTC) has dropped below $30k – currently at $29,854 – as institutional interest drops significantly. Although deposits to exchanges continue to record high levels, it is unclear whether BTC will dominate the bears or not
- Bitcoin mining difficult continues to drop for the fourth consecutive time. The last drop has made Bitcoin mining 4.81% easier
- Regulation of the blockchain sphere is going up the priority list. US Treasury Secretary Yellen has instructed lawmakers in the country to roll out regulatory guidelines for stablecoins as quickly as possible
- The French government has proposed that the European Securities and Market Authority (ESMA) be given control over digital assets in the EU. Through ESMA uniform regulation of the crypto space will be possible throughout the bloc
- The leading exchange of India, WazirX, has been issued a notice by India’s Directorate of Enforcement for allegedly violating forex laws in the country
- The Turkish Ministry of Treasury and Finance has announced that a draft bill for cryptocurrency regulation is ready and will be presented in the National Assembly in October. The bill is expected to impose strict controls over digital assets
- After Binance, a class-action lawsuit has also been filed against Coinbase for $5 million in damages. The plaintiff, David Suski, alleges that Coinbase deceived users into trading $100 worth of Dogecoin to enter a sweepstakes offer
- Binance completed its second-largest BNB burn to date. The exchange burned $400 million worth of BNB tokens as its sixteenth quarterly burn. BNB coin continues downhill with a decline of 11% in the past twenty-four hours
- In the Ripple Labs vs. SEC lawsuit, Ripple bagged a small victory as the presiding judge allowed Ripple Labs to dispose a former executive at the SEC
- After recognizing Bitcoin as legal tender, El Salvador has plans of making citizens use a US dollar stablecoin as well – according to an investigative news outlet, El Faro, in the country
Top Weekly Gainers
While the top hundred by market cap are incurring heavy losses, other lesser-known altcoins are jumping in on the race with gains despite the bearish outlook of the market. Here are some of the outliers that have been moving against the tide:
My DeFi Pet (DPET) takes first place on our list with a phenomenal weekly gain of 306%. The cryptocurrency also established a new all-time high. However, DPET coin has started falling with a decrease of 4% in the past twenty-four hours. The daily trading volume has also declined by 25%. My DeFi Pet is a virtual lifestyle-based pet game on the blockchain. The game is compatible with Binance Smart Chain as well as KardiaChain – a top Vietnamese blockchain. DPET is the native token used as currency in the game as well as for governance and staking.
HEX (HEX) crypto is the second-best performer in the past week. The cryptocurrency established a new all-time high with an increase of 61% in the weekly timeframe. At the time of writing, HEX stands at a price level of $0.13. The price has fallen by 8% in the past twenty-four hours while the trading volume has increased by nearly 60%. HEX is an ERC-20 token and the first blockchain Certificate of Deposit (CD).
Gala (GALA) saw an increase of 33% in the weekly timeframe. At the time of writing, the cryptocurrency stands at a price level of $0.01. The uptrend of the cryptocurrency appears to have been broken in the recent timeframes. Gala coin has declined by 20% in the past twenty-four hours – on the way to reversing the weekly gains. Gala coin supports the Gala Games ecosystem.
Electroneum (ETN) had been moving downhill since March. The bulls failed for the cryptocurrency; however, a wave of bullish momentum was observed for Electroneum is the past week. The cryptocurrency increased by 31% in the weekly timeframe. At the time of writing, Electroneum stands at a price level of $0.0079. The price has, once again, started moving downwards with a 30% decline in the past twenty-four hours alone. The daily trading volume has also declined by more than 60%.
Last but not the least, Chromia (CHR) has gained by 23% in the past seven days. The cryptocurrency has been highly volatile since the ATH was established in March. At the time of press, Chromia stands at a price level of $0.20. The cryptocurrency has fallen by 20% in the past twenty-four hours while the trading volume has declined by 50%. Although the high volatility may result in an uptrend, again.
Top Weekly Losers
The past week was marked by the dominance of the bears; hence, there is an abundance of losers in the market. However, we have compiled a list of the top losers of the week – perfect for a short trade.
THORChain (RUNE) is the top loser of the week with a loss of 47% in the past seven days. THORChain had been moving downhill since May; however, the bears gained strong momentum the past week. At the time of writing, RUNE coin stands at a price level of $3.23. The price of the cryptocurrency has declined by 17% in the past twenty-four hours while the daily trading volume has increased by 50%. The network enables users to exchange assets across networks.
Wootrade (WOO) embarked on a steep downward trend with the beginning of the week. Wootrade has declined by 45% in the past seven days. At the time of writing, WOO coin stands at a price level of $0.32. The price has fallen by nearly 20% in the past twenty-four hours alone while the daily trading volume has gained by more than 20%. Wootrade is a layer 1 trading infrastructure with complete functionalities.
Alpha Finance Lab (ALPHA) is another of our top losers for the week with a weekly decline of 42%. The downward trend of ALPHA coin is going strong. At the time of writing, ALPHA coin stands at a price level of $0.42. The price has declined by 16% in the past twenty-four hours while the daily trading volume has increased by 30%. The aim of Alpha Finance Lab is to bring cross-chain interoperability to decentralized finance.
Hive (HIVE) has been volatilely moving downwards since the high of the bull run. The cryptocurrency has lost 39% of its value in the past seven days. At the time of publication, Hive coin stands at a price level of $0.26. The price has dropped by nearly 10% in the daily timeframe while the trading volume has declined by 67%. Hive is an information sharing network based on the blockchain; hence, completely decentralized.
Telcoin (TEL) has been in the grips of the bears. In the past week, all signs of bullish momentum were lost as the bearish momentum increased. Telcoin decreased by 37% in the past seven days. At the time of writing, Telcoin stands at a price of $0.011. The price of the cryptocurrency has decreased by 10% in the daily timeframe while the trading volume has dropped by 20%.
All-time High Coins
The cryptocurrency market is increasingly bearish with the top hundred cryptos in the grips of bears. Hence, newer projects are gaining attention. The ATH list is being dominated by newer projects in the market with a few exceptions.
Axie Infinity (AXS) had been giving a phenomenal performance since the beginning of July as gaming tokens based on Ethereum exploded. The cryptocurrency established its all-time high at $29.13 five days ago. The market moved towards corrections after the ATH and Axie Infinity has been declining. At the time of press, AXS coin stands at $15.43. The price has dropped by 7% in the past twenty-four hours while the trading volume has also declined by 13%.
Metahero (HERO) is a new project in the market that aims to bring 3D scanning and modelling technology into the crypto space with a deflationary token-based ecosystem. Metahero has been doing well in the market. The cryptocurrency established its all-time high at $0.014 four days ago. HERO coin dropped after the ATH and currently stands at a price level of $0.009. The price has fallen by nearly 20% in the past twenty-four hours while the trading volume is picking up.
Cryptocean (CRN) can be described as a processing platform that aims enables crypto payments, exchange and transfers through cryptocards. The cryptocurrency recorded its all-time high at $2.00. Currently, CRN coin is trading hands at $1.91. The cryptocurrency is skirting close to its ATH with strong bullish momentum. The price has increased by 2% in the daily timeframe while the trading volume is also going upwards.
Clover Finance (CLV) is another new project in the crypto space that is performing well despite the bearish trend in the crypto market. The cryptocurrency established its all-time high at $2.13 just days ago. At the time of press, CLV coin is trading hands at $1.13. The price of cryptocurrency has been moving downhill since the ATH. In the daily timeframe, CLV coin declined by 16% while the trading volume dropped by 18%. Being a new project, the price may still be in the discovery phase.
Faraland (FARA) is the final ATH coin of the week. Faraland, too, is a relatively newer project in the market. The cryptocurrency established its all-time high at $3.19 in the past week. Currently, FARA coin stands at $2.14 – a decline of 34% from the ATH. In the daily timeframe as well, the cryptocurrency is falling. A decrease of 16% in the price can be observed in the past twenty-four hours while the trading volume is also moving downwards. Faraland is an NFT gaming platform based on Binance Smart Chain.
Hot ICOs to Watch Out For
Coin98 is a decentralized finance platform with the full range of services available like wallet, exchange, bridge etc. The project also aims to facilitate the interoperability of blockchains. The token sale will end om 23rd July. The project’s ICO has put up 50,000,000 C98 tokens for sale with each token priced at $0.075. The fundraising goal is $3,750,000.
CoinBurp (BURP) has a variety of DeFi and CeFi products in order to bridge the DeFi and CeFi spheres. The project has also initiated the development of a hybrid CeDeFi wallet. The ICO of the project is set to last till July 26th. There are 2,272,727 BURP tokens put up for sale with each token priced at $0.11. The fundraising goal of the project is $250,000.
Kommunitas is another good project currently in its ICO phase. Kommunitas aims to become the solution for multi-chain fundraising for blockchain projects. The fundraising goal of the project is $40,000 with the ICO to end in four days. The token sale has put up 10,000,000 KOM tokens for sale each priced at $0.004.
MyCryptoCheckout facilitate the payment system for WordPress and WooCommerce. The ICO of the project is set to end in two days – on July 22nd. MyCryptoCheckout has set its fundraising goal at $750,000 – out of which the project has been able to raise $250,000. There are 75,000,000 RWD tokens for sale each priced at $0.012.
Lastly, Fanadise is a good project to get into ICO investment. Fanadise aims to enable social media influencers to monetize on their presence. The project has not set an ending date yet and has raised $3,830,000 up till now.
The market is flooded with new projects every day. Here are some of the upcoming projects that you need to keep on your watchlist as they possess potential:
The bull run of 2021 had seen the explosion of oracle providers. PolkaCipher takes oracle service to the next level by making it compatible across chains and focused more towards NFTs. The ICO is set to start on July 20th with around 9,000,000 tokens up for sale each priced at $0.017.
Scaleswap is a blockchain service. It is an IDO launchpad based on the blockchain; hence, fully decentralized. The ICO of the project will begin on July 21st with the fundraising goal of $2,680,000 through the sale of 500,000 tokens each priced at $0.35.
Vent Finance is another good IDO launchpad; however, Vent finance is a community-driven launchpad. The ICO of the project is set to begin on July 22nd with a fundraising goal of $1,360,000 through the sale of 6,000,000 tokens each priced at $0.028.
DeRace is a unique game based on the blockchain. DeRace allows users to race horses through NFTs. With gaming token explosion recently, the project may do very well. The ICO is set to begin on July 26th with a fundraising goal of $2,040,000.
Be sure to closely watch gaming projects as they are going hot currently. Another gaming project to launch soon is DinoX. It is a combat and strategy game. The ICO is set to begin sometime in July with a fundraising goal of $1,280,000.
Here is a list of some of the good ICO projects that are doing fairly well in the market:
- Omni is a decentralized application which is has a plethora of features. The ICO ended on 16th July raising $200,000
- YOLOrekt is a gamified version of a prediction market. The ICO of the project ended on 16th July with $320,000 funds raised
- DeFiCity is a virtual world that aims to simplify yield farming. The token sale ended on 16th July and the project was able to raise $2,700,000
- OpenOcean is a crypto asset trading platform and is doing fairly well in the market. The ICO ended on 12th July and raised $3,370,000
- CryptoArt.Ai is a decentralized NFT marketplace. The ICO ended on 18th July and raised $1,120,000
Participate in some of the hot airdrops going on to get your hands on some free cryptos.
FOR Trading Competition
- Create an account on Binance
- All users who join during the activity period and complete a trade of 18,000 FOR in any pair will qualify to share a pool of $8,000 FOR tokens.
- All users who join during the activity period and complete a trade of 8,000 FOR in any pair will qualify to share a pool of $2,000 FOR tokens.
- All users who complete a minimum trading volume of 400,000 FOR in any pair will qualify to share a pool of $30,000 FOR tokens.
Binance NFT Marketplace Launch
- Create an account on Binance
- New users who create an account and purchase an NFT during the activity period will get a limited edition NFT from Binance
- New users or existing users who buy an NFT from the Divine Comedy collection will share a pool of $200,000 in TUSD
Binance – BTC Hashrate
- Create an account on Binance
- New users who join the Binance Pool for the first time during the activity period and contribute a daily average BTC hashrate of more than50 TH/s will split 10,000 BUSD
- Visit the Morpher airdrop page
- Click on “Claim your crypto”
- Create a Fortmatic wallet through Metamask
- Complete email verification
- Complete “KYC” verification
- Claim 100 MPH
- Download the SwissBorg application
- Create an account and enter the code “WUUY4TQ” to receive 3,000 points
- Play and predict
- Earn a share of up to $500,000 in Bitcoin
- Collect badges and earn up to 250 CHSB tokens